Following an agreement which was signed between the Housing Authority and MeDirect, another Maltese bank will now be offering its clients the opportunity to access the New Hope guarantee scheme. This scheme, which was launched in 2021, is giving new hope to those who are unable to obtain a life insurance policy due to past or current illness or disability and therefore have not been able to purchase a home.
This scheme is providing Maltese banks with a secure alternative so that loans can be provided to potential home buyers without the banks, or the relatives of the applicant, 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.
The Minister for Social and Affordable Accommodation Roderick Galdes stated that following the scheme's introduction, they continued working towards further strengthening it and thus, the introduction of MeDirect Bank is a result of discussions which have been taking place during the recent months.
From his end, the Chief Executive Officer of the Housing Authority Matthew Zerafa said that this scheme, which to date 8 applicants have benefitted from it, will continue helping people fulfil their aspirations and their dreams to become owners of their own homes.
Arnaud Denis, Group Chief Executive Officer at MeDirect Bank Malta plc, said, “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. 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."