You are already a home owner and are now looking for a second property. From our end, we can be of service from the financial aspect by assisting you with a home loan tailor built around your financial circumstances.
Representative example of a HomePlus product based on a loan amount of €250,000 being made available to a second property buyer at a fixed interest rate of 1.25% p.a. for the first 48 months and a variable interest rate of 2.80% p.a. for the remaining 252 months. The APR will be 2.35% p.a. The loan will be repayable in 48 equal monthly instalments of €972.75 and 252 equal monthly instalments of €1,134.24 over a term of 25 years. The total sum payable throughout the term of the loan assuming the variable interest rate remains unchanged will be €333,955.48. The total sum payable throughout the term of the loan if the fixed rate is not available would be €350,839.48. The fixed interest rate may therefore result in savings of up to €16,884.00. This fixed rate will not change during the term of 48 months. Applicable charges on this loan are as follows - processing fee of €750; legal fee of €475; no booking fee; out of pocket expenses per contracting party €20; updating of searches fee of €90 and a closing of account fee of €100.
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).
The main benefits include:
- A minimum upfront contribution of 25% of the purchase price (and completion works, where applicable)
- No set limit on maximum loan amount
- Maximum term of up to 25 years, or up to official retirement age, whichever comes earlier
Use our Home Loan Calculator to calculate the amount you can borrow, your monthly repayments and more.
Loans are subject to normal Bank lending criteria and final approval from your BOV Branch.
The term of the loan must not go beyond retirement age.
A minimum contribution of 25% of the purchase price and completion works (where applicable) is required.
A 'European Standardised Information Sheet' (ESIS) will be provided from any BOV branch on inquiry. All relative charges, terms and conditions are quoted in the relative sanction letter.
This home loan product is a credit agreement and may be secured by a hypothec or privilege on residential immovable property and/or by a right related to residential immovable property.
In order to obtain the credit, you will also be required to pledge, in favour of the Bank, a life assurance policy covering the loan amount being financed, and a buildings replacement policy, the cost of which cannot be determined in advance.
In the case of foreign currency loans, possible fluctuations of the exchange rate could affect the loan amount repayable. In the event of non-observance of the commitments linked to the credit agreement, you may risk losing the immovable property.