The interest rate of Vinares Flats has been reduced to six percent.

The interest rate for long-term installment rentals for Vinares Flass previously at nine percent.

Urbanco said in a statement today that the interest rate was reduced to six percent only for long-term installments. The change will save flat buyers about MVR 1.2 million with payments over 25 years.

President Ibrahim Mohamed Solih promised to reduce the rent of Vinares Flats during the second round of the presidential election campaign. President-elect Dr. Mohammed Muizzu had also promised the same.

About 1,000 of the 1,344 three-bedroom apartments were opened to residents of Male' City. Flats were also given to those who bought flats from Gulheefalhu and Sea Life and those who gave up their Hiyaa Flats. 100 flats were also allocated for people who have been living in the city for 15 years.

The 800-900 sqft Vinares Flats are available in two different options. The first option is to pay 15 percent of the flat price as a down payment and pay the price within 20 years. The second option is to pay 20 percent and pay the rent in 25 years.

Each apartment costs between MVR 19,000 and MVR 23,000 per month for 20 years. The total value of the flat would be MVR 4.9 million or MVR 6 million.