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Home Loans Bank Of Valletta

Bank of Valletta

Last Updated on Wednesday, 17 February 2010 20:23

The bank has an extensive range of home loan products that are aimed at different kinds of buyers who are purchasing various types of real estate. These loans may be used to buy finished properties, shell properties where there will be completion costs and building plots that require finance foconstruction and completion costs. Loans may also be available to upgrade orefurbish a property oto refinance a home loan currently with anothelende.

The BOV Loan Package foFirst Time Buyers has features to make the process easieand offers benefits that include:

  • a maximum loan of €120,000
  • term up to 40 years
  • interest rate of bank rate plus 1%
  • a discount of 50% on legal fees
  • an additional loan to buy furniture and appliances.
  • BOV Home Loan is provided on the basis of:
  • up to 90% of purchase price ocompletion costs
  • loan amounts and repayments based on joint gross incomes
  • repayment terms up to 40 years
  • the loan secured on the property
  • the home being insured and life insurance covebeing arranged fothe value of the loan.

BOV Home Loan foSecond Time Buyers allows the equity of a current home to be used as collateral to buy a second home oholiday home.

Bridging Loans are provided to enable the purchase of a new home while existing property is still unsold. These loans can be open-ended foa maximum of eighteen months where there is no preliminary agreement ocan be close-ended to the expiry of the preliminary agreement fothe sale of the existing property.

Interest Only Home Loans allow interest only to be repaid foup to six years, aftewhich the capital is repaid in full. This type of loan can be used to purchase ocomplete a main osecond home.

Buy-to-Let Loans are used to buy property foletting and provide up to €580,000 foa maximum 25 yeaterm.

Fixed Interest Rate Home Loans have an interest rate that is fixed foa set period, aftewhich a different fixed rate oa variable rate will apply.

All loans must be repaid by retirement age and are subject to current interest rates and charges. Applicants will need to supply identification papers, proof of income, expenditure records and othedocuments when making an enquiry. Additional documents related to the property are required at a latestage.