Housing Development Corporation (HDC) has waived the late fines for overdue payments for social housing units.
In a press release, HDC stated that its payment policy has been changed to also allow the outstanding amount to be paid in installments. The changes also include the opportunity to change the agreements in accordance with Islamic principles.
Under the new policy, the penalty for late payment will be 1%. Both parties will know the amount of the fine, which will not be increased day by day. In addition, the previous penalty of 18% per year has been changed to 1% per month. HDC stated that the amount collected in fine payments will be donated to the Sadaqat fund.
Those who wish to change the agreement in accordance with Islamic principles and pay the outstanding amount in installments are required to submit their application by January 10. HDC stated that the payment policy was changed in accordance with President Dr. Mohamed Muizzu's roadmap for his first 14 days in office.