![Foundation For Affordable Housing and APS Launch LoanUP](https://maltadaily.mt/wp-content/uploads/2024/03/loanweb.jpg)
The Foundation for Affordable Housing, in partnership with APS Bank announces the launch of its inaugural product, LoanUP. Designed to address the pressing need for accessible homeownership solutions, LoanUP offers unprecedented borrowing rates tailored to empower young individuals and families to achieve their dream of owning a home.
LoanUP boasts a remarkable 7-year fixed rate of 1.95% for Tier 1 applicants, providing a mortgage value increase of up to 15%. Tier 2 applicants will also benefit from competitive rates and an increased loan value. This innovative product aims to break down barriers to homeownership by offering preferential terms to those who need it most.
The product is available to gainfully occupied individuals under 30 years old with incomes not exceeding €30,000, with limited assets, with preferential terms offered to applicants with lower incomes, dependents, and shorter loan terms. The Foundation for Affordable Housing CEO Dr Jake Azzopardi said that the Foundation’s mission is rooted in social innovation, bridging the gap between social impact and financial value.
“LoanUP embodies this ethos by granting much-needed access to homeownership for young individuals and families, fostering social and financial freedom,” said Dr Azzopardi. This launch marks a significant milestone for the Foundation for Affordable Housing still in its first year of operation. With a dedicated €1 million fund allocated to support this initiative’s first cycle, the Foundation is committed to diligent administration and ensuring the success of LoanUP eyeing a leverage of around €65 million in loan value.
An Investment Committee, comprising industry experts, will oversee the execution of this product and the organization’s continued growth. LoanUP represents the first step in a long journey towards empowering individuals and families to attain homeownership and realize their life goals. The Foundation for Affordable Housing remains steadfast in its commitment to driving positive social change and creating lasting impact in communities. For more information about LoanUP and the Foundation for Affordable Housing, visit www.affordablehousing.mt
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