Centre Considers to Launch New Rent to Own Scheme for Migrant People in City

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The Central government is considering to launch soon a new scheme ‘Rent to Own‘ under its new house rental policy, where the migrant people coming to the city will be able to rent a house from government bodies. Besides, in future, they will have an option to buy this rental house by paying the full payment in easy installments.

According to the housing ministry, the name of this scheme will be ‘Rent to Own Scheme’ which will be launched under the National Urban Rental Housing Policy of the Central Government. Union Urban Development.

On Thursday, the Housing Minister Vankaiah Naidu said that this act will be presented before the Cabinet soon for approval.

Venkaiah Naidu said that the ministry was considering this since the inauguration of the Affordable Housing Projects launched by private developers. He said that till date we have approved housing for 17.73 lakh urban poor in 2008 cities and towns.

How can we take the benefit of Rent to Own Scheme:

Under this scheme, there is a target to arrange suitable accommodation for a large number of migratory migrations. Besides, these houses will be provided on lease for a fixed time period. The buyer will have to pay the equivalent amount of EMI per month in the bank, it will be in the form of a rental and the rest will be deposited.

According to the procedure, the house will be registered on the name of the buyer, when the amount of EMI deposited by the buyer will reach the level of 10%. If the person taking the lease does not deposit the money then the government will sell this house again. In addition, the amount deposited with the rent will be returned to the tenant without any interest.

As a part of this scheme, the government is also considering to provide the subsidy of 1.5 lakh rupees for the poor people even after buying houses built on private land. So far this exemption was given only on the houses on the grounds of state governments and bodies.

The minister said that the main is to fulfill the promise of providing housing for all by 2022. By 2019, this target will be achieved in 15 states and Union Territories, which include states like Kerala, Himachal, Arunachal and Jammu and Kashmir. After this, this target will be completed in other states by 2022.

The Minister said that after issuing notification of ‘Rent to Own’ Act the state will be able to work on it. The Union Minister said that this will be a big scheme under the government’s goal of providing housing to all by 2022.

News Source: http://navbharattimes.indiatimes.com/business/property/property-news/poor-may-get-to-own-homes-they-take-on-rent-and-get-subsidy-on-private-land/articleshow/58291127.cms

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