A SNAPSHOT OF THE FEES & COSTS ON THE JOURNEY TOWARDS YOUR NEW HOME
ALL ABOUT HOME LOANS brought to you by Bank One
1 . Real estate agent ’ s commission - around 2 % of the purchase price , plus 15 % VAT
2 . Notary ’ s fee - calculated on a cumulative basis , ranges from 0.5 % to 2 % of the property value , plus 15 % VAT , shared equally between the buyer and seller
3 . Registration fee - 5 % of the property value , payable to the Registrar General
4 . Bank fees , generally include : a . Assessment and site visit
b . Credit check with the MCIB ( Mauritius Credit Information Bureau )
5 . Surveyor ’ s / Evaluator ’ s fees
6 . Insurance premiums - for Life , Home and Building Insurance policies
7 . Moving in costs , including : a . Domestic removal service b . Utilities connection
c . Appliances , furnishing , and decor required for your new home
d . Landscaping ( as applicable ) e . Repairs and maintenance ( as applicable ) c . Document examination ( charge documents and title deeds )
GOOD TO KNOW
The following current government aid / incentives exist to ease the financial burden of buying or constructing your dream home
For the 2022 / 23 financial year :
• exemption from registration duty on acquisition of newly built properties , for a threshold value of Rs 7 million .
• The Home Ownership Refund Scheme grants Mauritian citizens a 5 % refund of the value of an immovable property , up to the value of Rs 500 000 per property purchased .
• Each spouse united under the ‘ Corps et Bien ’ matrimonial regime will benefit from an exemption from registration fees on the first acquisition .
• A refund of VAT is available on the construction if the area constructed of the residential building , house or apartment does not exceed 1,800 square feet .
• Abolition of the municipal tax .
• First-time buyers of houses , apartments or for the construction of houses , are exempt from registration duty .
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