Housing Development Corporation (HDC) has waived the fines imposed on Hiyaa flats under the social housing scheme for residents who failed to pay their rent regularly.

A senior official from HDC informed "One" today that letters were dispatched to flat owners on the 16th of this month, formally notifying them that the fines have been waived.

"Under the concessions determined by the government for payments related to Hiyaa flats, all fines payable to this Corporation until December 2023 have been waived. In line with the same principle, and to provide further relief and ease to the public, the President has decided to waive all fines payable to this Corporation from January 1, 2024, until November 30, 2025, for (Flat Number). Therefore, this Corporation wishes to inform that these fines have been waived," stated the letter sent by HDC to flat owners regarding the fine waiver.

HDC further added that efforts are underway to provide media outlets with details regarding the number of flats with unpaid fines and those who pay rent regularly, which will be released next week.

President Dr. Mohamed Muizzu requested Bank of Maldives (BML) to reduce the interest rates on loans issued to various parties for Hiyaa flat finishing and to purchase Vinares flats, in a tweet posted on X on November 16th of this year.

In that post, he stated that since these loans are for social and affordable housing projects, discussions have been held with BML to find suitable concessions for them.

"This includes reducing the current profit (interest) rate for Hiyaa flat finishing loans from 12 percent to 10 percent, establishing a payment plan to regularize accounts of individuals facing difficulties in loan repayment and who have defaulted, and reducing the current profit (interest) rate for Vinares flat purchase loans from 9 percent to 8 percent," the President noted.

BML has issued 535 loans for Hiyaa flat finishing and 26 loans for Vinares flat purchases.