Covid-19: HDC announces 30% deferment for rental payments, installments

The Housing Development Corporation (HDC) has announced a deferment for installment and rental payments for the commercial units, plots of land and flats issued under the corporation to individuals and businesses.

This was done to ease the burden for the people during these trying times with the Novel Coronavirus (Covid-19) pandemic sweeping across the globe at an alarming rate, and has even reached the Maldives.

The deferment has been announced for 30% of payments for the months of April and May and customers who apply for the deferment are eligible for it.

In addition, customers who request the deferment who have already made installation and rent payments through the Bank of Maldives (BML)’s direct debit for the following two months, will be reimbursed by 30%.

Customers are required to make the payments for 70% of the bills and must pay the remaining 30% for April and May within a 12-month period.

Those who are unable to make the payments within the required time will be given the opportunity to pay back under the corporation’s debt collection policy.

In addition, HDC has also announced the opportunity for their customers to convert their conventional loans under Islamic loan schemes for which compound interest has been revoked.

Customers are required to submit their forms by 12pm on 10 April, requesting the deferment.

The corporation will be introducing further deferments in connection to the pandemic as part of the government’s efforts to combat the spread of the fatal virus in the country, if required.

As of Tuesday there have been 18 confirmed cases in the Maldives, out of which three are locals.