BOV enhances home loan products

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

Chief Officer Credit, Albert Frendo said, “This new product aims to tap into future salary increases of persons who are in the early years of employment.

“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.