HDC to defer 30 percent from rental payments

Housing Development Corporation (HDC) has announced that it will defer 30 percent of the rents to be paid for a specific period to the corporation as part of the government’s economic recovery plan to curb the effects of the Covid-19 virus on the economy.

In an announcement, the corporation stated that it will be deferring 30 percent from rent payments for flats and land as commercial units and industrial areas for March and April due to the difficulties faced by businesses and individuals in the country.

The announcement read that those who wished to do so can request to pay the deferred 30 percent within a 12-month period. The corporation advised that the remaining 70-percent should still be paid to the corporation regularly.

Payments already made through BML debit cards before the announced deferment will be refunded, according to the statement by HDC. The deferment option is only available for people who have been making regular rent payments.

A special form for the deferment has to be submitted via email before 12:00, April 10, 2020, to [email protected]. Those who are behind on their rental payments will be allowed to make payments according to the debt collection policy of the corporation.

HDC also introduced additional measures. As such, those who have obtained conventional housing loans will also be allowed to change the schemes to Islamic schemes.

Compound interests would not be charged for the payment table formed under the Islamic schemes. The corporation also stated that it would guarantee to arrange other alleviations if a situation warranted such measures.