HDFC Launches ‘Youth Product’ Loan Scheme For Flat Purchase

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Housing Development Finance Corporation (HDFC) has launched a loan scheme for purchase of flats.

The product, launched under the title ‘Youth Product’, is aimed at youth.

In a press conference held in HDFC, the Corporation’s Assistant General Manager, Credits, Aishath Rasheedha said that any individual between the ages of 21 and 35 are eligible to apply for such a loan.

Under this loan scheme, amounts not exceeding MVR 1 million will be issued, at an interest rate of 10.50 percent per annum. The loan, HDFC said, will have a repayment period of 30 years.

Rasheedha also noted that applicants must keep an equity of 15 percent only. As such, applicants will receive 85 percent of the loan applied for.

‘Presently, banks require applicants to keep around between 20 to 30 percent of loan as equity. We aimed to make this affordable to youth and therefore, the equity rate was reduced to 15 percent,’ she said.

HDFC said they hoped these rates and the loans will prompt youth to take up the loan for their intended purpose.

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