Buyers ordered to submit loan acceptance letters to receive flats

The flats developed by India's Tata Housing Development Corporation in capital Male. PHOTO: NISHAN ALI/MIHAARU

The flats developed by India’s Tata Housing Development Company in capital Male. PHOTO: NISHAN ALI/MIHAARU

Housing Development Corporation (HDC) has requested loan acceptance letters from those selected for loans to purchase the flats developed by India’s Tata Housing Development Company in former Arabiyya School grounds and “Gaa Koshi” land plot in capital Male.

HDC has sent letters to the owners of the flats, requesting loan acceptance letters for loans taken to meet the payment on the flats from banks or other financial institutions before the January 26, 2017.

The notices stated that proceedings related to signing of the agreement will commence after the letters have been submitted.

HDC said that the flats would be handed over to the owners only after the completion of down payment and signed a tripartite agreement.

The cost of the flats is MVR 2 million. The Maldivian banks and other institutions leasing home loans take 20 percent of the total cost as down payment. Hence, an owner of the flat has to pay MVR 400,000 per flat.

The apartment complex built in former Arabiyya School grounds has been named “Male’ Grand” and the apartment complex built in “Gaa Koshi” has been named “Male’ Square”.

While the Male’ Grand has 90 flats and Male’ Square has 198 flats, the government has settled the MVR 277 million with the Indian contractor as per their agreement.

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