The Ministry of Interior has announced substantial updates to two housing schemes, set to open for applications on November 15, with the goal of simplifying the process and enhancing accessibility for applicants.
The first scheme, which provides financial aid to young people and couples up to age 41, now includes a key adjustment: applicants who have not yet purchased property can still apply. Instead of requiring a completed sales contract registered with the Land Registry, applicants may now submit a signed reservation agreement.
This reservation agreement, signed by both buyer and seller, must detail the estimated acquisition cost and the technical specifications outlined in Appendix B of the scheme. District administrations will then assess the property’s eligibility and calculate financial aid based on this documentation.
If an application meets all criteria, applicants will receive a pre-approval letter, with four months to finalize a stamped sales contract registered with the Land Registry. Failure to meet this deadline will result in automatic rejection, regardless of subsequent document submissions.
The “Renovate-Rent” scheme has also undergone a revision in its disbursement approach. Rather than a lump-sum payment upon completion, renovation funding will now be provided in two instalments. Property owners can receive an interim payment of 40% when half of the renovation is completed, contingent upon submission of designer certification, receipts, and photo evidence.
These modifications aim to make both housing schemes more accessible and user-friendly, streamlining application and funding processes for eligible recipients.
