# Islamic or conventional? HDFC Amna for a flat

> HDFC's Islamic window, Amna, finances flats through a diminishing partnership at 10% to 11%, about the same as its conventional loan. The differences are in the details: takaful, a lock-in fee with a rebate, a property worth at least 125% of the financing, and late charges paid to charity.

Source: Maldives Real Estate News, published by Binga Properties. URL: https://news.binga.mv/hdfc-amna-islamic-home-financing
Published: 2026-10-18T07:36:44.603Z · Updated: 2026-10-18T07:36:44.603Z · Event date: 2026-10-18

**HDFC Amna** is the Islamic window of Housing Development Finance Corporation (HDFC), running since 2012. It is not a separate company. Its funds are kept apart, and a Shari'ah committee oversees it.

## For buying a flat

**Musharaka Muthanaqisa**, a diminishing partnership:
- HDFC Amna and you **co-own** the flat.
- You pay **rent** on its share and **buy that share** in instalments.
- When the share reaches zero, the flat is yours.

| | Amna purchase | Conventional purchase |
|---|---|---|
| Rate | 10% to 11% profit (10.42% with pension) | 10.42% to 12.25% interest |
| Term | Up to 25 years | Up to 25 years |
| Equity | 20% | 20% |
| Limit | Up to MVR 10 million | Up to MVR 10 million |
| Cover | Building **takaful**, 100% of value | Insurance |
| Early settlement | Up to MVR 500,000, with a rebate | 2% of balance |
| Late payment | 1% a year, **given to charity** | 10% of overdue amount |

## Amna's extra conditions

- **The property must be worth at least 125%** of the financing, about **80% loan-to-value.**
- **Income counts up to age 65.**
- **Co-owners** must apply or consent. At least one co-applicant must be linked to the property by inheritance or marriage, or an **independent guarantor** is needed.

## Which to choose

On rate, the two are close. Choose Amna if you want **Shari'ah-compliant** financing. Choose conventional if you expect to **settle early** and want the simpler 2% fee. In either case, get the written figures.

*As published by HDFC on 18 October 2026. Rates and terms change; confirm them with HDFC before you commit. General information, not financial advice.*

## Sources
- hdfc.com.mv/amna/islamic-financing (HDFC Amna, read 18 October 2026) (https://hdfc.com.mv/amna/islamic-financing (HDFC Amna, read 18 October 2026))
- hdfc.com.mv/api/resource-downloads/file/Amna-ScheduleOfCharges-V1.1-Jan2026.pdf (HDFC Amna Schedule of Charges v1.1, January 2026) (https://hdfc.com.mv/api/resource-downloads/file/Amna-ScheduleOfCharges-V1.1-Jan2026.pdf (HDFC Amna Schedule of Charges v1.1, January 2026))
- hdfc.com.mv/api/resource-downloads/file/HDFC-Annual-Report-2025-Final-WebsiteCompressed.pdf (HDFC Annual Report 2025) (https://hdfc.com.mv/api/resource-downloads/file/HDFC-Annual-Report-2025-Final-WebsiteCompressed.pdf (HDFC Annual Report 2025))
- hdfc.com.mv/amna/shariah-governance (HDFC Amna Shariah governance, read 18 October 2026) (https://hdfc.com.mv/amna/shariah-governance (HDFC Amna Shariah governance, read 18 October 2026))

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