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Equity Sharing Scheme – Assistance for 40 + buyers

Equity Sharing Scheme – Assistance for 40 + buyers

Together with APS Bank the government has introduced a new scheme for people over 40 to become home owners. This scheme is intended for those applicants who cannot purchase their residence on their own, hence, the Housing Authority will intervene to assist.

What is the aim for this scheme

The aim for this scheme is to assist those applicants who have a limited amount of income and are unable to secure a bank loan.  The scheme is valid for applicants over the age of 40.  The government will be funding up to half of the purchase price of a property.  This will have to be repaid after 20 years.

How does it work

This scheme will apply solely for people aged over 40, who intend to buy their residence by purchasing 50% of the property.  The rest will be purchased by the applicants at a later stage.  The Housing Authority will be purchasing the remaining amount.  After the 20 years, the applicants will be obliged to buy the Housing Authority’s share.  Subject that the due diligence and subject that the applicant satisfies the bank’s criteria, the scheme will grant applicants a maximum loan up to €160,000 to purchase a property in a finished and habitable state.  A shell form property can also be purchased but it needs to be furnished and the sum must not exceed €200,000.

What are the conditions

To be able to apply for the Equity Sharing Scheme, the following conditions must be met:-

  • The property must be built according to building regulations and Mepa permits.
  • Applicants must have at least 10% of the property price.
  • Applicants must be able to purchase the investment made by the Housing Authority before the end of the 20 year period.

Who is eligible

To be eligible for the Equity Sharing Scheme, applicants should match the following criteria:

  • Married couples, or in civil union must have at least one person 40 years old
  • Single persons with unmarried children and single individuals must also be over the age of 40
  • In the case of two persons applying jointly, one must be over 40 years old
  • Legally separated persons without children living with them must also be over the age of 40
  • Applicants must be Maltese citizens or citizens of the European Union
  • EU citizens must acquire their first residence and satisfy the criteria issued by any Authority and/or by the Office of the Prime Minister
  • In the case of married couples, or those in a civil union, one person must be a Maltese citizen
  • Applicants should not have an annual combined income exceeding €40,000

How to apply

Fill in the online form and submit.

https://housingauthority.gov.mt/en/onlineforms/Pages/EquitySharingEN.aspx

A €20 non -refundable administrative fee applies

What are the time frames

Upon submission, the Housing Authority will vet the application then it will proceed to approve or decline the application. In total the process will take circa 3 months.

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