Following the signing of an MOU last June between the Ministry for Social Accommodation, the Housing Authority and APS Bank for an agreement regarding the Home Deposit Scheme, the bank has announced the official launch of the scheme with effect from today 17 November 2020.
The scheme is aimed at assisting young adults who are eligible for a home loan but do not have the funds to pay the required 10% down payment. The Bank will be offering this scheme as it reflects their commitment towards supporting the local community, by helping people make that important first step to purchase their home.
The facility will be split into a personal loan for the 10% deposit required as a down payment at 0% interest (up to a maximum of €17,500), and a home loan covering the rest of the 90% (up to a maximum of €157,500) at a favourable interest rate. Since this product is designed to truly support those who need it most, applicants need to satisfy a number of criteria to benefit from it, including being in full-time employment and have certain income thresholds.
Anthony Buttigieg, APS Bank Chief Banking Officer commented: “We are proud to be collaborating with the Housing Authority and Government in supporting more young people to become home owners. We will be there to guide them every step of the way.”
Interested applicants are invited to visit APS Bank’s website for more information.
This content was supplied by APS Bank