Mortgage loan for young people: up to 90% of the property value

Conditions to facilitate the provision of mortgage loans to potential property buyers have been created by the new household finance system of the Bank of Greece.

In particular, financial institutions will now issue loans covering up to 90% of the cost of real estate, limiting the need to have savings of tens of thousands of euros.

Let us remember that mortgage lending has recently been in decline (not in demand) due to rising interest rates and jumping real estate prices. In 2023, apartment prices increased by 13.4%, and in 2022 – by 11.9%.

Now the Bank of Greece has decided to issue housing loans to those who wish, covering up to 90% of the cost of real estate. Therefore, banks have approved (and are launching) a system of issuing mortgage loans for young people (persons under 45 years old) on more favorable terms.

For example, a family with an income of 2,000 euros per month can buy a property worth 148,000 euros with less than 15,000 euros in cash. For 35 years they will pay 600 euros every month to repay the loan of 133 thousand euros.

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