Who does not dream about buying the first home? It is easy to get carried away with the idea of buying a house, but it is important to live within your means. BOV can help you make the right choices.
A new chapter in your life means it is finally time to own the home you have been dreaming of. At BOV we understand that this first step can be made even easier with our support. In order to make budgeting easier, we have prepared a unique package aimed specifically at offering first-time buyers exclusive benefits.Representative example of a HomeFirst product based on a loan amount of €250,000 being made available to a first-time buyer at a fixed interest rate of 0.25% p.a. for the first 12 months and a variable interest rate of 2.85% p.a. for the remaining 408 months. The APRC will be 2.71% p.a. The loan will be repayable in 12 equal monthly instalments of €622.09 and 408 equal monthly instalments of €936.59 over a term of 35 years. The total sum payable throughout the term of the loan assuming the variable interest rate remains unchanged will be €390,013.80. The total sum payable throughout the term of the loan if the fixed rate is not available would be €398,071.80. The fixed interest rate may therefore result in savings of up to €8,058.00. This fixed rate will not change during the term of 12 months and is available for a limited period of time. Applicable charges on this loan are as follows - fully refundable processing fee of €750; flat legal fee of €200; no booking fee; updating of searches fee of €20 and a closing of account fee of €100.Offer 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).
The main benefits include:
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 10% 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.