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MPL housing scheme applicants required to sign down payment agreement

Rabeeha Amir
04 August 2022, MVT 11:45
Ceremony held to draw flats for MPL -- Photo: MPL
Rabeeha Amir
04 August 2022, MVT 11:45

The ongoing Maldives Ports Limited (MPL) flat development project of three towers in Hulhumalé Phase two has made it obligatory to sign the down payment clause. Applicants failing to do so will be removed from the list and would not be able to secure the flat.

The memo sent out by MPL CEO Bureau to the recipients of the flats stated that employees who wish to pay for the flats through bank loans or pay in full would be required to secure funding for the down payment before the 4th of August by signing the agreement. The individuals who are not consigning to the clause will be categorized under the MPL special finance scheme and do not have to sign.

The memo stipulated that all employees must be present as per the schedule planned, to sign on the down payment agreement. Information regarding the signing will be made available on August 7th.

"If under any circumstance the applicant fails to choose a financial option of payment before August 31, the person(s) name will be removed from the list. Waiting list applicants will be given the chance in the order of the date of application".

Although three options had been made available to pay the down payment fee, scrutiny has been shown among the receivers of the flats.

According to one of the recipients of the flats, if the down payment is made under MPL's special financing scheme, MVR 150,000 is required to be paid within the first three months, which amounts to MVR 50,000 per month. The remaining MVR 150,000 can be paid on installment basis of MVR 25,000 per month.

The applicants were primarily concerned with the short notice given regarding the down payment fee and were not convinced if they could secure the flat.

"We do not know when we can get the flat. Living for rent in the capital and having to pay MVR 25,000 on top of that to the company is a major difficulty."

The other option available for the applicants is to get a bank loan. However, with the living circumstances of most people this option isn’t feasible. The next option is to pay off the down payment in full.

The major concern for the employees was that in spite of the memo sent to pay off the down payment fee, they were not able to physically view the flat.

However MPL stands firm that the payment schemes were straightforward and employees were briefed properly.

The MPL housing towers have a total of 534 units, which includes 204 one bedroom apartments and 330 three bedroom apartments.

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