With reference to the letter by Nikita Zammit The first home (TMID, 6 September), I would like to draw your attention to the already existing services, through which the Housing Authority helps first-time buyers to purchase their first property.

The Housing Authority sells its units on a Shared Ownership basis, meaning that beneficiaries have the choice of purchasing one third or two thirds of the property. If their financial situation permits, they may purchase the remaining shares of the property within 10 years at the same subsidised price.

Under ‘Equity Sharing’ the authority assists first-time buyers who wish to purchase property from the private sector. In cases where the price of the property cannot be reached through a bank loan the authority covers the shortfall between the sum that can be borrowed and the price of the property. The authority covers up to Lm14,000 for a first ‘finished’ residence and Lm10,000 for a first residence in ‘shell’ form. Property up to a maximum of Lm50,000 is given preference.

The Housing Authority further supports first-time buyers through the grant for the rehabilitation of the first residence under which costs of the construction and/or completion of the first residence are partly compensated. This scheme is very popular among engaged couples and every year the number of beneficiaries under this scheme is increasing.

Karin Grech

Policy and Communications

Housing Authority