Europe, Malta (Commonwealth Union) – Affordable housing is often an unreachable goal for many who dream of owning house across the world, which was worsened with the recent pandemic. This has led to calls for urgent solutions in tackling this issue.
The Foundation for Affordable Housing, in partnership with APS Bank, has introduced Loan-Up, a program aimed at benefiting numerous families in Malta, by bringing down the interest rates on property purchases.
According to the Minister for Social and Affordable Accommodation, Roderick Galdes, the Loan-Up initiative represents a fresh financial avenue, enabling countless families to achieve homeownership.
This innovative financial tool aims to enhance accessibility to loans for families with low to moderate incomes, while also substantially increasing the borrowing capacity of prospective homeowners. An example, was given where a family previously eligible for a €185,000 loan may presently be qualified for up to €203,000, thereby expanding their housing possibilities.
Minister Galdes underscored the pivotal role of Malta’s high rate of homeownership within the socio-economic framework of the nation. He reiterated that the 82% homeownership rate reflects the Government’s steadfast dedication to introducing new initiatives while bolstering existing ones.
Minister Galdes further indicated that this fresh incentive, alongside other recently enacted and reinforced schemes, is integral to their efforts in tackling present challenges and ensuring that the fruits of the nation’s thriving economy translate into tangible advantages for families.
The Minister elucidated that this initiative exemplifies sustainable growth and the reallocation of resources to foster the development of more affordable housing solutions and added that several years back, the housing sector was at a standstill, marked by evident gaps that remained unattended.
“But a significant transformation has occurred since then. Currently we have established specific objectives to improve the housing sector, demonstrating a strong commitment to reform. We are focusing on the development of affordable housing for those in greatest need and enhancing support for families and individuals purchasing homes independently. This shift signifies a positive and substantial change towards a more equitable and sustainable housing market,” said Minister Galdes.
