New subsidy scheme for first-time buyers

Some 300 first-time buyers will be able to save up to €14,500 when buying a home through a new scheme in which government will subsidise a portion of the bank loan’s interest.

Family Minister Chris Said said the scheme involves a subsidy of 2.5 per cent on the first €80,000, on the purchase of a first home from the public sector.

The scheme is open for a year or until it reaches the full quota of 300 applicants.

Dr Said yesterday said that 833 people had applied for the Darek Faċli (Easy Home) scheme, launched a few months ago.

It was issued by the Housing Authority, which put up for sale 115 apartments, eight maisonettes and 98 garages. The government subsided a quarter of the commercial price of the property.