Housing Loans
Our Housing Loans helps you construct your dream home while enjoying a repayment period of up to 20 years including construction/moratorium period.
Main Characteristics
Currency:
In MVR/USD.
Target Group:
- 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.
Purpose
- 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.
Loan Amount
- 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.
Repayment Period:
Upto 20 years (including maximum construction period of 18 month).
Rate of Interest:
10 – 12% linked to State Bank Advance Rate
Repayment Ability:
Sufficient regular income to cover monthly repayment (EMI/NMI<50%)
Security:
Mortgage of land and/ or building/flat or apartment.