The Ministry of Finance has conceived a new project to enhance the quality of life of Mauritians called the Housing Empowerment Scheme. An investment of Rs 2.5 millions has been made to help Mauritian families. The Mauritius Housing Company Ltd (MHC) is also contributing in this project.
Everyone wishes to own their very own house. It is, indeed, the dream of all of us to, one day, have a home which we possess and can truly call our own. However, in the pursuit of these dreams, we find many obstacles – mostly financial of nature. Having to fend for our own selves and for the rest of the family, we have to wisely assign chunks of money to the various basic needs. Many times, money needed for the building of a house cannot be amassed as quickly as we would want to. This is where this project is going to be of enormous help to many a Mauritian.
The families to benefit from this scheme have to meet certain conditions. The members of the family applying to benefit from this project will need to have a monthly salary reaching to a maximum of Rs 50 000. They will be entitled to an amount varying from Rs 300 000 to Rs 2.5 millions to construct or buy a house whose area should not be greater than 1500 m2.
Those who wish to borrow the sum of money have to make a deposit of 5 % of the amount they wish to have, while the MHC will act as guarantee for 20 % of the amount borrowed. The interest rate has been fixed at 7,1 %. Also, the MHC has put at the disposal of the families 12 architectural plans.