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HDFC postpones loan repayments amid global pandemic

Nafaahath Ibrahim
27 March 2020, MVT 09:35
HDFC’s 14th Annual General Meeting. PHOTO: HDFC
Nafaahath Ibrahim
27 March 2020, MVT 09:35

Housing Development Finance Corporation (HDFC) on Thursday announced their decision to postpone repayments for housing schemes by six months.

According to a press release by HDFC, this step was taken as per the economic recovery plan by the government to minimize the negative financial impact on individuals and businesses due the global COVID-19 pandemic.

Although the payments are delayed for those with financial difficulties, customers who want to keep making payments per schedule can do so. The company urges those who require further information regarding this to contact them.

As the country's economy is being severely affected by the loss of revenue in the tourism sector, President Solih assured that the government will help those in need through loan schemes and moratoriums.

Experts estimate that the global economy may continue to take even more hits as COVID-19 continues to spread at an alarming rate around the globe.

The World Health Organization has classified the spread of COVID-19 as a global pandemic. The novel coronavirus has infected more than 530,000 and claimed over 24,000 lives around the world. However, out of those infected, more than 124,000 have recovered.

Maldives now has 13 confirmed and four active cases of COVID-19, with total nine recoveries. So far, only tourists and resort employees have confirmed infections in Maldives with no record of local transmissions within the country.

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