Special fixed rate of six per cent per annum on BOV house loans

With effect from yesterday, customers wishing to apply for housing finance from BOV will be allowed a special fixed rate of six per cent per annum for the first Lm15,000. This rate will apply for at least the first five years and, at the customer's choice, may be extended to the first 10 years. The interest rate applicable subsequent to the time period chosen by the customer will revert to the normal competitive rate as established by the bank from time to time. All other benefits and normal lending criteria of the Homelink Success Scheme will apply.

The benefit of this offer is the peace of mind that customers will have in knowing that the rate of interest on the first Lm15,000 will be a fixed and advantageous rate. The interest rate applicable on the amount borrowed in excess of Lm15,000 will be at the normal prevailing lending rate and which is subject to change. From experience, and from feedback from customers, it is expected that many customers will benefit from this offer. This offer is the result of the recent liberalisation of home loan interest rates, and reaffirms BOV's strategy to make the best of opportunities to provide value to customers, and maintain our competitive edge in the home ownership finance market.

This fixed interest rate offer will be available only on new applications and at least for the coming six months, after which it may be withdrawn, and applies to first time, as well as repeat buyers. It may be utilised to finance the purchase of customer main residence, as well as their summer/secondary residence.

Persons wishing further information are asked to call at any BOV branch, or the Bank's Housing Finance Division at Palace Square, Valletta, or on the bank's freephone number 0800 77 31 30.