Home Loans

• The purchase of a finished property;
• The purchase of a property in shell form, and relative completion costs;
• The purchase of a plot of land, construction and completion costs;
• Upgrading to your new dream home, or renovating your present property;
• Refinancing of a home loan from another lender. 

BOV Home Loan Package for First-Time Buyers

Buying a home for the first time is very exciting, but we understand that it can be stressful too. Planning and preparation will help make the whole process easier. In order to make budgeting easier, we have prepared a unique package aimed specifically to offer first-time buyers exclusive benefits. 

The main benefits include:

• A loan up to €150,000;
• Maximum term of up to 40 years;
• Advantageous interest rates starting from 1% over the bank's base rate;
• A discount of 50% on the Bank's legal fees;
• Additional loan to purchase furniture and appliances.

BOV Home Loan

Whether you are buying a new house, your second home or a holiday residence, there is a lot to sort out before you move in. With our help, your home loan will be an easy task, which gives you more time to plan for the big move.

We offer a range of products to choose from. If you would like to know the benefits, our great rates, borrowing limits and all other information related to all our home loans, please read on.

Your easy guide to BOV Home Loan finance

Our range of home loans is offered on the following basis:

• Up to 90% (for local residents) of the purchase price or completion costs
• Competitive interest rates
• Affordable monthly repayments calculated as a percentage of your gross income;
• A loan amount based on joint incomes;
• Flexible loan repayment terms of up to 40 years;
• The property itself is offered as security;
• Pledge on a life assurance policy for the full value of the loan;
• Pledge on a comprehensive insurance policy to cover the value of the property and provide financial security against damage to the home.

BOV Home Loan for Second-Time Buyers

Unlock the value of your home and make it work towards your second property. The BOV Home Loan for Second-Time Buyers can fully finance your second home or holiday home in a simple and straightforward process. It allows you to borrow money using your home's equity as collateral, and offers the same advantageous rates as the BOV Home Loan.

Bridging Loans

You may wish to buy a new home and require finance while your present home is being sold. Bridging Loans are available to enable the purchase of your new property, pending the sale of your existing property. The bridging loan will then be repaid from the proceeds of your sale.

There are two types of bridging loans:

An open-ended Bridging Loan refers to the situation when no preliminary agreement for the sale of the existing property has been finalised. The Bank usually lends up to a maximum of 65% of the valuation of the property being sold. A maximum term of 18 months is usually given.

A close-ended Bridging Loan is where a preliminary agreement for the sale of the existing property is finalised. In this case, we will lend up to 75% of the valuation of the property being sold, and the term extends up to the date of the expiry of the preliminary agreement (a maximum term may apply).

Interest-Only Home Loans

This type of home loan gives you the opportunity to repay the interest only, over a maximum term of 6 years. The capital will be repaid in one lump sum at the end of the term. You can use this loan to purchase and/or complete your main or second residence. Interest can be paid monthly, or semi-annually in March and September.

Buy-to-Let Loans

You may also wish to obtain finance in order to buy and/or complete a residential property for letting purposes.

Through the BOV Buy-to-Let Loan:

• you may borrow up to €580,000;
• The maximum amount of the loan must not exceed the equivalent of 75% of the purchase price or professional valuation of the property, whichever is the lowest;
• The monthly repayments must not exceed 35% of your existing disposable income;
• A portion of the anticipated rental income could also be included;
• Maximum term of loan up to 25 yeas from first drawdown.

Fixed-Interest Rate Home Loans

This loan offers you the security of knowing that your home loan interest rate will not change during the term of your fixed rate. The Fixed-Interest Rate Home Loan will give you peace of mind by allowing you to plan ahead with certainty of knowing what your interest rate will be during the fixed rate period.

At the end of the fixed rate period your loan will be converted into the variable rate applicable at the time, unless you will opt to take up another fixed interest rate, if applicable.

Documentation required when applying for a BOV Home Loan

Documents required at enquiry stage:

• Your I.D. Card/s;
• Your latest pay slips, FS3 forms and/or tax returns (as the case may be).
• Records of any investments, life assurance policies and other assets, as well as statements of your bank account, if you bank with other institutions;
• Records of any financial commitments such as personal loans, credit cards, etc.

Additional documents required at application stage

• Architect’s property report and valuation;
• Architect’s estimate of costs (where applicable);
• Building permits, layout plans and site plans (where applicable);
• Preliminary agreement / deed of acquisition;
• Ground rent receipts (if applicable);

Bank Charges

The Bank's tariff on home loans will become due at the time when the Bank issues its sanction letter to its customer. However, during a period of reduced Bank charges or when these are completely waived, the Bank will partially or completely refund the customer, as appropriate, after signing the home loan contract.

Your Next Move . . .

Before taking any decisions it would be beneficial to seek advice and take advantage of our expertise. Even if you are in the initial phase of your search and have not actually viewed any properties, or are still considering home improvements, or simply wish to find out what your loan entitlement is, we can help you reach your decision. Furthermore, we commit ourselves to provide you with a fast and efficient service.

You are therefore invited to visit your nearest BOV branch where our trained staff are available to discuss your borrowing requirements, and provide you with all the information you need regarding home loans and other financial options. You will thus be able to reach the best possible solution before you enter into a commitment.

Alternatively, you may contact our Home Loans Office, at 1st Floor, St. Bartholomeo Street, Qormi, or on telephone numbers: 2275 3484, 2275 3486, 2275 3487 or by sending a blank mobile phone SMS message on telephone number 79696975.