Hulhumale’ Development Corporation HDC announces a deferment of 30% of the rental and installment payments for some properties leased in Hulhumale for two months.
In a statement, HDC said it would defer 30% of the rental and install payments for the next two months for flats, land plots, commercial units and industrial land plots.
HDC cited the on-going Covid-19 crisis that has crippled world economy and said this decision was to support the Economic Recovery Plan enacted by the government to give financial relief to individuals and businesses alike during these trying times.
HDC clarified that the deferment will be given to those who are paying their rents regularly as per the agreement made and only when they apply for the deferment at HDC.
HDC said it would defer 30% of the rental or installment payment once the customers make the full payment for the two months via BML Debit as per the agreement.
It said once the payment is made, the company would deduct the 30% deferment from the payment and return it to the customer.
HDC also said customers who apply for the deferment has 12 months to payback the deferred 30% of the rental and installment payments.
The Corporation said for those customers who are unable make rent and installment payments as per the agreement for any reason, HDC will enact its debt collection policies once the customers reveal these reasons to HDC.
HDC also said its customers can now change their conventional loans to Islamic Schemes and that compound interest will not be applicable when payment table for the Islamic scheme is designed.
