BOV Home Assist
New ‘BOV Home Assist’ loan scheme to further increase the number of eligible applicants.
The Parliamentary Secretariat for Social Accommodation in conjunction with Bank of Valletta (BOV) have launched an affordable home loan scheme, the second of its kind after APS launched a similar one in April 2017.
This Scheme was set out to do two main things:
– To aid those people who cannot afford the 10% downpayment required to take out a loan. Through this Scheme, BOV will be leading the full sum with the Housing Authority acting as the guarantor in-lieu of the 10% deposit.
– To provide monthly loan repayment subsidies. The Housing Authority are also placing a Scheme in place which allows for a grant of up to €167 per month directly towards loan repayments.
Parliamentary Secretary Roderick Galdes spoke about this new Scheme saying that Bank of Valletta will be leading up to €120,000 (an increase of 20% from the APS scheme launched last April) which will allow for more people to become home owners. He goes on to explain how this is even more so now, since negotiations with BOV have resulted in an increase of income thresholds (which determine scheme eligibility)
These schemes set up by the government, in coordination with local banks and Agencies, provide the necessary funding and support in order to become a home owner. Those interested in the scheme need apply directly through the Housing Authority, who will then guide you forward and work towards helping you obtain a ‘BOV Home Assist’ loan.
Click here for more information about BOV Home Assist
Click here for more information about the Housing Authority scheme.