
The government announced that for first-time buyers, the loan amount without interest on the 10% deposit will increase. The Minister for Social and Affordable Accommodation, Roderick Galdes, made the announcement today, stating that the government has fulfilled its election promise to strengthen this scheme, which will help more people become home owners.
Under the new scheme, the maximum deposit that the Housing Authority is willing to cover will be raised from €17,500 to €22,500. This means that first-time buyers who qualify for this assistance will now be able to acquire a property worth up to €225,000. The initiative aims to help first-time buyers who are under 40 years old and are eligible for a bank loan on property but do not have the liquidity required to pay the required deposit of 10% upon signing the agreement to become home owners.
In addition to the loan amount increase, the government offers other assistance programs to first-time home buyers. These include a stamp duty exemption, a grant of €15,000 if the property is in the heart of a village in Malta, or €30,000 if the property is in the heart of a village in Gozo, and a grant of €10,000, with a payment of €1,000 per year over a period of 10 years.
The CEO of the Housing Authority, Matthew Zerafa, applauded the government’s efforts to strengthen the scheme. He said that the work of the Housing Authority does not stop with the introduction of new schemes but consistently continues to see how they continue to be strengthened over time. He also stressed that the scheme has already helped more than 200 families become home owners and that they will continue to reward courage and ensure that the scheme can meet the necessities of the coming years.
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