Malta-based APS Bank is launching the so-called “Social Loan – Home Acquisition and Contents Plan” aimed at giving low-income citizens the opportunity to become home owners.
The initiative is supported by Malta’s Ministry for the Family and Social Solidarity, the Foundation for Social Welfare Services and the Housing Authority.
Full-time employees aged between 18 and 65 years, who are either part of a family with low joint earnings, single parents, single persons with a low gross monthly income or individuals with a permanent disability who live alone are allowed to apply for a loan.
Candidates who are on the Housing Authority’s waiting list for alternative accommodation and who are gainfully employed will be given preference.
The loan will provide successful applicants with up to 100% financing for amounts not exceeding EUR 100,000 and will not require saving up for a front contribution. Part of the amount may be used for furniture and domestic appliances.
Moreover, most of the fees typically chargeable in a home loan application will be either waived by the Bank or absorbed by the Housing Authority. The Foundation for Social Welfare Services will be responsible for recommending applicants to APS Bank.