Deposit Payment Scheme
The Scheme on 10% Deposit is aimed towards individuals aged 40 or less who are in a position to take a loan but have not yet saved the 10% value of the property not catered for in the loan. The Housing Authority acts as a guarantor in a personal loan for this amount, thereby enabling beneficiaries to purchase properties worth up to €175,000. Interest on this personal loan is paid by the Housing Authority
Housing Benefit Scheme
The Private Rent Housing Benefit Scheme provides financial assistance for rent payments. The scheme ensures that nobody would have to pay more than 25% of their income in rent; provided that rent paid does not exceed €400 / month for singles and couples without children; €500 / month for families with one child and €600 / month for families with two or more children
Equity Sharing Scheme
The Equity Sharing Scheme is aimed towards individuals aged 30+ who, due to their age and income, cannot take a loan which suffices to purchase their home. The Housing Authority purchases up to 50% of a property worth up to €200,000, thereby lowering the value of the loan taken by the beneficiaries. The remaining share is purchased from the Housing Authority when the beneficiaries’ financial situation improves.
Social Loan Scheme
The Home Assist Loan Scheme is aimed towards low income earners who are not in a position to finance a home loan. A grant of up to €167 / month is given to finance part of the repayment of a loan for the purchase of a property worth up to €140,000. The annual income threshold is €18,536.64 for single persons, €19,536.64 for single parents and €20,536.64 for couples.
Sir Sid Darek
Scheme Sir Sid Darek enables tenants to purchase their Government owned residence. Tenants who hold assets worth less than €150,000 are granted 50% subsidy on the sale price. The sale is effected at the Housing Authority’s discretion; high value, strategically located and historic properties are not offered for sale under this scheme.
Grant on First Residence
The Grant to Assist Owners in the Completion of the First Home provides financial assistance to all first time buyers; no income threshold applies. The grant is calculated as 15.254% of the fiscal receipts submitted for finishing works, capped at €2,330 for singles and €5,824 for couples. An additional €1,165 is granted for rehabilitation on construction works if the purchased property was built before 1990.
Development of HOS Plots
Owners of plots of land allocated through the Home Ownership Scheme are obliged to pay a fee amounting to 25% of the value of the land if they wish to redevelop their plot into multiple units. The fee is waived and a hypothec for the same value is done if the redeveloped properties are to be used by the beneficiaries’ children.
Skema New Hope
The New Hope Scheme enables individuals who cannot take a life insurance due to a medical condition to purchase their residence. The Housing Authority acts as a guarantor in lieu of the life insurance policy to enable the purchase of properties worth up to €250,000. The beneficiaries pay a yearly contribution for the amount that would have been paid on a life insurance policy.
This scheme is intended for owners who lease their residence at affordable rents and are interested in selling the property to their tenants; as long as the tenants are eligible for the Housing Benefit. Both owners and tenants shall be exempt from paying tax on the first €200,000 if the lease has been ongoing for 10 years. Owners and tenants will be eligible for a 50% tax deduction if the lease has been ongoing for 3 years.