Housing Development Finance Corporation (HDFC) has announced a moratorium of 6 months on the repayment of housing loans issued by the corporation.
HDFC stated the moratorium was placed on its housing loans as part of the economic recovery plan of the government, which aims to minimize the financial impact on individuals caused by the COVID-19 pandemic. The corporation announced the moratorium is offered for loans issued under housing schemes conducted by the Ministry of Housing and Urban Development and HDFC.
As per the moratorium, repayment of all loans will be deferred by 6 months. However, HDFC stated individuals who wish to continue with the current repayment schedule have the option of doing so.
The administration has introduced stimulus packages to assist individuals and businesses to overcome the financial impact of COVID-19. In this regard, Bank of Maldives (BML) has placed a moratorium of 6 months on all housing, business and personal loans.
Maldives Monetary Authority (MMA) announced all banks operating in Maldives have assured support to the stimulus packages introduced by the government.