Maldives Islamic Bank (MIB) has decided to finance the Vinares flats at a low rate.
MIB decided to finance the Vinares flats at a 9% interest rate and a three-month grace period. The bank believes that this will be a great relief for customers moving to a new location. Customers are required to pay a 20% advance to purchase the flat and the bank will accept the pension scheme as advance payment.
The Vinares housing project is a mid-range social housing scheme carried out by the Government of the Maldives and the Housing Development Corporation (HDC). The project involves the construction of 1,344 units across 10 towers. The three-bedroom units are developed in Hulhumale' Phase II.
The price of the flats in Hulhumale' ranges from USD162,000 to USD197,000. Many people have expressed interest in buying these flats.