Urbanco, a prominent player in the real estate sector, has unveiled a significant reduction in interest rates for buyers opting for long-term payment plans on Vinares flats in Hulhumale’. The interest rate has been lowered from 9 percent to 6 percent.
This change doesn't exclusively benefit long-term buyers, hinting that other categories of buyers might also reap rewards from this adjustment.
The Vinares flat project, an initiative introduced under the leadership of former President Abdulla Yameen Abdul Gayoom, offers an extensive housing solution with 10 towers, each standing tall at 13 storeys. These towers collectively house 1,344 three-room apartments, ranging from 902-883 sq ft. Priced between MVR 2.5 million to MVR 2.7 million, they promise affordable living spaces.
Urbanco has already sealed 288 agreements linked to the Vinares project. However, buyers considering instalment plans should keep in mind that over time, the total cost of the apartment could approach twice the initial purchase price due to accumulated interest.