Boost Your Homeownership Dreams with Mauritius’ Extended Home Ownership Scheme
The Mauritian government’s Home Ownership Scheme, initially introduced in the 2021-2022 budget, has been a game-changer for aspiring homeowners. Now extended through June 2024, this initiative continues to empower individuals and families to achieve their real estate goals.
How the Scheme Works
The Home Ownership Scheme offers a significant financial incentive:
- Buying a property: Receive a cash refund of 5% of the property’s value.
- Building a house with a home loan: Receive a cash refund of 5% of the loan amount.
This refund is capped at Rs 500,000, offering substantial savings regardless of whether you’re purchasing an existing home or embarking on new construction.
Eligibility and Important Details
To qualify, your property purchase or home loan agreement must occur between July 1, 2023, and June 30, 2024. The scheme is open to all Mauritian citizens, even if you were exempt from registration fees at the time of purchase. However, keep in mind that if you sell the property within one year of acquisition, you’ll be required to repay the refund.
Eligible Properties
A wide range of property types are covered by the scheme, including:
- Land designated for residential construction
- Rights to build on leased freehold land
- Residential lots under condominium bylaws
- Properties purchased under VEFA (Sale in Future State of Completion) agreements
- Residential units under EDB schemes (IRS, RES, Invest Hotel Scheme, PDS, Smart City) or on reserved lands
- Freehold land with a residential building
- Freehold residential building on leased land
Properties NOT Covered
Certain properties are excluded from the scheme:
- Residential buildings under allotment companies
- Leased land or leased residential buildings
- Social housing (e.g., NHDC)
- Land exceeding one acre
- Properties acquired through deed of limitation or specific joint ownership arrangements
Ready to Take the Next Step?
If you’re considering buying or building a home in Mauritius, don’t miss this opportunity. The Home Ownership Scheme could significantly ease your financial burden and accelerate your path to homeownership. Contact FODY or a financial advisor today to explore how this scheme can benefit you.
