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"My Home" program

The "My Home" loan program regards the granting of low-interest or interest-free housing loans to young people and young couples, aged from twenty-five (25) to thirty-nine (39), for the purchase of a first home.
The loans are granted through partner banks and the application is submitted to a Bank of the borrower's choice.

Purpose of Loans
Purchase of a first home

Beneficiaries
Persons aged 25-39 (on the date of submission of the loan application), or spouses or persons linked by a civil partnership, as long as one (1) of the two (2) is 25-39 years old (on the date of submission of the loan application), as long as they do not own another property suitable for their residence and meet the income criteria. Income

Criteria of Beneficiaries (The maximum income limits are the same as the limits established for the payment of the heating allowance according to the Joint Ministerial Decision in force. Specifically, for 2023, these are defined as:

Type of beneficiary	Lowest annual income	Maximum annual income (2023)
Young, single	€10.000	€16.000
Couples		€24.000 (+ €3.000 * number of children)
Single parent families		€27.000 (+ €3.000 * number of children, apart from the first one)

When does the property owned by a potential beneficiary cover their housing needs?
In order for the applicant for a housing loan to be considered a beneficiary of the program, while he already owns a property, the property owned should not cover his housing needs.

The criteria according to which an existing property is suitable for housing needs of the applicant are:
a) In the case of an unmarried and childless beneficiary, the existing property must be up to 50 square meters, while for the rest the size is increased by 10 square meters per family member (including pregnant children at the time of submitting the application).
b) In addition, the applicant has either full ownership or usufruct in a co-ownership percentage higher than 50% of his property.
c) The property he already owns must be located in the same Regional Unit as his place of work or profession. In the event that the applicant's place of work or profession is located within the Attica Region, the property is considered suitable if it is located in Attica.If the property is located on an island, other than Crete, then it is considered suitable if it also agrees with the place of work on the same island.The property must have residential use.
The above criteria must be applied cumulatively.
If these criteria are not met, then the applicant is considered not to have a suitable property for his housing needs and therefore he can be a beneficiary of the program.

Attention:The above criteria apply only in the case of the possession of a single property.

In the last paragraph of paragraph d of paragraph 1 of article 3 of no. 189/2023 KYA (B' 1180), a limit in terms of the number of properties that someone can own, expressly providing that: "In the event that it emerges from the above supporting documents that either individually the applicants, or individually the spouses or parties to a cohabitation agreement, if the application for the granting of the loan is submitted jointly or by one of the two, or jointly the applicants and the spouses or the parties to the cohabitation agreements own more than one (1) property with residential use, it is presumed. that there is a property suitable for their residence regardless of whether or not the criteria of sub-cases (da), (db) and (dc) of this case are met".

Property Eligibility Criteria for purchase

The Program supports loans only for properties that:

Will be used as a residence,
Ηave a value of up to €200,000, as reflected in the purchase contract,
Ηave a surface of up to 150 square meters,
Αre at least fifteen (15) years old at the time of purchase, as shown by the construction permit and
Αre located within a residential area, as specifically provided for in Article 4 of Law 5006/2022 (A' 239).

Criteria for the Seller of a property
The seller of the property must not be a relative (of the purchaser or the other member of the couple), by blood or by marriage, either A' or B degree or a person connected by a civil partnership to the purchaser, indicatively:

grandparents/grandparents in relation to grandchildren,
siblings in relation to each other,
parents in relation to children

The certification of the degree of kinship is carried out with a certificate of marital status and a certificate of guarantor relatives (or with a relevant civil partnership)

Eligible Loans
Loans that must cumulatively meet the following conditions:

Loans with a duration of up to thirty (30) years
Loans based on which the property is acquired in full ownership by the purchaser/s, if they are spouses or parties to a civil partnership, with a distribution of percentage of ownership between them proportional to each one's financial contribution to the granted loan.
The loan covers up to 90% of the commercial value of the property as reflected in the purchase contract.
The property meets the eligibility criteria.
During the loan period, any contract in rem the object of which is the transfer or encumbrance of the acquired property is prohibited and automatically void, except for the one required to provide collateral for the loan, unless Greek Public Employment Service and the credit institution granting the loan agree.
The loan contracts drawn up as part of the "My Home" program are not charged with the contribution of Law 128/1975.

Interest Subsidy
The Loan Interest will be subsidized at 100% for the entire duration of the loan in cases of:

Young couples who have three or more children on the date of submitting a financing application,
Young or new couples who, during the repayment of the loan (up to 30 years), have three or more children. The interest rate subsidy will start after the submission to the Bank of the necessary supporting documents regarding the completion of the conditions for inclusion in the category of families with three or more children and will concern the remaining repayment period of the loan.

