“For by grace are ye saved through faith; and that not of yourselves: it is the gift of God:”
King James Version (KJV)
2:8 By grace ye are saved through faith - Grace, without any respect to human worthiness, confers the glorious gift. Faith, with an empty hand, and without any pretence to personal desert, receives the heavenly blessing. And this is not of yourselves - This refers to the whole preceding clause, That ye are saved through faith, is the gift of God.
Eph 2:8 For by grace are ye saved through faith. Lest they might forget the doctrine that he ever preached, he reminds them that works of the law never saved them; that they were saved by God's grace shown in the gospel; that this salvation was obtained through the faith. The definite article is found before faith in the Greek, showing that "the" faith, or the gospel, is meant. [It is] the gift of God. The salvation is not due to ourselves, but is God's gift. The grammatical construction of the Greek does not allow us to make "faith" the subject of the last clause. It is not "faith", but salvation through the faith, which is the gift of God. So says John Wesley in his Notes: "This refers to the previous clause, 'That you are saved,' etc".