OBTAINING PERSONAL BANK LOANS WHEN RELOCATING TO MALTA
When moving to a new country, obtaining a personal loan from a bank might seem like a crazy idea. In fact, most people assume that foreigners in Malta are not eligible to borrow. The truth, however, is that even expatriates in Malta can obtain personal bank loans. There are banks in Malta that provide loans just like banks all over the world. Loans come in various packages and serve as one of the revenue generating sources for Malta banks.
As an expatriate, you may find that the banks in Malta abound by different regulations other than that of your home country. Regulations vary according to the country, and in some countries, there are differences in state laws. These laws might be favorable and help you to get loans with lesser interest rates, or they may come with limits and stricter conditions, thus, not being ideal for expats who need flexible lending.
If you are an expatriate or you are just contemplating making a move into Malta, it is imperative for you to have an understanding of the laws when it comes to loans. Here are some basic tips for you to consider if you are planning to take a personal loan in Malta.
Obtaining a loan
When it comes to mortgages, they are treated as special and have some complex rules. Also, we will not be considering commercial loans. Basically, we will we talking about personal loans here. It is rational to say that you are probably familiar with the basic loan application process in your home country and that process is mostly similar to that of Malta. Banks in Malta, also, give loans to expatriates.
Before handing you a loan, here are some details that the bank will consider –
- The intended loan amount
- Your credit rating
- The purpose for which the loan is intended
- Your savings and income
- In some cases, some may review the amount of money you have saved back at your home country
- Your assets that could serve as a collateral
So, you see that these are the basic things that you should already be aware of, especially, if you are familiar with the loan process back at your home country. Keep in mind that just like other banks all over the world, Malta banks will not consider irresponsible loans or loans that far outweigh your assets.