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Financing a property in Malta: Home loan and mortgage FAQ
The average interest rate for residential home loans in Malta was 2.71 % in 2018.
First-time buyers can loan up to 90 % of the property price. The monthly expenses including the loan rate cannot exceed 40 % of the monthly income. These restrictions do not apply for properties with a value of less than € 175.000. If you are not a first-time buyer you can loan up to 85 %. These binding measures were introduced by the Central Bank of Malta.
If you want to apply for a mortgage in Malta you need an active Maltese bank account. Some banks also require life insurance.
First-time buyers have to pay back the loan within 40 years or upon reaching retirement age, whichever comes first.
Non first-time buyers have to pay back the loan within 25 years or upon reaching retirement age, whichever comes first. Further they have to repay 25 % of the loan amount within the second year.
All major local banks offer home loans to property buyers in Malta including:
– BOV Home Loan
– APS Home Loan
– HSBC Home Loan
– BNF Home Loan
– Lombard Home Loan
Property buyers are usually requested to attach the following documents to the mortgage application:
– Preliminary agreement
– Passport
– Proof of address
– Proof of income
If you want to learn more about buying a property in Malta click here to read our extensive property buying guide and here to view the latest properties for sale. In case you have any questions feel free to leave a comment or send us a message.