Following the signing of a memorandum of understanding last June between the Ministry for Social Accommodation, the Housing Authority and APS Bank regarding the Home Deposit Scheme, the bank announced the launch of the scheme with effect from November 17.

The scheme is aimed at assisting young adults who are eligible for a home loan but do not have the funds to pay the required 10 per cent down payment. The bank is offering this scheme as it reflects its commitment towards supporting the local community, by helping people make that important first step to purchase their home.

The facility will be split into a personal loan for the 10 per cent deposit required as a down payment at zero per cent interest (up to a maximum of €17,500), and a home loan covering the rest of the 90 per cent (up to a maximum of €157,500) at a favourable interest rate.

As the scheme is designed to truly support those who need it most, applicants need to satisfy a number of criteria to benefit from it, including being in full-time employment and having certain income thresholds.

Anthony Buttigieg, APS Bank chief banking officer, commented: “We are proud to be collaborating with the Housing Authority and the government in supporting more young people to become home owners. We will be there to guide them every step of the way.”

Interested applicants are invited to visit APS Bank’s website for more information.