Through the £60m Open Market Shared Equity Pilot, buyers can own a home but only pay for a proportion of it - between 60 to 80% - and the Scottish Government will fund the remainder with an interest-free equity stake.
The scheme is aimed at first time buyers on low to modest incomes and aims to help around 1,500 people across Scotland buy an affordable home.
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The buyer would not pay any money on the equity stake, but would pay the Scottish Government a proportion of the sale price at the time or earlier if they choose.
The council's housing convener, Councillor Danny Devlin said: "East Renfrewshire has the highest house prices in Scotland and there’s a real danger of people being priced out of the market which has a knock-on effect for our local communities.
"Making local housing more affordable for local people can only benefit our communities in East Renfrewshire in the short and long term."
The Open Market scheme is available for one year from 31 March 2009 and applications will be dealt with on a first come first served basis.
Applicants have to meet certain criteria to be eligible for funding from the scheme. To find out more or see if you are eligible contact Link Homes on 0845 155 001.
Information leaflets about the scheme are also available at Giffnock HQ or Barrhead Main Street council offices.
(GK/JM)
