Interest rate on Vinares flats reduced to six percent

The interest rate on long-term installments for Vinares flats in Hulhumale Phase II has been reduced from nine percent to six percent.

The Vinares project is one of Urbanco's housing projects in Hulhumale'. Comprising ten towers, this project is Urbanco's first middle-class housing project.

Urbanco said the change in interest rates will make payments easier for those opting for long-term installments. However, the change is not limited to long-term installment payments, the corporation said.

A total of 288 agreements have already been signed with Vinares flat recipients.

Key Highlights of the Vinares Flats:

The Vinares Flat project, initiated during the tenure of former President Abdullah Yameen, has ten 13-storey towers. In total, it comprises 1,344 three-bedroom apartments, each ranging from 883 to 902 square feet in size. Each of these apartments will be sold for prices ranging from MVR 2.5 million to MVR 2.7 million. For those choosing to pay in installments, this figure is likely to double by the end of the payment period.

Under the project, the Marina View flats have 172 apartments, while the Outer View has 372 apartments. The Inner View includes 352 apartments. Additionally, the Standard View has 448 apartments.

When the project is completed, all the towers will have ATMs, parking zones, and CCTV cameras. The ground and first floors of the towers will be dedicated to commercial spaces. The commercial space will include a supermarket, office space, mid-range shops, cafe/restaurant and gym space and vacant space for other activities.