The customer’s equity participation is minimum 20% of the total property price, which can be contributed in cash and/or collateralized through a pension fund. Payments made to the developer also will be considered as customer’s equity participation.
Immediate family of the main applicant can be added as co-applicants (spouse, parents, and children)
Maximum financing duration is 20 years / 240 months
The annual profit rate is 9% to 11%
A processing fee of 0.5% of the facility amount will be charged upon approval as per the List of Bank Charges.
Takaful contribution (insurance) must be paid in full for the entire financing tenure before disbursement of the facility.
Letter confirming that all the income of the customer will be routed to the account at the bank after the approval of the facility.
Providing affordable home financing to hundreds of families across the nation, we are here to help every aspiring Maldivian to become a proud home owner. With competitive financing rates and flexibility this facility is structured under the Islamic Financing principle of Diminishing Musharaka.
Talk to us about your requirements and see how we can help you achieve your dream of home ownership
Customer must be 18 years – 60 years old (at the time of application submission)
Customer must have been in full-time employment for at least the previous 24 months.
Customer’s total monthly commitments with all financial institution including the requested financing should not exceed 50% of his/her confirmed gross income (basic salary and variable allowance).
Customer has the capacity to contribute minimum of 20% of the total project value (savings/ pension fund/ payments to developer), which should be verifiable via documents (Bank account statements, payment receipt, pension fund details)
Rasheed Carpentry & Construction Private Limited
Blue Haven Mixed Residential
Apollo Holdings Pvt Limited
Centreal – Homes by Apollo
NPH Development Private Limited
SAS E – Glut Joint Venture Pvt Ltd
The Creek View
SJ Construction Pvt Ltd
SJ Creek Residences
Renaatus Projects Pvt Ltd
SKYSIDE (STO Hiyaa Flat)
Housing Development Corporation Limited (HDC)
For completed properties a maximum of 3 months grace period is applicable. The monthly payments for the grace period will be spread across the approved tenure
If the property is under construction, you will be only required to pay a percentage of the monthly payment based on the completion stage (accumulated disbursements). Please inquire within for more details.
The current rate of financing is 9% to 11% with a maximum tenure of 20 years / 240 months
Copy of valid ID card.
Bank statement of the applicant(s) (for last continuous 12 months)
Letter from employer to MIB confirming customer's employment and salary.
Salary slips for last 06 continuous months
Award letter (booking confirmation) from the developer.
Sale & Purchase Agreement (if signed)
Copy of payment receipt.
Equity Contribution Verification Document
Marriage Certificate (if spouse is included as co-applicant)
Birth certificate (if children are included as co-applicants OR if parents are added as co-applicants)
Pension document (if collateralizing pension fund)
If you receive rental income,
Copy of property titles
Copy of rental agreements
Copy of bank statement of the account into which rental income is deposited
*Additional documents may be required during the application process
Frequently Asked Questions
Make a booking with the Seller
Submission of the application form
Sign of the agreement once facility is approved
Pay the equity component to the seller
Receive the keys/access to the premises.
Mortgage after completion of registration process
The customer must pay a minimum of 20% of the value of the property as equity payment.
In addition to personal funds you can also collateralise your pension fund balance. Please note that for personal funds the bank may require information on the source of your funding for compliance purposes.
You can purchase the following types of houses / apartments
Completed Apartments and Row House
Apartments or Row House that are currently under construction. Please note that these should be under our Approved Projects list.
Age of all the applicants must be between 18 and 60
Must employed in a permanent job or receive rental income regularly
The monthly payments (inclusive of all other outstanding loans and facilities to all other financial institutions) should not exceed 50% of the gross monthly income
We do not require a guarantor for this facility.