HDC to sell repossessed flat over unpaid loan

Housing Development Finance Corporation (HDFC) has decided to sell a flat from Water Lily Apartment it foreclosed on after a loan recipient failed to make their payments.

HDFC said that the 866 square foot flat in question is flat number 03-01 located in lot number 10661 (Water Lily Apartments) in Hulhumalé.

The company said the starting bid is MVR 1.7 million and that applications must be submitted before 1:30 pm on April 24.

The bid opening will be held at HDFC's headquarters, located on the third floor of H. Millionge.

HDFC said the highest daily bid would be displayed on its website and notice board, and that the auction would close if the bid price remains the same for three consecutive days.

If the highest bidder fails to make the payment within 10 days from being notified of winning the bid, the sale would go to the next highest bidder. The company also reserves the right to cancel the auction all together and restart the process.

HDFC also said that the apartment's original owner would be given priority if they wish to repay the remaining amount of their loan.