MeDirect Bank on Tuesday became the second Maltese bank to participate in the Housing Authority’s New Hope guarantee scheme, which was launched in 2021.
The scheme aims to give hope to those who are unable to obtain a life insurance policy due to past or current illness or disability, and hence have not been able to purchase a home.
It is providing Maltese banks with a “secure alternative” so that loans can be provided to potential home buyers without the banks, or the applicant’s relatives, being exposed to any risk. At present, the Housing Authority is offering guarantees which replace the need for a life insurance policy to cover home loans of up to €250,000 for the purchase of a property which the beneficiary uses as their primary residence.
Commenting on the agreement, MeDirect Bank Group CEO Arnaud Denis said that the Housing Authority’s New Hope scheme is a “great initiative”.
“By stepping in as guarantors for those who are unable to obtain life insurance protection despite meeting all the financial requirements to obtain a home loan, the authority is indeed offering hope to families that have already faced difficult health situations or disabilities,” he added.
“MeDirect’s mission is to give customers as many choices as possible to be able to use their money as they see fit, to build the future they want. It is in this spirit that we join this scheme today. We look forward to working with the Housing Authority to give more people the choice of becoming homeowners,” Mr Denis concluded.
Minister for Social and Affordable Accommodation Roderick Galdes stated that since the scheme’s introduction, work has been done towards strengthening it, and so MeDirect Bank’s introduction is a result of discussions which have been taking place during recent months.
Housing Authority CEO Matthew Zerafa said that this scheme, from which eight applicants have benefited to date, will continue helping people “fulfil their aspirations and their dreams to become owners of their own homes”.
MeDirect Bank is a pan-European bank that operates as a “one-stop shop” for all types of investments and savings. It has steadily grown over the years to have over 104,900 customers, with a number of employees working from different parts of the world.
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