Obtaining a Bank Loan
A bank loan to purchase or finish a property may be obtained from all local Banks. The four main banks in Malta include HSBC Bank Malta plc., Bank of Valletta plc., APS bank and Banif Bank they 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 being offered to clients 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 to enable them to process the bank loan smoothly and efficiently. Ensure that these documents are all prepared beforehand. The application may not be processed without all these documents in hand.
- 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 bank loans to purchase summer residences. Moreover, certain banks offer particular packages towards different clients, be they first time buyers or repeat buyers.
Through special arrangements which Frank Salt Real Estate Ltd has with all these Banks, we can make arrangements for the best loan package which suits your requirements and help to expedite the processing of the bank loan. We do our utmost to help the client throughout the entire process, before and after applying for the bank loan. Furthermore, we are always available for assistance or advice along the way.