Social Housing Minister Roderick Galdes, accompanied by Housing Authority Chief Executive Leonid McKay and APS Bank Chief Strategy Officer Liana Debattista, addressed a news conference announcing the extension of the -Equity Sharing scheme for individuals and couples over thirty (30) years of age, as announced in the 2022 Budget speech.
The extension to the Equity Sharing scheme, which has been active since 2019, will further build on the success of this initiative, which has so far paved the way for hundreds of people to become owners of their homes in partnership with the government. After intensive study and research of the current real estate market, the ministry has decided to extend the applicability of the scheme to those over thirty (30) years of age, as to date it is only open to those who are over has closed forty (40).
The minister said, “The desire to act and make a difference sparked an idea. Above all, we turned to our partners, such as the APS bank, and found a viable solution on the market. So, bottom line is that we’re really looking forward to it. As announced in this year’s budget, we are extending the Equity Sharing scheme to people over the age of 30. This will continue to offer an adequate but above all affordable option to more young people and families among us who need only a little help to continue to build their future in stability. ”
The extension of the Equity Sharing scheme will help younger individuals and couples to access the real estate market by allowing them to acquire property in partnership with the government. This is because the beneficiaries get a bank loan to cover their share of the property according to their income and assets, while the Housing Authority covers the other part up to a maximum of half. the value of the property.
The maximum value of the property that can be purchased through this scheme will remain at € 200,000 and the beneficiaries will be expected to cover the 10% deposit payable upon signing the agreement.
