Long term installment interest rate lowered for Vinares flats

A concept photo of Vinares flats. (Photo/HDC)

The interest rate for people who will pay long-term installments for Vinares flats built in Hulhumale Phase II has been reduced.

Urbanco said in a statement today that the interest rate has been reduced from the previously decided nine percent to six percent.

President Ibrahim Mohamed Solih, during his campaign for this year’s presidential election, said on 19th last month that he would soon announce a reduction in rent and down payment for Vinares flats.

Earlier, Urbanco had said that the agreement would be signed on payment of 15 percent of the down payment.

The project consisted of 10 towers with a total of 1344 units. People who have lived in Male' for 15 years as well as Male' residents were given flats under this project.

In addition, 92 victims of the SeaLife scam, and 100 of those who got flats under Former President Nasheed's "Veshifahi Male'", but had them later taken away, were provided with flats from Vinares.

On August 21, the government symbolically handed over the keys to the recipients of the flats in the Gulhifalhu, Sea Life and Hiyaa categories. Of the 288 recipients, agreements have been signed so far, Urbanco said today.

Some of them have now settled and are living in Vinares.

The price reduction of Vinares flats is a pledge of President-elect Dr Mohamed Muizzu as well.