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Troubled borrowers whose homes are bought by the National Asset Manager will pay annual rent equivalent to 1.5% of the market value of their former properties at the time the loan was taken out to purchase them, the National Development Ministry said on Wednesday.
The National Asset Manager was recently established to purchase the properties of troubled borrowers and allow them to continue to reside in their homes as renters.
The rent will be divided into twelve equal monthly installments and rise with the rate of inflation.