The Foundation for Affordable Housing, in collaboration with APS Bank, has launched Loan-Up, an initiative that will see hundreds of families benefit from a reduction in the interest rate when purchasing a property.
The Minister for Social and Affordable Accommodation Roderick Galdes explained that the Loan-Up initiative is a new financial instrument that will allow hundreds of families to become homeowners.
This financial instrument will make loans more accessible for low- and middle-income families and will also significantly increase the borrowing capacity of prospective homeowners. For instance, a family previously eligible for a €185,000 loan could now qualify for up to €203,000, thereby broadening their housing options.
Minister Galdes emphasized that the strong rate of home-ownership in Malta forms a significant part of the socio-economic pillar of our country. He continued that the 82% home-ownership rate confirms the Government’s commitment to continue launching new schemes while strengthening the existing ones.
“This new incentive, along with other schemes that came into force and strengthened in recent years are part of the work we are doing to address current challenges as well as ensure that the prosperity of our country’s robust economy materialises in tangible benefits for families,” stated Minister Galdes.
The Minister explained that this initiative is another example of sustainable growth and the redistribution of resources towards creating more affordable housing solutions.
“Several years ago, the housing sector was stagnant, with noticeable gaps that were left unaddressed. But a significant transformation has occurred since then. Currently we have established specific objectives to improve the housing sector, demonstrating a strong commitment to reform. We are focusing on the development of affordable housing for those in greatest need and enhancing support for families and individuals purchasing homes independently. This shift signifies a positive and substantial change towards a more equitable and sustainable housing market,” Minister Galdes concluded.
