Housing Development and Finance Corporation had lowered their interest rates.
HDFC Managing Director Dr. Priyanka Bahdhanavithana stated that their interest rates have been lowered significantly and that this change had begun to reflect positively on their customers.
The company is also leasing loans under the Islamic Finance scheme as well. The company stated that when they had begun operations 11 years ago, their interest rates were lower than the market average.
Dr. Priyanka noted that the company is directly involved in projects all across the Maldives, especially in Hulhumale’, where the company is involved in the housing schemes.
She added that providing easy access to their services was an aim of the company, even for the projects in Hulhumale’. She noted that the company was working to integrate new technologies, reduce corsts and expand their services.
Dr. Priyanka said that the largest stakeholders of the company was the Government of Maldives, ADB, IFC and HCFC India. She added that even though the company was a private one, they were working with the aim of developing the nation.
Speaking to Miadhu, HDFC Senior Manager, Business Development, Mohamed Shafeeq said that previously loans were leased between 11.5 percent and 13 percent. However, the new rates were between 11 percent and 12.5 percent.
He noted that the rate cuts will benefit the long term loans applicants. He also noted that the rates were historic in the current economy.
HDFC lowers interest rates on loans