The conditions for the interest subsidy are checked on the basis of the number of dependent children, as reflected in the accompanying supporting documents.
The return of the subsidized interest will be made on account, after the payment of each installment by the borrower, in an account that will be kept at the banking institution while the borrower is obliged to pay only the debt.
In case the borrower delays the installment payment for three (3) consecutive months, then the interest subsidy will stop and their payment will now be made by the borrower. The interest subsidy termination date is defined as the completion of ninety (90) days of overdue installments. The resumption of the interest rate subsidy will only be possible in cases where the borrower repays all of his overdue debts or joins a loan arrangement, following a relevant application of the borrower to the cooperation bank with documentation of the reasons for the inability to service the debt and its approval.

Maximum loan amount

The maximum loan amount will amount to 90% of the amount of the purchase contract, and in any case, it does not exceed €150,000.

Loan guarantor
No personal guarantee from a third party is allowed.

Where the application is submitted
The Greek Public Employment Service publishes the Credit Institutions that participate in the Program and the terms of their participation (interest rate offered, legal and technical audit costs). The citizen chooses the Credit Institution he wishes and submits his application to it.

Critical Deadlines for Granting Loans
Within sixty (60) days from the borrower's application, the Credit institution verifies the fulfillment of the necessary criteria and grants him the financial pre-approval.

This pre-approval is valid for sixty (60) days from its notification to the applicant.
Within the relevant deadline, the applicant must notify the credit institution of the requested loan amount of the property he intends to buy and the price at which he intends to buy it, and provide the documents required, so that the credit institution can carry out the necessary control.
If the deadline in question is missed, the financial pre-approval shall be no longer valid. Otherwise, after the necessary checks, the application will be included in the program and the legal and technical check of the property to be purchased shall begin.
The period of completion of technical and legal control of the property under purchase lasts up to sixty (60) days from the date of inclusion of the application in the Program.
Otherwise, if the applicant wishes to continue with another property, he can do so provided that the above described procedure, including the completion of the legal and technical control of the property by the credit institution, does not exceed one hundred and twenty (120) days from the inclusion of the application in the Program.
The maximum time for conclusion of the loan agreement and disbursement of the loan is up to six (6) months from the date of inclusion of the application in the Program.

In exceptional cases of delay in the process of transferring the property and provided that the relevant application for mortgage registration or advance notice has been submitted within the six (6) month period, the completion of the loan agreement and disbursement may be extended for two (2) more months.
Pre-approved loans of beneficiaries, for which it was not possible to realize their purpose within this time period (ie 6+2 months from the date of pre-approval of the application in the Program), will be canceled and their budget will be released. The above regulation does not apply if the deadlines have not been met without the fault of the applicant. The beneficiary will have the right to re-submit a funding request, as long as there are available resources in the Program budget

Early payment
The Borrower can partially or fully repay the loan before the due date WITHOUT any penalty or other charge.

Cancellation of Loans
The credit institution may terminate the loan after completing ninety (90) days of delay.
For these loans, the internal procedures and the current institutional framework of the Credit Institutions shall apply.

Loan Settlement
For these loans, the internal procedures and the current institutional framework of the Credit Institutions apply, with the limitation that the regulation should not reduce the amount of the loan agreement in such a way that the capital ultimately returned is less than the total amount disbursed, neither to increase the interest rate which will remain the same or reduced in order to serve the regulated debt, nor to increase the repayment period beyond the maximum term of thirty (30) years, nor to capitalize interest or default interest.

Expenses for the purchase of the property
The amount of the administrative cost, which includes all the fixed and one-off costs of the banks' loan portfolio for the management and eligibility control of the beneficiaries, shall be paid by the Program at the time of disbursement of the loan. The Borrower has no additional charges for file costs. The other costs for the purchase of the property (e.g. legal audit, technical assessment of the property, etc.), are published for each Credit Institution that participates in the Program on the website of the Greek Public Employment Service and the Hellenic Development Bank and are borne by the Borrower.
Finally, other expenses related to the registration of the encumbrance on the property such as:

expenses for the issuance of the court decision to register a pre-mortgage note on the property,
fee for the registration of the pre-mortgage note,
costs for submission of an application for the issuance of certificates,
a summary of the court decision and the issuance of certificates,
costs for the declaration of pre-notification rights, if a Land Office is operating,
costs of removing pre-notation, will be paid by the borrower.

