new hope guarantee scheme

The Housing Authority and the Bank of Valletta (BOV) have signed an agreement so the bank’s clients may have the opportunity to access the New Hope Guarantee Scheme.

The scheme is intended to help those individuals who due to illness, disability or medical conditions were unable to access life insurance, putting them at a disadvantage on the property ladder.

The Housing Authority provides prospective home-owners guarantees which remove the need for life insurance policy for home loans worth up to €250,000, if the property being purchased will be used as the beneficiary’s primary residence.

This way applicants are granted a loan without exposing banks or their relatives to unnecessary risk.

The CEO of BOV, Kenneth Farrugia, said that this assistance goes hand in hand with his bank’s philosophy that places the customer at the centre of its operation and creates value at every point of interaction.

Minister for the Economy, European Funds and Lands, Silvio Schembri said, “today is an important day as the BOV, 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 can make use of this scheme. It was a difficult reality for these people who found doors closed when they went to get a property loan, even though financially they have everything necessary to do so.’’

The CEO of the Housing Authority, Matthew Zerafa, said that the addition of BOV to this scheme will lead to more people enjoying peace of mind in their lives after having gone through various challenges that until recently, prevented them from becoming home-owners.

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