Tata flat buyers turn to VP seeking smaller down payment

Tata flat buyers hold a peaceful protest against the down payment of MVR 400,00- demanded to take out loans for the flats.

Tata flat buyers hold a peaceful protest against the down payment of MVR 400,00- demanded to take out loans for the flats.

Buyers who received the flats in capital Male developed by India’s Tata Housing Development Company met with Vice President Abdulla Jihad on Wednesday seeking a solution for the hefty down payment demanded for the flats.

A staggering down payment of MVR 400,000 is required to take out loans to own the flats, which were first sold five years ago under the Veshifahi project. With the deadline of January 26 approaching, only a few flat buyers have been able to acquire the loans so far.

The details of their discussion with the vice president have not been disclosed yet.

Tata flat buyers had previously met with top officials of Ministry of Housing and Infrastructure and the Housing Development Corporation (HDC) on several occasions, requesting to ease the burden of the down payment. They had also submitted a petition detailing their concerns to the Housing Ministry, HDC, Humans Rights Commission and President’s Office early last December.

However, none of the institutions have responded yet.

The cost of the flats is MVR 2 million each, which far surpasses the initial conditions promised to buyers. The Maldivian banks and other institutions leasing home loans take 20 percent of the total cost as down payment, which in this case amounts to MVR 400,000. However, most of the flat buyers do not have incomes that meet the demand. The total cost of a Tata flat including interest stands at MVR 3.4 million.

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