Housing Development Corporation (HDC) has extended its earlier offer of deferment of 30 percent of monthly rent payments to include the months of June and July.
HDC announced on Sunday that it will grant the deferment of 30 percent of rent payments for the months of April, May, June and July to tenants who submit applications via the My Hulhumale’ web portal by July 31.
Tenants who have applied for rent deferment for April and May are not required to submit an additional application.
According to the announcement, tenants need to have made regular payments in accordance with the contract up until March 31 in order to be eligible for the deferment, and with this, will have the option of settling 70 percent of monthly installments by August 15.
“We announce for your information that tenants will be granted a period of no more than 12 months to settle 30 percent of the monthly rent payment due to HDC for the four month deferment period,” said HDC in its announcement.
Tenants are required to pay the usual monthly rent once the deferment period ends, and will not be required to begin settling the deferred rent payment until November.
Tenants who haven’t made regular payments are required to send in an application to HDC, upon which they will be allowed to make payments under the corporation’s debt collection policy.
HDC announced it will also grant additional concessions. This includes granting the option of converting conventional loans issued by the corporation as housing loans to Islamic schemes. HDC has stated that the changes to the payment schedule upon conversion of conventional loans to Islamic schemes means clients will not be charges compound interest.
The corporation announced it was also committed to granting additional concessions where possible.