Tista ‘taqra bil-
Social Housing Minister Roderick Galdes and APS Bank have launched the New Hope Guarantee program.
Thanks to this program, which has been announced in recent days, people who have had or have a serious illness or disability will be helped by the government to become homeowners.
The agreement between the Régie du logement and the bank was signed during the meeting to allow the entry into force of the device.
PM announces new housing program
Maltese banks currently require a life insurance policy to lend money to their customers. This is done so that the heirs of their clients have peace of mind in the event of a claim.
This scheme will not be an insurance policy, but it will offer a safer alternative to the banks so that the loan can be granted without increased risk on the relatives of the beneficiary.
The government will support these people with a guarantee that will cover a maximum loan of € 250,000 on real estate that will be used as their main residence.
This applies to people who have been denied a life insurance policy from two local companies, or whose application has been postponed for 12 months, or have requested a very high premium.
During the signing of the agreement between the Housing Office and the Bank, the CEO of the bank, Marcel Cassar, explained how this program aims to help change the lives of those “on the margins of society” .
It is sad to see people in such conditions excluded from home ownership, Cassar said.
Earlier this week, Prime Minister Robert Abela and Minister Galdes announced a program for people with health problems to borrow money to own their property.
The scheme applies to people who are not eligible for a life insurance policy due to serious illness or disability.
Once they have not received the insurance policy, they can now apply to the Housing Authority to start the process of the new housing program and the state will help provide the loans from the banks participating in the program.
For those interested in this program, one can visit Housingauthority.gov.mt/en/Pages/Schemes.aspx or call 21226644 or visit an APS branch.