Rent to Own (buy) House scheme

 

Apply Rent to Own (buy) House scheme [Application Form]

A new yojana has been passed by the government to support house rentals among migrants. Such migrants who qualify can take in access to houses on rent from the government for a number of years. After this, a migrant can own the property by paying the cost for it in a series of installments.

Rent to Own (buy) House scheme

This new scheme is called the Rent to Own scheme and is a key part of the National Urban Rental Housing Policy. This is being organized by the housing ministry. It is especially a point for the ongoing efforts to allow people to get more access to a variety of properties, particularly the housing for all efforts that are working around the country.

The act is to be placed in front of the Cabinet for final approval. Individual states should be able to run the scheme on their own terms after it is ready. This is especially being designed to help replace some of the older rent control laws that have confused a number of landlords around the country. The new rules are expected to create a better sense of certainty over how properties can be handled.

Keys About the Scheme

The new scheme will work with a number of essential points in mind:

  • Tenants will have a set schedule in terms of how much it will cost for them to find properties. Migrants will typically have to spend a couple hundred or thousand rupees for each pay period through the new program.
  • The properties that are included will be located around most major cities around the country. They are especially expected to be around Delhi, Mumbai and Kolkata with the potential to expect the reach around to more spots in the future.
  • All agreements will be mutually provided to property owners. They will have the full option to get into the program and will receive the full right to charge the proper amounts to migrants and to work with proper payment plans for when the rent period has expired.

Covering Vacancies

The scheme is especially made to help with improving upon how vacancies in properties around cities are handled. About 11.09 million homes in urban areas around India were vacant according to a 2011 census report. Also, about 27 percent of people in those urban areas live in rental properties.

By providing the scheme to the public, it will be easier for more of these homes to be filled as needed. This is especially being offered as more jobs around the country are being shifted into major cities around India. The need to fill such properties will become stronger as more start moving into such cities.

Additional schemes are expected to be released in the future. These include schemes for the homeless, students and working woman alike. Plans to convert slums on government-owned lands into rental properties are also being thrown about. This would include a guarantee where no one would be evicted in the first ten years if this plan is eventually passed and approved upon.

Currently this scheme is in pipeline so there is no process to apply and there is no application form available. We will update this page as soon as all the information is available. This scheme may be a part of Pradhan Mantri Awas Yojana

Other Articles