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BOV Boat and Yacht Finance
Making boat and yacht financing plain sailing
BOV Boat and Yacht Finance
Making boat and yacht financing plain sailing.
Overview
Benefits
Terms & Conditions
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At Bank of Valletta our objective is to get you on board as soon as possible and keep you sailing well into the future.

This is precisely what BOV Boat & Yacht Finance is all about. If you are either embarking on your first purchase or upgrading your boat or yacht, read on and see why the BOV Boat and Yacht Finance is the right solution for your financing needs.

Here is an overview of main features of the BOV Boat and Yacht Financing:

Amount borrowed

Boat to be financed by the Bank is to be registered in customer’s name  and is to be utilised for own personal use. 

Typically, we can lend you up to 80% of the lower of the valuation or cost of the boat or yacht, starting from a minimum of €40,000 up to a maximum of €500,000.


The loan is repayable by monthly instalments, and the amount you pay every month is determined by
  • the sum you borrow,
  • the selected term and 
  • the applicable rate of interest.

Repayment Terms
The repayment programme can be customised to suit your income and monthly budget. Repayments can be spread over a maximum period of up to 10 years. The loan will be repaid by monthly instalments which will be inclusive of interest. Should you decide to repay the loan before the stipulated term, whether in one lump sum or by increasing your monthly instalments, no penalties or additional fees apply.

Processing Fees
You will only need to pay a one-time processing fee of 0.3% of the loan amount, subject to a minimum fee of €400. Kindly note that this fee does not include any other non-BOV fees, legal fees and professional marine survey fees.

Security
The yacht, which is to be registered in Malta, is taken as primary security by way of a mortgage, together with adequate insurance cover on the boat or yacht being purchased. In addition, a pledge on a life policy held in the name of the person borrowing the money would also be requested. The Bank reserves the right to request additional security.

Applying for the loan
To apply for the BOV Boat & Yacht Finance, you need to be:
  • over 18 years of age, and 
  • in regular full-time employment

We will ask you to provide us with a formal confirmation of your income and expenditure. As evidence of income, we will request copies of your latest three payslips and FS3 for the previous year. If you are self-employed, we will request copies of your Profit and Loss Accounts and Tax Statements issued by the Inland Revenue Department for the last two years. Your proof of identity is always required when contacting the Bank.

You will also need to provide us with an independent, professional marine survey of the boat prior to taking up the loan, and every three years thereafter. This will ensure that you are receiving good value for money.
A BOV Boat and Yacht Finance means all this:

  • a fast and flexible solution to finance your boat or yacht purchase / upgrade;
  • finance of up to 80% of the lower of the valuation or purchase price of the boat or yacht up to a maximum loan amount of €500,000
  • loan term may be extended over 10 years
In addition, you may benefit from the following:

  • Pay off the loan at any time, without incurring any early repayment fee
  • Administer and monitor your account by means of BOV 24X7 Services



Boat being financed by the Bank is to be registered in customer’s personal name and utilised for personal use only. 

Boat and Yacht loans are repayable by monthly instalments, and the amount you pay each month is determined by the sum you borrow, the selected term and the applicable rate of interest. If you decide to repay the loan before the stipulated term, whether in one lump sum or by increasing your monthly instalments, no penalties or additional fees apply.



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Interested?

You can also choose your next step from the options available below:
  • visit the BOV branch of your choice to receive a personalised quote 
  • Call our Customer Service Centre on 2131 2020 between Monday and Saturdays, from 8.00am to 8.00pm (excluding Bank and Public Holidays)
  • send us an e-mail at [email protected]
  • click on the ‘Get in Touch’ icon on the right hand side and submit your query and contact details. We’ll contact you as soon as possible
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BOV Boat and Yacht Finance - Product Information Guide
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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 and investment services in terms of the Banking Act (Cap. 371 of the Laws of Malta) and the Investment Services Act (Cap.370. of the Laws of Malta).