Urbanco Announces Changes to Social Housing Payment Rules

Urbanco has disclosed a modification in its social housing payment regulations, aimed at providing relief to its residents. 

Effective from the commencement of the New Year, Urbanco has decided to waive penalties for non-payment of rent until 31 December 2023.

Under the revised scheme, individuals who have not settled their penalty relief payments by the current date will have the option to clear the outstanding amount in instalments. 

The fiscal penalty for late payment will now be fixed at 1%, with a daily increment thereafter. Both parties involved will be informed about the penalty amount, fostering transparency in the process.

Previously, penalties were set at 18% annually. However, the amended policy aligns with Islamic principles, a nominal 1% penalty will be enforced, similarly to the Islamic practices of almsgiving.

Residents interested in adhering to the new payment policies are required to submit the necessary forms by 10th January 2024.

Forms can be submitted either in person at the Urbanco office or electronically via email. The designated email addresses for form submission are debt@urbanco.com and receivables@urbanco.mv.