Why is it the right time to buy a property in Mauritius?
Called Home Ownership Refund Scheme, the program implemented by the Mauritian government and aimed at facilitating home ownership for Mauritians ends in June 2022. How can you benefit from this particularly interesting aid?
The Home Ownership Refund Scheme in brief
People who are eligible for the Home Ownership Refund Scheme set up by the Mauritian government can benefit from one of the following three grants:
- The refund of 5% of the declared value on the acquisition in FY 2021/22 of a house, apartment or bare land for the construction of a residential unit. The property must not be sold within one year from the date of acquisition. Maximum reimbursable: 500,000 rupees.
- Exemption from registration fees which usually amount to 5% on the first 5 million rupees of the acquisition value. Previously, the value of the property was not to exceed 5 million rupees.
- 5% refund on home loans granted for the construction of a home. Maximum reimbursable: 500,000 rupees.
What types of real estate are affected by the 5% refund?
To qualify for the Home Ownership Refund Scheme, the applicant must purchase:
- A plot of land free of any construction;
- A plot of land that already houses a house;
- An apartment located in a condominium building;
- A property in VEFA (Sale in the future state of completion or Sale on plan);
- A property built under the various real estate schemes designed by the Economic Development Board of Mauritius (EDB) (IRS, RES, Invest Hotel Scheme, PDS and Smart City) or on reserved land (geometric steps) (bungalow);
- A freehold residential property located on a leased lot.
- Property located in a subdivision;
- Leased property and land;
- Social Housing;
- Lots larger than one acre;
- Property acquired by deed of limitation;
- Property acquired in joint ownership, except where the other joint owner is the purchaser’s spouse or where the joint owners are siblings, an ascendant or descendant; a co-heir of a deceased person; by inheritance; a spouse; a brother or sister.
The property must not be under prescription. If the land is residential, it must be 4,220.87 square metres (1111.16 square toises – 1.23 acres) or less.
Who can benefit from the Home Ownership Refund Scheme?
While there is no means test, this Mauritian government assistance program is only for :
- To holders of Mauritian nationality;
- To Mauritian buyers who have signed the deed of sale by June 30, 2022 at the latest.
If you are looking for a property to buy and would like to be accompanied as closely as possible in order to benefit from the Home Ownership Refund Scheme, ask us for advice!
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