The Bank, in collaboration with the Ministry for the Family, Children’s Rights and Social Solidarity, and the Housing Authority has launched a new exclusive product called the Equity Sharing Scheme. This social loan is intended to help individuals and couples buy a home from the private sector. The Scheme is targeted towards aspiring buyers with a limited pool of assets, short of being able to access the homeownership market, yet ineligible for social accommodation. The property will be jointly owned by the buyer and the Housing Authority, where the buyer must have a 10% down payment on the value of the property to be purchased, while the remaining equity will be split between the buyer and the Housing Authority. Once the term of the loan has passed, the buyer may become the sole owner of the property*.
To be eligible to apply for this loan the applicant must be 40 years or older and in full-time employment. Furthermore, the applicant cannot have a residence in their name and the property value must not exceed €200,000.
The main benefits of this Scheme is that applicants can get between 40% and 80% financing (with a maximum loan amount of €160,000). The maximum repayment term is of 20 years, and all processing and bank legal fees will be waived.
Marcel Cassar, APS Bank CEO stated: “We are proud to be once again leading the way in providing financial assistance to would-be home owners entering the property market. As a bank committed to the social and economic well-being of our communities we continue to work with Government on schemes that should alleviate somewhat contemporary pressures on housing affordability.”
To learn more about the Scheme and how to apply please visit: www.apsbank.com.mt/equity-sharing and www.housingauthority.gov.mt
*Terms and conditions apply.