Roderick Galdes, Ministry for Social Accommodation, Leonid McKay, Executive Chair of the Housing Authority and Liana DeBattista, Chief Strategy Officer of APS Bank, have addressed the public in a press conference to share the good news that the Equity Sharing scheme will be extended.
Extending the Equity Sharing scheme was discussed as part of the annual budget for 2022, meaning that more individuals will have a stable and safe place to call home.
The Equity Sharing scheme has been active since 2019, so it only makes sense for these governing bodies to keep paving the way for everyone in Malta to have secure housing. So far, this project has helped hundreds of people acquire a home.
After researching and studying the Maltese housing market, the Ministry has decided to alter who’s eligible for this scheme and now make it available to those who are aged 30 and over. Up until now, this plan of action was only possible to be utilised by those who are 40 or over.
At its root, the Equity Sharing scheme will keep providing adequate yet affordable options to aid families and individuals in building a stable future.
By aiding these individuals in buying a property together with the government, these beneficiaries have the opportunity to get a loan from the bank so that they can actually buy a property that’s in line with their pay and assets, whilst the Housing Authority will pay for up to half of the property.
The maximum value of a property that can be bought via this scheme will remain €200,000 and the beneficiary would need to be able to pay a 10% deposit at the promise of sale.
Couples and individuals who are between the ages of 30 and 34 are eligible for the scheme if their annual income does not exceed €25,000. Whilst individuals who are aged between 35 and 39 may apply to the scheme if their income does not exceed €30,000.
The Housing Authorities share would also need to be bought by the beneficiaries in 20 years time.
Roderick Galdes describes this initiative as an important tool when it comes to affordable housing, helping Maltese families reach their aspirations. Liana DeBattisa also remarked how this scheme will give couples and individuals the opportunity to buy their own property.
With this eligibility adjustment, a lot more people can have a place to call home.
Paving the way for everyone to have a brighter future is the whole aim of this project. Having governing bodies help the people to reach their aspirations is just a testament to how much we can accomplish if we all work together.
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