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Malta : BANK of Valletta has introduced BOV Home Loan Assist for first-time buyers

May 17, 2014

First time buyers who clear the affordability criteria however do not have the minimum requested upfront contribution needed by the Bank may at present acquire and complete a property, through the Home Loan Assist launched by Bank of Valletta. Edward Grech Executive Head Consumer Finance said, This is the first time that such a product has been designed to give first time buyers the opportunity to acquire their property with the assistance of a family member or a third party .

He added, This product gives customers the opportunity to make home ownership more possible and reflects our commitment to provide home loans that further meet the particular needs of our customers .

The Bank said that customers may obtain financing through the assistance of a third party who would be prepared to pledge in favour of the Bank the amount required to make up for the shortfall in the required upfront contribution. The pledge will be released once the home loan would be reduced by the equivalent of such amount. In addition, a new term deposit account for the pledged amount is being exclusively offered that ensures a preferential rate to the party assisting in the home loan.

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Source: TendersInfo (India)

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