The government has reduced the monthly rent for Vinares flats in accordance with President Dr. Mohamed Muizzu's pledge.
In a press release, Housing Development Corporation (HDC) stated that the interest rate on the lease-to-own model has been reduced from 9% to 6% and the downpayment of the flats has been reduced by 50%. This will result in the downpayment being paid within six months instead of three months. With these changes, the average monthly payment for a flat has been reduced by USD272 at an interest rate of 6%.
Additionally, individuals who have purchased flats through a bank or on a lump sum basis will also be able to receive the concessions. The HDC is working to determine how to pay them. The company is also formulating amendments to the agreements following the change in monthly payments.