Housing Development Corporation Limited (HDC) has lowered the interest rate for Vinares flats in Hulhumale' Phase II to 6% for tenants who are making rent payments on long-term installments. The interest rate for the Vinares flats was previously 9%.
However, President Ibrahim Mohamed Solih pledged to reduce the financial burden on tenants during his presidential election campaign after they shared their concerns, particularly regarding the substantial down payments. HDC has now announced that the interest rate for tenants who are making long-term rent payments has been reduced to 6%.
The prices for the housing units in the Vinares flats fall within the range of between USD163,000 and USD168,000. These flats are available under two payment options, which are a lump sum payment or monthly installments spanning 20-25 years.
The Vinares housing project comprises 10 towers, encompassing a total of 1,344 housing units, all of which are three-room apartments. These flats are developed in four distinct concepts: 172 marina view flats, 372 outer view flats, 352 inner view flats, and 448 standard view flats. The marina view apartments offer a scenic view of the yacht marina and cruise terminal, while the inner view apartments provide a glimpse of the main roads. The outer view offers a cityscape, while the standard apartments are situated in the middle of the towers.
HDC split the recipients of the Vinares flats into two categories. They include 1,058 residents of Male' City and 257 individuals who have lived in the city for over 15 years. HDC has so far signed agreements with 288 recipients and they have been informed that the agreements will be finalised before the end of October.