Bank of Valletta has launched a new home loan package designed to cater for the specific requirements and needs of first-time buyers.

"The new BoV Home Loan package for first-time buyers complements our comprehensive range of products in this area and offers couples and single people who do not yet own a residential property the opportunity to take a loan to purchase their first property," Denis Busuttil, head of BoV's home loan office, said.

Customers can borrow up to Lm50,000 (€116,468.67), at very advantageous interest rates with a repayment period of up to 40 years.

First-time buyers can additionally benefit from the Government's subsidy on the interest for the first ten years of the loan as announced in the Budget.

As additional incentives to first-time buyers, BoV is also waiving the processing fees and offering a discount of 50 per cent on legal fees. The bank is also offering customers a loan to finance the acquisition of furniture and white goods. This loan carries the same terms and conditions as the home loan.

"The BoV Home Loan for first-time buyers adds to the versatility of the bank's range of home loans that includes lira or euro, variable or fixed interest rates, bridging loans, interest-only home loans and buy-to-let loans," Mr Busuttil added.

"This enables us to effectively provide long-term support and tailor-made solutions for our customers' individual requirements. Our products, coupled with quick decision-making process and speedy access to funding, make all the difference in securing the right property."

Full details may be obtained from any BoV branch or by calling the bank's customer service centre on 2131 2020.