Interest-subsidy scheme for home buyers announced
The government has announced an interest subsidy scheme for first time buyers wishing to purchase a house from the private sector.
The scheme was announced by Justice Minister Chris Said and will be open for a year of for the first 300 applications.
They will benefit from an interest subsidy of up to 2.5% on borrowing from the banks of up to €80,000. The savings could reach €14,500.
Dr Said said the subsidy would be given for a period of between eight and ten years. The scheme would be administered by the Housing Authority.
Meanwhile, Dr Said said the scheme called Darek Faċli, through which the Housing Authority put 115 apartments, eight maisonettes and 98 garages on the market, had been very well received.
The properties were offered with subsidies of up to 25% on their commercial value. The Authority received 833 applications, which are now being processed.