“My House 2”: cheap mortgage for citizens under 50 years old – interest rate reduced by 50%

A new cycle of the “My Home2” programme with a budget of 2 billion euros, which will be financed from the Recovery Fund, is being activated.

With “My Home 2” about 15,000 citizens under 50 years of age will have the opportunity to purchase a home with a cheap mortgage, since the interest rate will be reduced by 50% compared to that provided by banks for housing loans.

Minister of Solidarity and Family Sofia Zacharaki, in an interview with ERT, a few hours after the Prime Minister’s speech at TIF, noted: “EIf I had to estimate the start time of the new program, I would say it will happen in the 2nd quarter of 2025.“.

Details, according to Ms. Zaharaki, will be announced immediately, but at present expansion of income criteria is being considered.

«Thus, from the “ceiling” of 16,000 euros, which was in the old program, we will move to 20,000 euros – the starting amount for one applicant, and then, – she noted, – we will have a significant increase in family income and an increase of 4,000 euros per child. I think we will give a respite to many of our fellow citizens, since, as the Prime Minister said, this will concern about 15 thousand couples who will be able to acquire their own housing“.

The Prime Minister, announcing the housing program “My Home 2”, emphasized: “MWe will extend the age of beneficiaries to 50 years, because I often hear complaints from the generation of forty-year-olds who “borne on their shoulders” the entire burden of the crisis, and we excluded them from the program. And they are right“.

«I often meet our fellow citizens who feel great satisfaction from being able to buy their own home with a lower mortgage payment than they would have paid if they had rented. We also received 400 million from the recovery fund to provide loans of up to 20,000 euros at zero interest for the sole purpose of energy modernization of almost 20,000 old houses, and this program is already in place“,” she added.
The new round of the program is expected will give a significant boost to housing lendingsince the loans that banks will provide under “My Home II” will cover up to 90% of the commercial value of the property and have repayment period up to 30 years.

The basic requirements for receiving new subsidized housing loans are that the area of ​​the property is up to 150 square meters, the value of the property is up to 200,000 euros, and the property is located in a residential area.

It is expected that income criteria for inclusion in the program will be expanded by raising the limit to €20,000 (from €16,000 for singles) and a corresponding increase in the limit for couples (and individuals) with children. Today, the income criteria are €16,000 for singles and €24,000 for couples, with an increase of €3,000 for each child. For single-parent families, the maximum income is €27,000.

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