Bank of Valletta has become the latest Maltese bank to join the New Home Guarantee Scheme, intended to help those individuals who due to illness, disability or medical conditions were unable to access life insurance, putting them at a disadvantage on the property ladder.
BOV CEO Kenneth Farrugia said that by joining the scheme, the bank will be reaching out to those customers who, to date, have been unable to obtain a life insurance policy for their home loan.
This assistance goes hand in hand with BOV’s philosophy of placing the customer at the centre of their operations and creating value at every interacting point, he added.
The banking professional went on to illustrate his point by mentioning the recent introduction of the BOV Home Loans Online Portal, offering potential homeowners the facility to apply for a home loan simply by logging on to a digital platform from the comfort of their home.
The scheme sees the Housing Authority providing prospective home-owners guarantees which remove the need for life insurance policy for home loans worth up to €250,000, if the property being purchased will be used as the beneficiary’s primary residence.
This way applicants are granted a loan without exposing banks or their relatives to unnecessary risk.
Minister for the Economy, European Funds and Lands, Silvio Schembri said, “today is an important day as the BOV, the largest commercial bank in our country, has become the third local bank to join this scheme and therefore even the customers of this bank can make use of this scheme. It was a difficult reality for these people who found doors closed when they went to get a property loan, even though financially they have everything necessary to do so.’’
The CEO of the Housing Authority, Matthew Zerafa, said that the addition of BOV to this scheme will lead to more people enjoying peace of mind in their lives after having gone through various challenges that until recently, prevented them from becoming home-owners.
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