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Affordable home loans for low income earners from APS Bank


From an idea developed through discussions with the Anti-Poverty Forum late in 2016, APS Bank is now giving low income earners the opportunity of becoming home owners. Thanks to a collaboration with the Ministry for the Family and Social Solidarity, the Foundation for Social Welfare Services and the Housing Authority, the Bank is launching the ‘Social Loan - Home Acquisition and Contents Plan'.

From left to right: Foundation for Social Welfare Service CEO, Alfred Grixti, Housing Authority CEO Stephen McCarthy, Permanent Secretary for the the Ministry for Family and Social Solidarity, Mark Musu, Minister for Family and Social Solidarity, Dr Michael Farrugia, APS Bank CEO Marcel Cassar, APS Bank Head of Banking, Anthony Buttigieg, APS Bank Senior Manager (Retail), Aaron Mifsud

The loan is aimed at borrowers in full-time employment aged between 18 and 65 years, who are either part of a family with low joint earnings, single parents, single persons with a low gross monthly income or individuals with a permanent disability who live alone. Applicants who are on the Housing Authority's waiting list for alternative accommodation and who are gainfully employed will be given preference. 

Priced at a reduced interest rate, the loan will provide successful applicants with up to 100% financing for amounts not exceeding €100,000 and will not require saving up for a front contribution. A portion of the amount borrowed may be used for furniture, furnishings and domestic appliances. Furthermore, most of the fees typically chargeable in a home loan application will be either waived by the Bank or absorbed by the Housing Authority. The Foundation for Social Welfare Services will be responsible for recommending applicants to APS Bank.

Speaking at the official agreement signing event on Thursday, 27th April, 2017, Family and Social Solidarity Minister, Michael Farrugia, commented that "this scheme, developed to "reward the hard work of low income earners, is one of the solutions proposed by the Government to alleviate the burden of rising rental prices and encourage more locals to become home owners." He also referred to the building of new housing units across the island as well as the recent research exercise undertaken by the Malta Developers' Association (MDA) about local property development industry trends.

APS Bank's Chief Executive Officer, Marcel Cassar, said: "The Social Loan opens a corridor of financial support for persons on low income who wish to acquire and own a home. We felt a duty to consider the borrowing needs of those who would otherwise find difficulty in being banked. APS Bank is grateful of the keen cooperation it received from Government and its agencies when it shared with them its ideas, leading to an even better final product. We hope to continue with this collaboration on other, future projects aimed at addressing the housing affordability problem."

Interested applicants are to send an email on or call the Housing Authority on 8007 2232.

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APS Bank Ltd is licensed to undertake the Business of Banking and to conduct Investment Services business by the Malta Financial Services Authority and is enrolled in Tied Insurance Intermediaries List under the Insurance Intermediaries Act 2006