APS Bank looking at social lending products in 2017

APS Bank proposed a number of social lending initiatives at a conference on local housing issues organised by the AntiPoverty Forum last month in Valletta. The seminar, which was addressed by Family & Social Solidarity Minister Michael Farrugia, Social Policy Shadow Minister Paula Mifsud Bonnici, Forum Treasurer Joe Bartolo and APS Bank Manager Sinclair Cassar, discussed proposals on how low income earners can be better assisted in order to become home owners. Other issues such as house rent and sustainable support were also discussed.

In his address Mr Cassar spoke about the initiatives which the bank is taking aimed at assisting low income earners. These would allow applicants to obtain 100 per centhome loan financing at low interest rates, extendable also to contents, furnishings and appliances. The bank is also studying the possibility of facilities to assist with monthly home rental commitments. These social-oriented lending initiatives will also be largely exempt from the bank’s standard tariff of fees. Prospective applicants would be subject to due diligence and tests in order to establish their eligibility.

“We already give substantial support to social projects and we are very interested in discussing these proposals with local entities and voluntary organisations to establish a sustainable mechanism for such schemes,” Mr Cassar added. The bank’s proposals were favourably received by Minister Farrugia who expressed satisfaction that APS Bank was taking such a step to address this issue on a national level.