News Column

BOV Home Loan Assist by Bank of Valletta

May 19, 2014

ENP Newswire - 19 May 2014

Release date- 16052014 - First time buyers who pass the affordability criteria but do not have the minimum requested upfront contribution required by the Bank may now purchase and complete a property, through the Home Loan Assist launched by Bank of Valletta.

'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,' said Edward Grech Executive Head Consumer Finance. '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,' he added.

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.

Full details about this new product from Bank of Valletta may be obtained from the Bank's website from any BOV branch or by calling BOVs Customer Service Centre on tel. 21312020 between Mondays and Saturdays, from 8am to 8pm ( excluding bank and public holidays).

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Source: ENP Newswire