Industry Update /
Bank of Valletta

A first in Malta – Home Loans Online Solution launched by BOV

August 24, 2022

Bank of Valletta has become the first local financial institution to offer its customers a holistic digital journey when applying for a Home Loan. While customers may still opt to visit a Branch at any point during their Home Loan application process, the new Online Home Loans Solution, accessible through a revamped landing page on the corporate site, enables users to start and finish off their application from the comfort of their home.With the new Online Solution, both existing and potentially new customers can accurately check how much they can afford to borrow and obtain a quotation in real-time. Based on their income and commitments this new digital solution will provide the applicants with the applicable loan amount and interest rate, as well as the possibility to upload all the necessary documents directly online and submitting their application without having to go to the branch.Another first-on-the-market is the real-time “Agreement in Principle” letter for the loan amount applied for. Customers may opt to get in touch with a Virtual Branch Officer or a Customer Service Centre Agent for further assistance, either by telephone or via email whilst processing their application.The process is seamless, can be initiated, left-off and picked-up again from the same screen, both from desktop or mobile devices or even if the customer decides to continue the application at a Branch. Moreover, once completed, customers can track the status of their application.Speaking about the new BOV Home Loans Online Solution, Ms Marisa Said, Head – Consumer Finance, was very excited and proud to be celebrating another milestone in the Bank’s Digital Transformation Strategy. Ms Said explained that “this is not just a first for Bank of Valletta, but also a first on the local market and represents nothing less than a revolution in transforming key home loan processes across the local banking sector”.Ms Said expressed gratitude for the dedication and commitment of her team, and the assistance of the Bank’s external consultants and developers, who collectively made this project come to fruition to the benefit of the Bank’s customers.All loans are subject to normal bank lending criteria and final approval from the Bank. The term of the loan must not go beyond retirement age.