Our Housing Loans helps you construct your dream home while enjoying a repayment period of up to 20 years including construction/moratorium period.
- Individuals, group of individuals (who are legally related) above 18 years of age and upto 60 years and who has steady source of income/ Govt employees.
- Proprietorship/partnership firms /Companies, NGOs, Trusts, Societies, etc.
- To construct house building for residential purposes and purchase of row houses/, apartment/flat, single unit or condominium apartments.
- The property to be purchased should not be more than 20 years of age and should be in good condition.
- Minimum amount: MVR 300,000.00
- Maximum Amount: No Limit.
Down Payment/ Margin:
- 25% of project cost for construction of residential cum commercial complexes by owners of the land
- 20% of the cost of flat/apartment
- 1/3rd of project cost for construction of residential cum commercial building by lease right holder (land taken on long term lease) jointly with owners of the land.
Upto 20 years (including maximum construction period of 18 month).
Rate of Interest:
10 – 12% linked to State Bank Advance Rate
Sufficient regular income to cover monthly repayment (EMI/NMI<50%)
Mortgage of land and/ or building/flat or apartment.