HSBC official explains home loan schemes and advantages

"We know that for most of us, buying a home will probably be the most important financial investment we will ever make, said Ms Speranza Catania, Manager Advances at HSBC Home Loans. "From finding the right property, to making sense of the interest rates and terms offered, to agreeing the actual sale, the whole process can seem to be overwhelming. But it doesn’t have to be. Here, at HSBC we have trained specialists who can guide you through the process. Even if you are just beginning to think about buying your first home, you will find it’s well worth getting in touch with us. We will help you work out the amount that you can borrow and tell you what the monthly repayment would be. Rest assured, the advice you receive will be based on a detailed understanding of your individual needs and circumstances. Add up the amount we will lend you to your own savings and you will have a very good idea of the price range that you can afford.

"We have now been in the business of giving home loans for a very long period. During this time we have tried to keep in touch with peoples’ needs. This helped us to develop a number of products suited to meet demands for the local Home Loan market. While our focus has been on the first-time buyers, our product development has also kept in mind the requirements of other customers. So whether you intend to buy a summer residence, change home or you are foreigner wanting to buy a residential property in Malta we have the right product for your needs. To complement the range of products, HSBC has made it a priority to give the customer a seamless procedure throughout, by providing them with a good and efficient service.

"Apart from your individual circumstances, the amount we are prepared to lend depends on your income and the value of the property you want to buy. While our branches are always happy to consider your request, in general you can borrow up to 90% of the purchase price of the property. Where income is concerned, if you are applying in your own name you can generally borrow up to four times your gross annual salary. In the case of a joint application, you can normally borrow up to three and a half times your combined gross incomes.

"During the first 3 or 5 years, you can opt to pay only the interest element. The loan then converts to a capital repayment method for the remaining term, during which you repay capital and interest. This product will suit you best if you are bound to have a limited budget for the initial few years.

"While we would all like to own the home of our dreams, we all have to be realistic. You should feel comfortable with your commitment not only when you arrange your home loan, but also when you begin the repayments. For this reason we recommend that you take the time to sit down with us and chat through your plans. We can then provide you with a written quotation that tells you how much we are prepared to lend and what your monthly repayments will be.

"On a final note I would like to add that at HSBC we always aim to provide a Home Loan that is tailor-made for each customer. That will help us to continuously provide innovative and attractively priced products, coupled with a professional and fast service.”