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New Housing Initiatives in 2022

The First Home Buyers Scheme is an initiative aimed at first-time buyers. It is only applicable to newly-built homes, and does not apply to second-hand properties. The scheme allows buyers to claim a refund on income tax and the Deposit Interest Retention Tax. If you qualify for the scheme, you must buy a new home and keep it as your main residence for at least five years before you can claim your refund.

Affordable Rental Housing Scheme
The Prime Minister of India has announced the launch of an Affordable Rental Housing Scheme in 2022 to provide rental homes to the poor and the migrant population. This scheme aims to improve the living conditions of poor people in India and will also encourage them to become self-sufficient. The scheme will allow the poor to live near their places of employment, saving them time and money. Furthermore, the scheme will also allow these renters to avail tax benefits under the GST and income tax regimes.

The new Affordable Rental Housing Scheme will provide low-cost housing for urban migrants and poor people. The scheme will be implemented by turning over existing vacant government-sponsored houses into affordable rental housing. It will also utilize vacant land and public or private establishments for building houses.

Pradhan Mantri Awas Yojana
PMAY (Pradhan Mantri Awas Yojana) is a government scheme that aims to provide cheap homes for those who are unable to afford them. The scheme offers several benefits for those who qualify. The list of beneficiaries is available on the government’s website.

PM Modi, in his first Pragati review meeting of his second term, reiterated his commitment to Housing for All by 2022. The PM reviewed the progress made by various states in fulfilling their obligations under the scheme. He also requested states to engage with the central government in dialogue so that the best exercises can be undertaken. In addition, he asked states to focus on water conservation and directed them to make maximum efforts to meet this goal. The PM also recommended a mechanism to collect feedback from people with disabilities.

The PMAY scheme offers subsidies on the purchase and renovation of new homes. The government also provides assistance to low-income families, who are otherwise not able to afford new construction. The scheme provides up to Rs. 1.5 lakhs in subsidies for new dwellings and renovation of existing dwellings.

RSKU
The RSKU for Cheap House Scheme 2022 is one of the state government’s housing schemes that aims to increase the affordability of housing in Selangor. It is a compulsory scheme, which encourages developers to build affordable housing. The initiative, spearheaded by Lembaga Perumahan dan Hartanah Selangor, is in line with the state government’s target to build one million affordable homes by 2028. The RSKU for Cheap House Scheme differs from previous government housing schemes, in that it is a statutory housing requirement for developers, rather than a subsidy.

The RSKU for Cheap House Scheme is not available to all applicants. Those who have applied previously will be inactive for two years, after which they may apply again. The application process is entirely online, and buyers must register on the website in order to apply. They must also submit relevant documents and information to confirm their eligibility.

Mortgage Allowance Scheme
In addition to the new mortgage laws, the government has introduced a new mortgage scheme that will help social housing tenants buy a house directly or through a mortgage. This scheme will provide mortgage holders with an allowance of up to EUR11,450 over five years. It is applicable to mortgages from local and commercial lenders. It is also available to tenants of housing associations who have held their tenancy for one year or more under the Rental Subsidy Scheme.

This scheme will offer a mortgage allowance to first-time buyers who are looking to purchase a cheap house. But there are some requirements to qualify. In order to receive the scheme, an applicant must return the existing dwelling in the specified period. The applicant must then present a letter of intent to the lending agency. Once the application is approved, the lender will advance the mortgage loan to the applicant. After the applicant has completed the application process, the Local Authority will issue a Certificate of Approval certifying that they are entitled to the mortgage allowance.

How to apply
Applicants must select a scheme and note down its code number. They can apply individually or jointly, or under the Pradhan Mantri Awas Yojana. Applicants must also submit their PAN card details. These details must be verified and approved by CIDCO officers. Applicants should also check the terms and conditions carefully. Applicants may also inquire about vacant apartments.

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