Home is not only a structure that provides shelter, it is an asset that can increase in value.
Minister for Economy Aiyaz Sayed-Khaiyum made the comments while revealing that a new ministry of Housing and Community Development will be formed in the new financial year.
Sayed-Khaiyum says the government has allocated 15 million dollars towards the first home owner’s grants.
“Now first time buyers with an annual income of under 50 thousand dollars will receive 15 thousand dollars towards the construction or 10 thousand dollars towards the purchase of their first home. Families who make between 50 thousand dollars a year and a hundred thousand dollars a year now also qualify for this grant assistance 10 thousand dollars for constructing a new home or 5 thousand dollars for purchasing a new home.”
Sayed-Khaiyum says first landowners grant will be introduced as households who earn less than 50 thousand dollars will be granted 10 thousand dollars towards the purchase or lease of land.
