Urbanco has waived off penalties for non-payment of dues to social housing.

Urbanco said in a statement that after waiving the penalty, there would be a mechanism in place to distribute the remaining unpaid dues for the flat, and residents would be allowed to change the agreement in accordance with Islamic principles.

Therefore, those who wish to change the agreement or distribute the unpaid dues as per Islamic norms should complete the application form and mail it to the [email protected] [email protected] by January 10, 2024.

"The penalty imposed on social housing units for non-payment of rent till December 31, 2023, has been waived," Urbanco said.

The corporation decided to waive fines under President Dr. Mohamed Muizzu's Haftha 14 road chart, Urbanco said.

Urbanco also said that the penalty for delay in payment to social housing has been fixed at one per cent of the monthly payment. With this change, the fine will not increase day by day and both parties will be aware of the amount charged for the fine.

The penalty was earlier paid at 18 per cent perannum, but with this change, Urbanco has decided to donate one percent of the monthly charge to the Sadaqat Fund.