The journey to homeownership takes a major leap forward when your bank issues a sanction letter, a formal confirmation that the loan needed to complete your property purchase is secured. With the Promise of Sale (Konvenju) already in place, you’re now approaching the final milestone which is signing the deed of sale. But before that day arrives, a few key steps remain. Here’s what you need to know.
Coordinate with your Notary and Architect
- Notary: Share your sanction letter so they can begin preparing the final deed of sale and conduct necessary legal checks.
- Architect: Provide approved building permits (if applicable), layout, elevation, and site plans. You’ll also need to complete an Architect Valuation Form, ideally once the property is finished, as agreed with the vendor.
At this point, these documents will need to be vetted and any other conditions stipulated by the bank satisfied.
Secure your insurance policies
- Life Insurance: This is required to cover at least the full loan amount. This ensures that, in the unfortunate event of death, the outstanding loan will be fully repaid, giving peace of mind and financial security to your loved ones. MeDirect offers life insurance solutions through MAPFRE MSV Life p.l.c.
- Building Insurance: You will also need to find insurance which covers the full replacement value as stated in the Architect Valuation Form. Ensure the correct property address is listed and include coverage for garages or car spaces if applicable.
Final preparations before signing
There are two more things you need to do before signing.
- Energy Performance Certificate (EPC): Ensure the vendor provides this document.
- Salary Direct Credit: Confirm your salary is being deposited into the account specified by your lender.
Buying a home is a complex process but with the right guidance, it doesn’t have to be overwhelming. By understanding each step and staying organised, you’ll be well on your way to turning the key in your new front door.
If you need help, our team is here to support you. You can book an appointment at www.medirect.com.mt/home-loans.
MeDirect Bank (Malta) plc, company registration number C34125, is regulated by the Malta Financial Services Authority as a Credit Institution under the Banking Act 1994. Applications are subject to the Bank’s lending criteria. Your residential immovable property may be repossessed if you do not keep up with repayments on a mortgage or any other debt secured on it.
MeDirect Bank (Malta) plc is enrolled under the Insurance Distribution Act, Cap. 487 of the Laws of Malta, as a Tied Insurance Intermediary for MAPFRE MSV Life p.l.c. (MMSV). MMSV (C-15722) is authorised by the Malta Financial Services Authority (MFSA) to carry on long-term business under the Insurance Business Act, Cap. 403 of the Laws of Malta. The Life Insurance Products distributed by MeDirect Bank (Malta) plc are manufactured by MAPFRE MSV Life p.l.c., which provides cover under these policies,
MeDirect Bank (Malta) plc, The Centre, Tigné Point, Sliema, TPO 0001, Malta.
