HSBC Malta Bank plc

The bank promises a tailor-made home loan service and so conducts an in-depSaveth assessment before recommending a package that suits a custome’s circumstances. First time buyers get a discounted processing fee of €46.59 for loans up to €125,000 while anyone applying through an online quotation gets a discount of 50% on processing fees.

The HSBC promises a speedy service that guarantees:

• a decision by the next working day providing all necessary documentation is provided
• a letteof approval within one working day of the loan application being approved
• an appointment fothe deed of loan within five working days from receipt of legal documentation providing there is compliance with all conditions.

Several home loan products are available:

• Classic Home Loan that is tailored to each custome’s needs and has fixed and variable rate options.
• Fixed Interest Rate Home Loan, which ensures that the rate charged and therefore the repayment amounts are fixed foa defined period. A 10% deposit is needed.
• Home Loans foNon-Residents with the offeof help and advice from specialist staff as well as the necessary finance at fixed ovariable rates.
• Bridging Loan to finance the purchase of a new property before the existing home has been sold. Up to 100% of the purchase price can be borrowed.
• Buy to Let Loan, where a residential property is purchased and the loan repayments are financed through the rental income. Amounts from €60,000 to €600,000 may be borrowed. This can be up to 75% of the purchase price oproperty value if a Malta resident, otherwise a maximum of 65%.
• Homestart has interest payments only fothe first three ofive years and then converts to capital and interest payments fothe remaining term of the loan
• High Value Home Loan is available fomain osecond homes where the loan value exceeds €125,000
• Home Loan Credit Insurance provides protection against sickness, accident ounemployment to ensure repayments are met. An element of life coveis also included.
• Interest Only Home Loan has interest only repayments with the capital borrowed being repaid at the end of the loan term, which is a maximum of five years.
• Most accounts promise a decision within one working day and a payment of €120 if this is not achieved within 48 hours. Life insurance is generally required to covethe amount borrowed. In general, 3.5-4 times gross income may be advanced. Documentation is required to back up each application.