March 19, 2024

Athens News

News in English from Greece

Who will receive the first mortgage loans up to 150,000 euros

Starting from the new year, 25,000 young people under the age of 39 will receive housing loans up to 150,000 euros, with an interest rate of 1.5% and zero for those with many children. Priority will be given to large families and young couples with children, followed by childless couples and singles.

In the first three months of 2023, subsidized housing loans will be issued, with the program being implemented for the first time, with the aim of enabling young people to purchase their own housing, essentially paying off the amount of the mortgage over several years.

According to the information, meetings have already begun with representatives of all banks in order to determine the exact conditions for providing soft loans to up to 150,000 to 10,000 young people under the age of 39 for the purchase of apartments.

Low interest loans will cover up to 90% of the commercial value of the property, with a maximum limit of €150,000, for the purchase of a first home. This applies to the purchase of apartments up to 120 sq.m. and the year of commissioning of housing until 2007.

The condition for obtaining a loan is Young people have an annual net income of at least €10,000, with an upper limit of €16,000 for singles and €24,000 for couples (with an additional €3,000 for each child).

Young people and couples aged 25-39 will be able to apply for a loan if at least one participant meets the age limit.

According to published examples, a young couple buying a €100,000 house would pay a monthly installment of €275-285 instead of €415, which is the installment for the same house at today’s market rates. The annual allowance in this case is 1680 euros. In addition, a new couple buying a €150,000 house will pay a monthly fee of €434 instead of €654, which is the installment for the same house at today’s market rates.

The program budget is 500 million euros (375 million euros from the ΔΥΠΑ reserve and 125 million euros from banks). In the event of exhaustion of resources, the amount of loans issued is doubled.

Housing loans will be issued without interest:

a) when the applicant is a young couple (25-39) years old with three or more children on the date of application

b) when the applicant is a young person or a young couple who at the time of loan repayment (for example, 30 years old) have three children.

This initiative is aimed at further support for families with three children and large families in order to solve the country’s demographic problem.

According to information, young people under the age of 39 cannot buy their new home with a subsidized loan through ΔΥΠΑ with relatives.

It is believed that priority should be given to newlyweds who are already parents (with one or more children).



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