COVID19- HDC Reduces Rent for its Properties

Tuesday 31st of March 2020

COVID19- HDC Reduces Rent for its Properties

Amidst the global pandemic, Housing Development Corporation (HDC) has announced 30% reduction in rent of their properties, under the government’s economic recovery plan. This is to assist businessmen and citizens during such an economic crisis.

For the months of April and May, payment of 30% rent on HDC’s flats, housings, commercial units and industrial buildings can be postponed by submitting the related form. Further, among those who apply for this, those who deposited the total rent to HDC for April and May using direct debit in Bank of Maldives will receive the 30% of payment.

The 30% of rent of the two months need to be repaid within a period of 12 months. And according to the agreement, those who need to issue payments to HDC but are unable to pay regularly due to acceptable reasons will be allowed to make payments according to HDC’s debt collection policy.

Moreover, HDC informs that conventional loans can now be changed to Islamic Scheme and changes brought will not result in rise in compound interest.