Bank of Valletta has launched super deals on its BOV home loans, valid until December 31, 2020. With a fixed interest rate of 0.25 per cent and an APRC of 2.686 per cent for the first year, taking up a home loan has never been more affordable.
Consumers seeking finance for their first or second home, or the completion of their residential property, will now benefit from very low interest rates and better loan terms.
Albert Frendo, chief credit officer at Bank of Valletta said: “As Malta’s largest local bank, Bank of Valletta always seeks to support customers to become owners of their home. We have revised our key home loan products in a way that ensures the purchase of the first or second home becomes more affordable with more attractive interest rates. We are happy to be part of our customers’ journey in what could be their most important investment for years to come.”
Bank of Valletta also offers personal loans to help customers furnish their homes or to make them energy-efficient.
For information about BOV Home Loans, talk to a BOV home loan specialist, set up an appointment at any BOV Branch by calling on 2131 2020, visit your nearest branch or visit www.bov.com. A number of BOV branches offer longer hours on Thursdays from 3.30pm till 6pm, offering more convenience to discuss home loan opportunities.
Representative example of a HomeFirst product based on a loan amount of €250,000 being made available to a first-time buyer at a fixed interest rate of 0.25 per cent p.a. for the first 12 months and a variable interest rate of 2.85 per cent p.a. for the remaining 408 months.
The APRC will be 2.71 per cent p.a. The loan will be repayable in 12 equal monthly instalments of €622.09 and 408 equal monthly instalments of €936.59 over a term of 35 years. The total sum payable throughout the term of the loan, assuming the variable interest rate remains unchanged, will be €390,013.80. The total sum payable throughout the term of the loan if the fixed rate is not available would be €398,071.80. The fixed interest rate may therefore result in savings of up to €8,058.00. This fixed rate will not change during the term of 12 months and is available for a limited period of time.
Applicable charges on this loan are as follows - fully refundable processing fee of €750; flat legal fee of €200; no booking fee; updating of searches fee of €20 and a closing of account fee of €100.
Offer may close earlier at bank’s discretion. All loans are subject to normal bank lending criteria, credit approval by the Bank and a credit agreement. Security may be requested including mortgage or other comparable security. The loan is to be secured by a first ranking hypothec and special privilege over the property being financed, a first ranking pledge over a life assurance policy covering the whole loan amount and a buildings insurance policy for the replacement cost of the property being financed.
If repayments are not maintained, the bank may take steps to sell the property financed following legal proceedings and the borrower may lose the property. Further terms and conditions are available from www.bov.com.