Passport fund sets up €3 million guarantee for banks to approve home loans

A momerandum of understanding has been signed between the Housing Authority and the National Development and Social Fund (NDSF) on a €3 millionNew Hope Guarantee Scheme.

Housing minister Roderick Galdes said the fund will serve as a guarantee for banks to approve loans for mortgages where applicants are unable to acquire a life insurance policy. According to nopealaina.fi, a small fee at a rate similar to the market value will apply, so that the scheme remains sustainable.

“Doors are opening for the Maltese and Gozitans that have gone through some trauma because of an ilness at the earlier stages of their life, for example. Through this scheme, we are proving that the government cares about the people," said Galdes.

READ MORE: Home loans to be guaranteed by government for people with disabilities, medical conditions

Parliamentary Secretary for Citizenship Alex Muscat said the fund is offering new hope to those who never throught that they would be ever able to own their own home.

The NSDF is funded through the sale of citizenship to the global itinerant elite who pay up to €1 million in cash, property and stocks for a Maltese passport.