First-time buyers can save up to €14,500 thanks to subsidy on interest
The Housing Authority is announcing a new scheme aimed at first-time buyers that involves a subsidy of up to 2.5% on bank loans when buying property from the private sector.
The applicants cannot exceed €150,000 on loan from the bank, including finishings and excluding furniture.
This scheme offers a subsidy on loans that in certain cases, can lead to €14,500 in interests. This means that thanks to this scheme, up to €14,500 can be saved.
Applicants will benefit from this subsidy for the first eight years of the loan, while those applicants with disability will be given an extended period.
Applicants who are engaged, married, separated or divorced or have kids living with them should not have more than €40,000 in income and assets. Single people, separated/divorced people or widows should not exceed €25,00 in income and assets.
These applicants will have to live in the residence for at least 10 years.
Those purchasing their first residence and have signed a preliminary agreement not more than six months prior to the submission of their application for this Scheme but have still not yet signed the final deed, may benefit from such Scheme.
The application for this scheme can be downloaded from www.housingauthority.com.mt.
The applications will be received by the Customer Care as from Monday, September 10, 2012, and the scheme will be open until the first 300 applicants.