Vinares flats’ price slashed; monthly payment cut down by MVR 4,200

The prices of the Vinares flats developed by PPM’s first administration in Hulhumale’ Phase II have been slashed following which the monthly payment has been cut down by MVR 4,200, on average,  

President Dr. Mohamed Muizzu initially announced a reduction in the monthly payments for Vinares flats back in December.

Housing Development Corporation (HDC), in a statement on Thursday, announced the corporation’s decision to provide further easements to the owners of Vinares flats in accordance with President Muizzu’s ‘Hafutha 14’ roadmap, or the first 100-day goals.

In this regard, the corporation detailed that the interest rate of ‘Lease to Own’ model has been decreased from nine percent to six percent while the down payment has been slashed by 50 percent. HDC said the 50 percent lowered from the down payment has also been omitted from the flats’ price.

Apart from this, the deadline to complete the down payment has been extended from three months to six months.

As per HDC, the monthly payment of Vinares flats has now been reduced by MVR 4,200 on average, at the six percent interest rate. The reduction, as per HDC, has been declared a discount from the price of the flat.

HDC further said easements will also be provided to owners who purchased the flats in one-off payment, whether with their own money or through bank loans.

In this trajectory, HDC said a discount would be levied on the price of flats by deducting MVR 4,200 from the estimated average monthly loan payment to the bank. Efforts are also underway to reimburse the discounted amount to flat owners who made one-off payments.

Furthermore, efforts are also underway to reimburse the 50 percent deducted from the down payment, who have already made the payment.

HDC is also undertaking efforts to amend the flat agreements to reflect the change announced on Thursday.