On June 3, the Ministry for Social Accommodation, the Housing Authority and APS Bank signed a memorandum of understanding declaring that they are entering into an agreement regarding the home deposit scheme.

The scheme is intended to assist young adults between the ages of 21 and 39 who despite being eligible for a home loan, do not have the necessary liquidity to pay the requested 10 per cent down-payment on signing of the promise of sale, thus being unable to become homeowners. Among the scheme criteria that applicants need to satisfy, they need to be in full-time employment, should not have more than €17,500 in liquid assets and should fall within certain income brackets.

The facility will be split into a home loan covering 90 per cent financing (up to a max of €157,500) at a favourable interest rate and a personal loan covering 10 per cent financing (up to a max of €17,500) at zero per cent interest for the customer which will also be guaranteed by the Housing Authority.

Interested applicants are requested to direct any queries to the Housing Authority on schemes.ha@ha.gov.mt or call 2299 1120 or 7964 6064

Anthony Buttigieg, APS Bank chief banking officer, said: “We are proud to be collaborating with the Housing Authority in offering this scheme, which provides financial assistance to people wanting to purchase their own home. Participation in such schemes reflects the bank’s commitment to the social and economic well-being of our communities.”