Bank of Valletta have come up with an intriguing new package for prospective home loan customers which targets the first time buyers in Malta but also aims to strengthen the refurbishment and second property market. The bank is also offering some very attractive discounts on its own fees as follows:
- Processing Fees fully refunded after contract
- 50% discount on Fixed Interest Rate Booking Fee on Home Loans
- Free extension of sanction letter validity for preliminary agreements in excess of 1 year
- BOV 24×7 Internet Banking – Free for the 1st year
- 50% discount on Personal Loans Processing Fees
- BOV Classic Credit Card – Free for the 1st year
- Overdraft facility up to a maximum of €2000 – No Initial Processing fees
- Preferential Rates applicable on BOV Fixed Term Deposit Accounts (1 Year and
- Over and FOR THE 1st YEAR ONLY) – 0.125% increase over the applicable rate
The banks’ range of home loans is offered on the following basis; up to 90% of the purchase price and/or completion costs, competitive interest rates, monthly repayments designed to be affordable, as a percentage of gross income together with flexible loan repayment terms of up to 40 years.
BOV Home Loan Package for First-Time Buyers
A new chapter in your life means it is finally time to own the Malta property you have been dreaming of. In order to make budgeting easier, BOV have prepared a unique package aimed specifically to offer first-time buyers in Malta exclusive benefits.
The main benefits include a loan up to €150,000, maximum term of up to 40 years, advantageous interest rates, presently at 1% over the bank’s base rate, for loans of up to €120,000 and 1.1% for loans between €120,000 and €150,000. Additionally no processing fees will be charged and there is a discount of 50% on the Bank’s legal fees.
A BOV Home Loan can also help you to finance the renovation of your property in Malta. Your family may have outgrown your home; you may need more bedrooms, bigger living areas, a modern kitchen or a pool. The cost of renovating your existing home can often be cheaper than you think. In many cases, home renovation can be an excellent way to increase the overall value of your home whilst giving it a new, fresh look.
The Bank is also offering an interesting concept which is the Future Income Home Loan. Do you believe you have excellent potential for income growth? Would you like to buy the property that you will afford in a few years’ time? You can now apply for a BOV Home Loan that offers you a stepped loan repayment for up to the first seven years from loan drawdown commensurate with your professional career growth. You may apply for this loan if you are 35 years or younger, with a minimum income of €15,000 for a single income borrower and €25,000 for joint income borrowers.
There’s also the BOV Home Loan for Second-Time Buyers which is tailor made for those who are now hunting for a second property or holiday home. Finding one can be magical. We can assist you with a home loan built around your personal financial situation and the amount of equity you already have in your home.
BOV is also offering Bridging Loans where you may wish to buy a new Malta property and require finance while your present property in Malta is being sold. The bridging loan will then be repaid from the proceeds of sale of your existing property. Another useful option is the Fixed-Interest Rate Home Loan. This loan offers you the security of knowing that your Home Loan interest rate will not change during the term of your fixed rate period. Interest-Only Home Loans give you the opportunity to repay the interest only, over a maximum term of 6 years. The capital will be repaid in one lump sum at the end of the term and you can use this loan to purchase and/or complete your main or second property.
Buy-to-Let Loans help you to obtain finance in order to buy and/or complete a residential property for letting purposes whilst BOV is also offering remortgage where you can switch your present home loan held with other institutions at no extra cost.