323 have become home owners as the result of a 10% loan provided by the Housing Authority
A total of 323 persons/couples have become home owners as a result of the Housing Authority’s scheme ‘Hope Deposit’ that provides a 10% deposit on the purchase of a first property and will be repaid over a period of 25 years.
The Minister for Social Accommodation, Roderick Galdes, said this scheme, together with others launched by the Housing Authority, has been made available for persons with low or medium income.
The scheme is intended to help youths who wish to purchase their own property but do not have the required finance to cover the 10% deposit required by commercial banks.
Applications are normally processed within a week so that on the Conditional Agreement the Authority provides the 10% deposit on a property that must not exceed €175,000 in value. This interest free loan has to be repaid over a period of 25 years.
The Executive Head of the Housing Authority, Leonid McKay, said those eligible must have an income that does not exceed €35,000 annually whether as a single applicant or whether as a couple.
Minister Galdes said the options of today’s youths are different from that of previous generations became many of them are continuing their studies or are starting their relationship later than times in the past.
This development has hindered their ability to have enough assets and therefore the provision of a 10% loan as a result of the scheme has helped them so that even at an early age whether individually or as a couple they may have a loan for the purchase of a first property.
The Hope Deposit Scheme has in recent months enabled 323 persons or couples aged between 21 and 29 to become home owners.
The Minister the country’s policy is that of affordable accommodation and help is being provided for those with low or medium incomes.