APS Bank to launch new Home Deposit Scheme

Top row, left to right: Mr. Robert Ducker (Housing Authority Chairman), Hon. Roderick Galdes (Minister for Social Accommodation), Hon. Edward Scicluna (Minister for Finance and Financial Services), Mr. Albert Frendo (BOV Chief Credit Business Development Officer) Bottom row, left to right: Mr. Leonid McKay (CEO Housing Authority), Mr. Vincent Muscat (Permanent Secretary Ministry for Social Accommodation), Mr. Anthony Buttigieg (APS Bank Chief Banking Officer)

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On Wednesday 3rd June, 2020 the Ministry for Social Accommodation, the Housing Authority and APS Bank signed a memorandum of understanding declaring that they are entering into an agreement regarding the Home Deposit Scheme. This Scheme is intended to assist young adults between the ages of 21 and 39 years, who despite being eligible for a home loan, do not have the necessary liquidity to pay the requested 10% down-payment on signing of the promise of sale, thus being unable to become homeowners. Amongst the Scheme criteria that applicants need to satisfy, they need to be in full time employment, should not have more than €17,500 in liquid assets and should fall within certain income brackets.

The facility will be split into a home loan covering 90% financing (up to a max of €157,500) at a favourable interest rate  and a personal loan covering 10% financing (up to a max of €17,500) at 0% interest for the customer which will also be guaranteed by the Housing Authority. Interested applicants are requested to direct any queries to the Housing Authority on schemes.ha@ha.gov.mt or call 22991120 or 79646064

Anthony Buttigieg, APS Bank Chief Banking Officer commented: “We are proud to be collaborating with the Housing Authority in offering this Scheme, which provides financial assistance to people wanting to purchase their own home. Participation in such schemes reflects the Bank’s commitment to the social and economic well-being of our communities.”