The Ministry of Interior has announced significant modifications to two housing schemes ahead of their launch on November 15, aimed at simplifying application processes and increasing accessibility.
The first scheme, which provides financial assistance to young individuals and couples up to 41 years old, has been modified to benefit potential recipients who have not yet acquired property when applying.
Under the new rules, applicants can submit a signed reservation agreement instead of a submitted sales contract at the Land Registry Department.
The reservation agreement must be signed by both buyer and seller, including the estimated acquisition cost and technical specifications as outlined in Appendix B of the scheme.
District administrations will evaluate property eligibility and calculate financial assistance based on this information.
If applications meet all criteria, applicants will receive pre-approval letters requiring them to secure a stamped sales contract registered with the Land Registry within four months.
Applications will be rejected if this deadline is not met, even if documents are submitted later.
The “Renovate-Rent” scheme has also been modified to change how renovation grants are disbursed.
Instead of a single payment upon completion, funding will now be released in two instalments.
Property owners can receive an interim payment of 40% once half the renovation work is complete, provided they submit designer certification, receipts, and photographic evidence.
These changes aim to streamline both schemes and make them more accessible to potential beneficiaries while simplifying the application process.
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