"Rent to Own" Home Scheme for Government Employees

'Rent to Own' Home Scheme for Government employees coming soon, HUDCO will give loan. So far, the government employees remain in the government flat for the job, but after retiring they have to leave the flat, but now it will not be so. The Modi government is bringing a scheme which will allow government employees to pay rent for a fixed period and after that the house will be theirs. This 'Rent to Own' scheme has been prepared by the Ministry of Housing and Urban Affairs. HUDCO (Housing and Urban Development Corporation Limited) has been entrusted with the responsibility to provide government departments with loan under the scheme so that the government departments come forward to build a house for their employees.

Motive of the "Rent to Own" Home Scheme

The Government has prepared this scheme for the purpose of providing housing to everyone under the Housing for All Mission. The benefit of this scheme will be available only to the employees of lower categories of working in government departments. The government department or agency will build houses for this category. After the house is ready, a price will be decided and the price will be distributed to the employees by dividing it into installments like EMI. When the installment is completed in the prescribed time, the employees will be given proprietary rights.

HUDCO will give Loan

A senior HUDCO official said that in order to promote the scheme, HUDCO will lend to the government agencies who want to build a house under the 'Rent to Own' scheme for employees of lower categories. The official said that in the last few years government agencies have almost stopped building houses for their employees. The main reason is that the land has become very expensive and the agencies have to make big provision in their budget to build houses for their employees. This is the reason why HUDCO has decided to give loan to government agencies considering this problem.

Housing for All will get Support

Prime Minister Narendra Modi launched the Prime Minister's Housing Scheme on June 25, 2015 under the Housing for All Mission. Its aim is to make 2 crore houses by 2022 in cities, for the purpose of this government, where EWS and LIG are granting state government grants for making flats, the builders are being promoted under the Affordable Scheme and the people Credited Linked Subsidy is being given to In order to fulfill this aim, the government has started a rent-to-own scheme for the government employees of lower categories.