Bank of Valletta introduced the new ‘Future Income Home Loan’ during a meeting for Estate Agents held at Bank of Valletta’s Head Office in Santa Venera.

This new home loan product is aimed at applicants whose job entails a short to medium term advancement in their career with a commensurate increase in salary.

Bank of Valletta invited Malta’s major estate agents to the official launch of this new product where they were addressed by Albert Frendo, Chief Officer Credit at Bank of Valletta.

“This new product aims to tap into future salary increases of persons who are in the early years of employment”, said Mr Frendo. “Current practice was to calculate a loan on the applicants’ present income and limiting their borrowing power. We are now evaluating prospective advances in the career paths of the borrower, giving them increased borrowing at a favorable repayment which is re-calculated in line with future pay rises”.

Estate Agents welcomed this new innovative product which gives access to the higher level property market to professionals with a prospective increase in their earning power.