Urbanco Reduces Interest Rate for Vinares Flats

Urbanco has announced a reduction in interest rates for buyers making payments on a long-term basis purchasing Vinares flats in Hulhumale’ from 9 per cent to 6 per cent.

The rate adjustment isn’t exclusively for buyers making payments on a long-term basis, indicating that other categories of buyers might also benefit from this change.

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The Vinares flat project, initiated under the leadership of former President Abdulla Yameen Abdul Gayoom, consists of 10 towers, each spanning 13 storeys. This expansive housing initiative brings an addition of 1,344 three-room apartments to Hulhumale’, each ranging between 902-883 sq ft in size. The pricing for these apartments stands at MVR 2.5 million to MVR 2.7 million.

To date, Urbanco has secured 288 agreements related to the Vinares project.

Buyers opting for instalment plans should note that, over time, the cumulative cost of the apartment could approach twice the initial purchase price due to interest accumulations.

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