How to get a mortgage in Malta?

As regards the mortgage loans, many Maltese banks are conservative and prefer to avoid dealing with the foreigners. However, some are ready to provide loans to customers without a Maltese citizenship. You should use the services of financial advisors to choose the appropriate bank from the list of those who work with the foreigners. The foreigners can apply for a mortgage loan at a rate of 80% (in some cases - 90%) of the housing cost . The loan interest is 4.75% - 7.5% per annum. The minimum loan amount is typically EUR 25 thousand, the maximum - EUR 1 million . Th loan is given to people of at least 18 years of age and no older than 65 years. The maximum repayment period is 30-40 years. The foreigners may get with both fixed-rate and variable-rate loans. Due to the conservatism of the Maltese bankers, the borrowers are strongly limited in early repayment of the mortgage loan. When making an application for a mortgage in Malta, a standard package of documents includes: application, passport, driving license or ID card, proof of residence on the island, proof of income (eatnings certificate for the last six months, bank statement for the last six months, tax return). To obtain a mortgage loan a foreigner is also likely to have to obtain life insurance.



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