Buying property for the first time may feel a little overwhelming. The property you choose must not only fulfil your dreams but also meet your needs. If that were not enough, then there is the buying process: banks, notaries, paperwork, legalities, fees and the rest of it.
To help you get started, find below some useful information, including property buying incentives and how to go about obtaining a bank loan. Use our Guide to buying property on plan in Malta to help you through the buying process, including information about all the legalities and fees.
First time buyers incentive for 2017
First time buyers purchasing property until the end of 2017 benefit from the 3.5% stamp duty, which is applicable on the first €150,000 of the property price for locals, being wavered by the government as a property buying incentive.
While home loans may be obtained from all local banks, BOV, HSBC, APS and BANIF offer attractive home loan terms to help you buy and finish property in Malta. Home loans, bridging loan facilities and loans to purchase second residences are also available, in accordance with the individual’s financial situation and requirements. Banks may also offer special terms for first time buyers and second time buyers.
Home loan terms and conditions for locals and foreigners
Home loan terms may vary from bank to bank, however the following terms are more or less standard:
Banks will issue home loans only once your ability to repay it has been established and you will require insurance. The documentation required will include: