Housing Development Finance Corporation (HDFC) was incorporated as a stated own enterprise on 28 January 2004, by a Presidential Decree under the Companies Act (Act No. 10/96). HDFC's commercial operations commenced on 29th March 2004 with hundred percent shareholding by the Government of Maldives which later in 2008 was privatized with the shareholding from ADB, IFC and HDFC Investments Ltd., (India) holding 51% of the share and the 49% of the shares by the Government of Maldives. Having restructured its capital, and with new lines of long-term funding, HDFC re- entered the market for mortgage loans for housing needs of individuals and families. HDFC is unique as the only housing finance institution in the Maldives.