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HDC slashes 30 percent of rent for 2 months

Shahudha Mohamed
01 April 2020, MVT 15:44
Flats in reclaimed suburb Hulhumale' leased by Housing Development Corporation (HDC). PHOTO: MIHAARU
Shahudha Mohamed
01 April 2020, MVT 15:44

Housing Development Corporation (HDC) announced that renters can postpone payment of 30 percent of the monthly rent for April and May.

According to the company, this adjustment was made in an attempt to help out in the difficult situation caused due to global COVID-19 pandemic.

Rent for flats, houses, commercial and land leased for industrial purposes will be slashed by 30 percent in the two upcoming months. HDC will grant a period of at least one year to pay the amount reduced from rent in April and May.

HDC further stated that options will be granted for those who approach the company with difficulty to complete payment within this period, as per HDC's debt collection policy.

All parties that have been regularly paying rent until now is eligible to apply for the rent reduction by filling a form. HDC noted that the company will return 30 percent of the rent back to the applicants with arrangements to pay rent through Bank of Maldives (BML)'s direct debit option.

Moreover, the company is also providing the option for all conventional loans issued by HDC to be changed to Islamic loans. If this change is made, the loan will not continue to gather compound interest.

HDC also noted that the company was willing to make further adjustments in the future to help the public if and when circumstances change.

The government has taken steps to lighten the burden on the public due to the financial repercussions of the COVID-19 pandemic. A 40 percent reduction has been granted on electricity bills, while 30 percent will be slashed on water bills.

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