Obtaining a Bank Loan

A bank loan to purchase or finish a property may be obtained from all local Banks. The five main banks in Malta include HSBC Bank Malta plc., Bank of Valletta plc., APS bank, BNF and Lombard Bank all offer attractive Home Loan facilities to suit individual borrowers’ needs. It is wise to compare and contrast the packages that the different banks are offering you as this could save some expenses in the long run.

Home Loan facilities are Offered Under the Following Terms:
Up to 70 – 80% of the purchase price or completion of costs
Preferential interest rates especially for the first years and for high-value loans
Monthly repayments up to 30% of the gross income
Flexible loan repayment terms of up to 40 years

The Banks Normally Require the Following Basic Documentation:

The most recent pay slips and FS3
Architect’s or Manager’s estimate of the property value
Character reference unless the customer is already an account holder
Photocopy of the ID card
Copy of the preliminary agreement

All Banks also offer Bridging Loan facilities and loans to purchase summer residences. Moreover, certain banks offer particular packages towards different clients, be they first time buyers or repeat buyers.