Urbanco has announced that the fines imposed on social housing units constructed by the government for non-payment of rent until December 31 have now been waived, as pledged by President Dr. Mohamed Muizzu.
The waiver of the fines was planned during President Dr. Muizzu's first 100 days in office.
In a statement, Urbanco announced that after waiving the penalties, a mechanism has been implemented to distribute the remaining unpaid dues for the flats. This is in line with Islamic principles by modifying the agreement, Urbanco said.
- The penalty for late payment of flats has been set at 1 percent of the amount due each month
- The penalty, previously set at 18 percent per annum, has been revised, and with this change, Urbanco has decided to allocate one percent of the monthly charge to the Sadaqat Fund.
According to Urbanco, the penalty for late payment of rent will be 1 percent of the monthly dues, ensuring that the day-to-day penalty does not increase.
"One of the biggest conveniences is that both parties are aware of the amount of the penalty," the company said.
Urbanco has opened opportunity for those who wish to alter their agreement or settle the outstanding amount in installments to apply before January 10. This can be done by completing the application form available on their website.
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