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Which Government Schemes and Policies Make a Difference?
It's that time again. Another year, another round of government schemes and policies that promise to make life better for those in poverty. This time around, the schemes don't stop there. There are schemes to give you money to put towards your mortgage or rent. You'll find detailed information on the following pages.
welfare schemes If you're in a position of relative wealth, you might feel that now is the right time to top up your pension and invest in a home of your own. If this sounds like you, you might be interested in taking out a government mortgage to get a mortgage discount. There are also other schemes designed to help you make your home more affordable. One such scheme is the Home-buyer's Bonus Scheme, which offers up to $15,000 in cashback to people who buy a house priced between $35,000 and $70,000.
The federal government also plans to help first time buyers with a down payment assistance scheme. The scheme offers new home buyers a 5% cashback on purchases made from a participating home loan provider. The amount you have to put down will be taken out of your federal government payment, thus reducing your debt. However, it is vital that you consult with a financial advisor who can help you understand the pros and cons of taking out a home loan.
job seekers schemes If you're looking for work, you'll need to consider the various schemes that are out there to help you. The most popular one this year is the Skills Retraining Payment Scheme. The सरकारी योजना provides unemployed people with training and education loans up to a total value of $40,000. The repayment term is flexible, so you may be able to clear the loan on time without needing additional financial assistance.
The Australian Government also offers Job seekers Allowance. This is an additional 15 cents an hour payed directly to job seekers as an allowance for job searching activities. This amount is added to your income and taxed at source. To qualify you must be claiming unemployment benefit, have a job search activities to undertake, and you must be unable to find full-time work. The scheme is worth up to $500 per month.
health schemes The health sector is also gearing up for 2020 with a number of schemes and policies aimed at improving the lives of those in the indian health system. One of the most popular plans is the Pradhan Mantri Maitri Vanivihar Yojana. The scheme is aimed at providing low-cost housing for the homeless and medical personnel working in government hospitals. The government plan will provide housing and an economic boost to people working in the medical sector. Another scheme providing affordable health insurance to those in need is the Rashtriya Swasthya Bima Yojana.
schools and students Students are another group that will benefit from the numerous government schemes in place for the upcoming year. The Indian Education Budget for 2020 is $11.3 billion, which is a 17% increase from the previous year. One of the main schemes providing financial assistance to students is the Usha Kiran Education Loan. This scheme provides students with low income an interest-free loan up to a value of $10,000 to study in a private or public University. Another scheme providing financial assistance to students is the Saral Education Loan. This scheme provides low income students with an interest-free loan up to the value of $5,000 to study in a private or public University. Both loans have a maximum repayment term of 5 years.
retirement schemes If you're looking for an income source in retirement, you might consider taking out a reverse mortgage. This is a loan against your home that lets you access the equity you've built up over the years. The key benefits of a reverse mortgage are that you don't have to pay any upfront fees, and the monthly repayments are tax deductible.
Another popular retirement scheme this year is the New Home Buyers' Grant. This is a government scheme that offers first time home buyers a grant of up to $15,000 towards the down payment on a new home. Another scheme offering similar benefits is the Home Improvement Loan. This is an interest-free loan of up to $20,000 available to low to moderate income home improvers. Once again, if you're looking for an income source in retirement, you might consider taking out a reverse mortgage or a home improvement loan. There are pros and cons to both. For more information, contact your local financial advisor.
social services The social services sector, both in government and voluntary organisations, is also a beneficiary of the various government schemes in place for the coming year. The main scheme providing funding is the Unemployed People's Scheme. This scheme provides eligible participants with a range of support services including healthcare, legal advice, and psychosocial support. If you're looking for an income source in retirement, you might consider taking out a reverse mortgage or a home improvement loan. Alternatively, you could apply for the Unemployed People's Scheme to help with your living costs.
The government also provides funding for the Elderly and Disabled through a series of schemes. One such scheme is the Senior Citizens' Bonus Scheme. This provides eligible senior citizens with a $10,000 cashback on purchases made from January to March next year. Another scheme providing support to the elderly and disabled is the Seniors and Social Security Card. This card provides eligible participants with a 5% discount on all purchases and 33% reduction in fees for healthcare. To find out more, please contact your local social services department or the financial advisor listed on page 6.
property related schemes If you're looking to invest in property, whether it's a house, an apartment building, or a commercial site, you might want to consider applying for a government loan. There are a number of schemes providing money for investors, including first time buyers. One such scheme is the Reserve Bank of India's Home Buyers Scheme. This provides eligible participants with an interest-free loan up to $20,000 towards the purchase of a residential property. Another scheme offering a similar benefit is the HDFC Home Loan. If you apply for this loan you will not need to put down a deposit, you'll just need to prove that you're a first time home buyer. These loans have a maximum repayment term of 10 years and allow for flexible payments.
who will benefit from the above-mentioned schemes? Each scheme and policy detailed above will make a significant difference for the people that they're designed to help. The table below summarises who exactly benefits from each of the aforementioned government schemes and policies.

the poor will benefit from welfare schemes students will benefit from school and student schemes unemployed people will benefit from job seekers schemes retirees will benefit from retirement schemes home buyers will benefit from the bank loan schemes the elderly, disabled, and socially-vulnerable will benefit from social services schemes first time buyers will benefit from the bank loan schemes and the home buyers' grant for those already in possession of a property, they will benefit from property related schemes
In summary, everyone except for the wealthy will benefit from at least one of the above government schemes and policies. It's a way of leveling the playing field a little for those that need it the most. For those interested, you can contact the lenders listed on this page to see if their services are accepted in your area.

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