The Latest First-Time Buyers Schemes - €10,000 grant on a period of 10 years & 10% Deposit Scheme
The Maltese government has recently introduced new schemes aimed at helping first-time home buyers in the country to purchase their first property. This scheme is seen as a major boost for the local property market, as well as a much-needed help for young couples and families who are looking to take their first step on the property ladder.
Under the new scheme, first-time buyers who have signed their Promise of Sale or Property Contract from January 2022 onwards, will be receiving €10,000 on a period of 10 years as a subsidy on their loan payment, which works as financial assistance from the government towards the purchase of their first home.
Another scheme for first-time buyers is the grant of the 10% deposit. The scheme was extended and also rose the value of the properties that the first-time buyer buys – from €175,000 to €225,000. This implies that the Authority will pay the deposit for those eligible first-time buyers. One of the major advantages of this scheme is that it will help to ease the financial burden of buying a home. This will make it possible for many people to purchase their first property who would otherwise not have been able to do so. First-time buyers must meet a set of criteria, including being a Maltese resident, the single individual or one of the individual in any couple need to be between the age of 21 and 39 years, not owning any other property, property is to be used as their primary residence, amongst other criterias.
The advantage of both schemes is that it will help to stimulate the local property market, as more first-time buyers will be able to enter the market, creating demand for properties. This, in turn, will benefit both buyers and sellers, as well as the wider economy as a whole.
In conclusion, the new first-time buyers' schemes in Malta are both welcome initiatives that will provide much-needed support for those who are looking to purchase their first home. The schemes will help to make the dream of homeownership a reality for many young couples and families, and they will also help to boost the local property market, providing a much-needed shot in the arm for the economy as a whole.
If you are struggling to acquire your first home and if you would like to check if you are eligible to the above-mentioned schemes, get in touch with one of our Specialists at Zanzi Homes. Our trained specialists can help you navigate the process of buying your first home by explaining the first-time buyers' schemes in more detail and will provide expert guidance to ensure you make informed decisions and find the best financing options for your needs. Visit zh.mt or e-mail us on [email protected] to learn more.