The Minister for Social and Affordable Accommodation Roderick Galdes announced that the government will be raising the amount of the loan without interest on the 10% deposit to first-time buyers.
The Minister explained that the increase in the amount, which was also an election promise, means that they will be raising the maximum deposit that the Housing Authority is willing to cover from €17,500 to €22,500.
This means that the first-time buyers who benefit from this help, will now be able to acquire a property whose value can reach €225,000. “The strengthening of this scheme is a clear example of the vision of this government, that no one is left behind,” claimed Minister Galdes, while emphasizing how this strengthening is driven by -continuous dialogue with young people and the willingness to fulfill together the dream of more people becoming owners of their first home.
He reiterated how this scheme is part of a wide range of different aids that the government is offering so that more people can achieve their aspirations and become home owners, including: Stamp duty exemption; A grant of €15,000 if the property is in the heart of a village in Malta or €30,000 if the property is in the heart of a village in Gozo; A grant of €10,000, with a payment of €1,000 per year over a period of 10 years.
The aim of this scheme, which was launched in 2020, is to help first-time buyers who are under 40 years old, who, despite being eligible for a bank loan on property, do not have the liquidity required to pay the required deposit of 10% upon signing the agreement to become home owners.
The CEO of the Housing Authority Matthew Zerafa said that “the work of the Housing Authority does not stop with the introduction of new schemes but consistently continues to see how they continue to be strengthened over time.” He stressed that to date, this scheme has already helped more than 200 families become home owners, and through this strengthening they will continue to reward courage and ensure that this scheme is able to meet the necessities of the coming years.
Photos: DOI/MSAA
