The Housing Authority and the Bank of Valletta have signed an agreement through which BOV clients will also be given the opportunity to access the guarantee of the New Hope scheme.
This agreement is offering new hope to those people who in the past did not manage to get a life insurance policy because they had some illness, have medical conditions or some disability. Thus more people will be given the opportunity to become owners of their own home.
Through the New Hope scheme, the Housing Authority is offering a guarantee that, in the absence of a life insurance policy, covers the loan up to a maximum of €250,000 on a property that is used as a residence beneficiary’s primary.
All this is leading to the Government offering a safe alternative to the Maltese banks so that the loan requested by the applicants for the purchase of property can be granted without any risk being placed on the bank or the relatives of the person who will become the owner of the house.
Minister for Social and Affordable Accommodation Roderick Galdes said that it is gratifying that more banks are offering their clients the chance that they, despite the challenges they have gone through or are going through, become homeowners and they they also begin to enjoy certainty and stability in their lives.
The Minister for the Economy, European Funds and Lands, Silvio Schembri said that the New Hope guarantee is another proof that this Government does not let anyone fall behind.
“Today is an important day as the Bank of Valletta, the largest commercial bank in our country, has become the third local bank to join this scheme and therefore even the customers of this bank if they have need can make use of this scheme. It was a difficult reality for these people to find the doors closed when they went to get a loan on a property, even though financially they have everything necessary to do so. According to this Government this was an injustice to whom life has already dealt injustice,” said Minister Schembri.
The CEO of the Housing Authority Matthew Zerafa said that the introduction of the BOV bank in this scheme will lead to more people starting to enjoy peace of mind in their lives after having gone through various challenges that until a few months ago, were preventing them from fulfilling their dream and becoming owners of their own house.
The CEO of the Bank of Valletta, Kenneth Farrugia, said that by joining the New Hope Guarantee Scheme, the bank will be reaching out to those customers who, until today, could not obtain a life insurance policy for their home loan. This assistance goes hand in hand with BOV’s philosophy that places the customer at the center of its operation and creates value at every point of interaction. The recent introduction of the BOV Home Loans Online Portal is a clear example of this, offering potential home owners the facility to apply for a home loan simply by logging onto a digital platform from the comfort of their home.
Minister Galdes and Minister Schembri thanked the two entities concerned for their work in recent months so that more people are given a chance to become owners of their own home.
