Bank of Valletta is offering low interest rates for first-time and second-time buyers seeking to invest in property this summer.
The Bank’s home loan summer offers aim to help improve the affordability of properties, in the wake of COVID-19, BOV said in a statement
“Consumers seeking finance for their first or second home, or completion of their residential property, can benefit from very low interest rates and attractive loan terms,” said Marisa Said, Head Consumer Finance at Bank of Valletta, adding that these rates are “possibly” the lowest rate on the market.
“The property market is going through a consolidation process with indicators of a price correction taking place. Reduced property transfer tax and stamp duties as part of the Government’s Economic Regeneration Plan in relation to COVID-19, and more realistic property prices coupled with the lowest ever bank interest rates, have widened the door for first time buyers and those who may over the years had been sporadically thinking about purchasing their second property. These current times could very well present that lucrative opportunity for prospective buyers.”
To this end, BOV’s key home loan products have been revised “to meet changing consumer behaviour and needs” and to increase “affordability for home seekers to transition into home-owners,” Ms Said added.
Offers are valid until 31st December 2020 but may close earlier at Bank’s discretion. All loans are subject to normal bank lending criteria, credit approval by the Bank and a credit agreement. Security may be requested including mortgage or other comparable security. The loan is to be secured by a first ranking hypothec and special privilege over the property being financed, a first ranking pledge over a life assurance policy covering the whole loan amount and a buildings insurance policy for the replacement cost of the property being financed. If repayments are not maintained, the bank may take steps to sell the property financed following legal proceedings and the borrower may lose the property. Further terms and conditions are available from www.bov.com. Issued by Bank of Valletta p.l.c., 58, Triq San Żakkarija, Il-Belt Valletta VLT 1130. Bank of Valletta p.l.c. is a public limited company regulated by the MFSA and is licensed to carry out the business of banking in terms of the Banking Act (Cap. 371 of the Laws of Malta).