HSBC Bank Malta plc has introduced the Interest Only Home Loan that allows customers to settle the interest element throughout the term of the loan with the capital being settled in full at the end of the term of the loan.

The loan is intended for customers requiring short-term finance to purchase or complete homes until income from a definite source materialises. These could be proceeds from inheritance, maturing investments and sale of property among others.

Customers having a gross annual income of at least Lm25,000 or net free assets of Lm100,000 can borrow up to Lm250,000 over five years. The loan will have to be repaid by the age of 65.

The bank will finance up to 70 per cent of the property. The mortgage will be reviewed every two years and customers may be requested to switch to a capital and interest repayment if a shortfall is evident. Specifications and interest rate as per normal home loans will apply.

Further details can be obtained by visiting any HSBC branch or by calling Customer Service on 2380 2380.

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