A vast programme of construction of decent houses and apartments for low income families is announced in Budget 2018-2019. The aim is to create an inclusive and equitable society and improve the quality of life of all Mauritian families by giving them access to safe and affordable housing options.
Budget 2018-2019 makes provision of 6,800 new social housing units over the next two years with a project value of Rs 12.7 billion. These social housing units will be in Ground-Plus-Three buildings and will be constructed on 19 sites across the country, equipped with crèches, commercial and recreational facilities.
Government has earmarked Rs 1.3 billion for the completion of 3,041 housing units and Rs 176 million for the rehabilitation of 41 NHDC housing estates which are more than 20 years old to enhance the living conditions of some 6,200 families.
As regards to supporting families in their efforts to invest in a house, Budget 2018-2019 provides for an increase of the maximum grant for the casting of roof slab for families earning up to Rs 10,000 monthly, from Rs 75,000 to Rs 100,000. For families earning between Rs 10,001 - Rs 15,000, the maximum grant is being increased from Rs 40,000 to Rs 70,000; and families earning between Rs 15,001 and Rs 20,000, will benefit from a maximum grant of Rs 50,000.
The budget also addresses measures concerning residential and business loan applications. The Bank of Mauritius has agreed, following discussions, to remove all restrictions on commercial banks with regard to limits applicable on loans, be it for residential or business purposes.
With this measure, consumers and businesses will be able to fully benefit from the loan facilities offered by commercial banks without necessarily having to finance part of the property upfront.