How to get benefit of government scheme when purchasing homes

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Government has launched a number of schemes to help first time home buyers purchase homes. These schemes are designed to help buyers purchase homes within their set budget. You can make use of one such scheme to purchase home at Sobha International City depending on your budget. With a small mount of money you can invest in the property. Following a re a few options available.

Loan schemes (Equity)

These scheme offers are available for first time buyers. Existing home owners can also take full benefit of these schemes. You can also take its benefit for renovating your existing homes. You have to declare the purchase price to take its benefit. Under the scheme you can request to borrow money at interest free rate and purchase property.

Guarantee mortgage scheme

This scheme is available for old and new buyers. In this case the government will provide with funds that will cover your loses in investment. You may be responsible for making the repayment of the mortgage loan amount.

Benefits under the scheme

It offers with numerous benefits to the buyers. Some of the benefits are listed below.

  • Under these schemes it is certain that tenants get a chance to purchase their own homes at Sobha International City property. The point is that you need to qualify under the scheme to take its benefit.
  • In most cases the rates at which you get the discount may vary. This factor depends on the location of the property and the area covered by it. If you are living in government or council homes then you are certainly eligible to purchase new home.
  • It is also important that you should have rented the property from public sector. The minimum year for tenures should be around 3 years from the date of the contract. It is not important that your time of rental should be for consecutive years.

Shared ownership

Under his scheme you will have to purchase a part of the ownership share. You could own some part of share along with your landlord or association. You may have to apply for mortgage for repayment of your share part. After this you may be valid to pay reduced rentals for the overall share that is owned by others or association.

Under this ownership you are also eligible to purchase 100 percent of the share later on by making payments. It is certain that this scheme is open for people working in the government sectors.

You can also visit the dlf Magnolais Gurgaon and enquire about the co-ownership factor. This scheme is beneficial for both old and new to be owners. Under this scheme it is certain that you may have to incur paying for the purchase in some parts or proportions. You are eligible to pay rent for the part you don’t own.

The schemes are best for people who do not have sufficient money to invest in properties. The government has launched a number of scheme of first time home buyers and people who want to purchase new homes.