The interest rate for long-term installment payments for Vinares flats has been reduced to six percent.
Urbanco said on Sunday that the interest rate, which was previously nine percent, will be reduced to six percent.
But the change only applies to long-term installment payments. The price of an apartment in the project is MVR 2.5 million to MVR 3 million.
The 10 towers of the Vinares project, which was built by China Machinery Engineering Corporation (CMEC), have 1,344 three-bedroom apartments.
A total of 1,413 applications were submitted to purchase the apartments, out of which 723 were eligible.
Urbanco said it has signed agreements with 288 eligible applicants so far.
The project began during the administration of former President Abdulla Yameen, but the foundation of many of the towers was not laid when the government changed in 2018.
The majority work of the project was started and completed by the government of President Ibrahim Mohamed Solih.
