MeDirect Bank Group CEO Arnaud Denis on Tuesday praised the local Housing Authority for its New Hope initiative, which paves the way for individuals or couples to become home owners despite not being able to access life insurance, a requirement set by banks when approving home loans.
Persons are facing barriers created by the local customary requirement of procuring a valid life insurance protection policy in all circumstances. These impediments are deemed unsurmountable by the persons who have suffered from life-threatening illnesses or medical conditions in their past of who currently suffer from a number of disabilities.
Mr Denis’ comments were made following an agreement with the Housing Authority for MeDirect to become the second bank to offer its clients the opportunity to access the New Hope guarantee scheme.
At present, the Housing Authority is offering guarantees which replace the need for a life insurance policy to cover home loans of up to €250,000 for the purchase of a property which the beneficiary uses as their primary residence.
Further commenting on the initiative, Mr Denis said: “By stepping in as guarantors for those who are unable to obtain life insurance protection despite meeting all the financial requirements to obtain a home loan, the authority is indeed offering hope to families that have already faced difficult health situations or disabilities,” he added.
“MeDirect’s mission is to give customers as many choices as possible to be able to use their money as they see fit, to build the future they want. It is in this spirit that we join this scheme today. We look forward to working with the Housing Authority to give more people the choice of becoming homeowners,” Mr Denis concluded.
Minister for Social and Affordable Accommodation Roderick Galdes stated that since the scheme’s introduction, work has been done towards strengthening it, and so MeDirect Bank’s introduction is a result of discussions which have been taking place during recent months.
Housing Authority CEO Matthew Zerafa said that this scheme, from which eight applicants have benefited to date, will continue to help people “fulfil their aspirations and their dreams to become owners of their own homes”.
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