Buying a home seems like one of the most intimidating tasks of adulthood and in between filing paperwork, managing finances and finding the right home, it’s easy to hesitate in the face of such obstacles… but it doesn’t have to be. First-time buyers and return property-seekers will rejoice at the fact that securing a home loan is as easy as ever and MeDirect are here to make sure of that.
Malta’s first digital bank does not only offer super competitive rates and minimised costs, but peace of mind with the fact that the bank’s professional advisors will be with you ever step of the way. When purchasing a property, having the right mindset is half the battle and that’s why you should know about these 5 myths about buying a home in Malta which aren’t true:
Myth #1: It’s complicated ❌
MeDirect’s straight-to-the-point plans and tailor-made digital service mean that you won’t get lost in the details. The bank allows you to submit your documentation via email and the MeDirect mobile app gives you access to your accounts anytime and everywhere.
If that wasn’t enough, home loan advisors are always just a call away to make sure that your questions are always answered.
Myth #2: The process will take ages ❌
MeDirect are there to help you every step of the way. Bank representatives will get back to you as quickly as possible to answer any queries you may have and even your sanction letter will be approved within a matter of weeks! That’s why securing a loan has never been so easy.
You can even plan ahead of time and estimate your loan repayments and maximum loan amount with the MeDirect handy home loan calculator which is freely available on their website.
Myth #3: You’ll drown in extra fees ❌
Rest assured that extra fees are the least of your worries when getting your home loan. MeDirect is very transparent and are not charging any processing fees or bank legal fees. On top of that MeDirect are also giving a partial refund of the notarial costs incurred.
Taking your mind off so many hidden costs and fees will allow you to focus on more important issues and allows you to think critically when approaching your loan and ultimately, your home.
Myth #4: The interest rates are a killer ❌
Interest rates can be complex and at times, it may be challenging to calculate the true cost of your home loan.
Thankfully MeDirect’s rates are straightforward – one can either opt for a Fixed Rate (for the first 3 years starting from the contract date) at a negotiable 1.75% interest rate with a variable rate of 2.85% thereafter or else go for Variable Rate only which is in the range of 2.65% to 2.75% depending on the loan requested compared to the property’s value.
Myth #5: Planning will consume all of your time ❌
With MeDirect being Malta’s first digital bank, time consuming tasks like the calculation of loans, access & submission of documentation, as well as, any consultation meetings can be conducted online. In addition to saving a lot of your time and hassle, the bank’s quick response time will ensure a steady communication and an efficient experience.
See? Approaching a home loan doesn’t have to be the most difficult thing in the world, and when you are working with professional advisors who are available to assist at any time, buying a home could be much easier than you think.
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MeDirect Bank (Malta) plc, company registration number C34125, is licensed to undertake the business of banking in terms of the Banking Act (Cap. 371) and investment services under the Investment Services Act (Cap. 370). MeDirect Bank (Malta) plc is regulated by the Malta Financial Services Authority as a Credit Institution under the Banking Act 1994. Applications are subject to the Bank’s lending criteria. Terms and conditions apply and are available on request.