The following Banks participate in the program under the following conditions:

OFFERED INTEREST RATES

c/a	Credit Institution	Fixed Rate	Floating Rate - Base Rate	Floating Rate - Range (%)
1	Alpha Bank		Euribor 3-month	2,20%
2	Attica Bank		Euribor 3-month	2,9%-4%
3	Eurobank		Euribor 3-month	1%-4%
4	National		Euribor 3-month	2%-2,5%
5	Piraeus Bank		Euribor month	2,50%
6	Pankritia		Euribor 3-month	1,5%-2%
7	Cooperative Bank of Epirus		Euribor 3-month	2%-3,5%
8	Cooperative Bank of Thessaly		Euribor month	2%-4%
9	Cooperative Bank of Karditsa	5,00%	-	-
10	Cooperative Bank of Chania		Euribor 3-month	1,5%-4,9%

COSTS OF LEGAL AND TECHNICAL AUDIT

CREDIT INSTITUTION	Legal and Technical Audit (Euros)
ALPHA BANK	420,00 €
EUROBANK	• From 500€ Cost of Technical & Legal Audit, which varies subject to conditions (eg surcharges for areas outside the engineer's headquarters, islands, etc.). • Up to €650 in case of an inspection of more than 1 properties. For every additional property, for which a Technical-Legal check will be carried out, the cost amounts to €350 per property. As part of the Program, the total fee will not exceed €650.
THE NATIONAL BANK OF GREECE	Cost of Legal and Technical Audit Minimum €246. In special cases, where a change of property takes place and new property inspections need to be carried out, there will be an additional charge for the completion of the Legal and Technical Inspection. We should note that the above expenses do not include other expenses related to the registration of the encumbrance on the property, such as expenses for the issuance of the court decision for the registration of a pre-mortgage note on the property, the fee for the registration of the pre-mortgage note, expenses for submitting an application for the issuance of certificates, the summary of the court decision and the issuance of certificates, costs for the declaration of pre-notification rights, if a Land Office is operating, costs of removing pre-notation. These will be paid by the creditor.
PAGKRITIA BANK	Legal and Technical Audit Cost (Euros) 1. Legal Audit Cost: € 86,80* * - Refers to the costs of checking property titles in order to grant the loan approval and does not include the costs of registering a pre-notification and any other costs related to collateral which are borne entirely by the borrower. - VAT included, currently 24%. - In the event of a lawyer moving to a mortgage registry outside of his headquarters, the borrower is charged with the travel costs (€ 0.25/km) as well as any other actual travel and accommodation costs. - The costs in question concerns each inspected property, are collected before the respective inspections are carried out and are not refunded once the inspections are carried out 2. Cost of Technical Inspection: € 148,80 - Refers to property appraisal costs in order to grant loan approval. - VAT included, currently 24%. - In case of the appraiser moving to a distance of more than 30 km from his headquarters, the borrower is charged with the travel costs (€ 0.25/km) as well as any other actual travel and accommodation costs. - The costs in question concern each inspected property, are collected before the respective inspections are carried out and are not refunded once the inspections are carried out.
CO-OPERATIVE BANK OF EPIRO	400,00 €
CO-OPERATIVE BANK OF THESSALIA	350,00 €
CO-OPERATIVE BANK OF KARDITSA	300,00 €
CO-OPERATIVE BANK OF CHANIA	350€+ VAT
ATTICA BANK	Cost of Legal and Technical Audit (Euros) •Land Appraisal Fee - Horizontal or Independent Residence: Fixed € 175 plus VAT The appraisal fee includes an urban planning legality check of properties with an appraised value of up to €600,000. For estimated properties with a road distance > 40 km from the principal's headquarters, travel expenses are paid at a charge of € 0.25/km. Tickets, ferries, tolls are also paid according to the documents that will be presented by the appraiser with a maximum fee of €80 plus VAT. In cases of overnight stays of the appraiser, an invoice will be issued up to the amount of €70 (overnight stay and breakfast) with a maximum fee of € 120 / day plus VAT and one night's stay. •Expense of Legal Audit: 80 including VAT. Under no circumstances will the total amount of legal and technical audit costs per final recipient exceed €650. The above costs are collected per property.
PIRAEUS BANK	€500, including VAT. The fee refers to a maximum amount for a property and does not include any travel expenses that may be incurred due to property in remote areas where there is no branch of the bank.

The loan program "My Home" is implemented with resources financed from entirely by the Public Employment Service and managed by the Hellenic Development Bank S.A.

See here the most important Questions - Answers
or visit the Frequently Asked Questions page

Prospective or existing borrowers have the possibility to submit an application, through which they can submit a specific question, objection, protest or any complaint, to the "Monitoring Committee" of the "My Home" Program.
The "Monitoring Committee" is the competent body for the correct application of the terms of the "My Home" Program and examines requests other than those related to credit reasons.
The right to fill in the «Application Form» is granted only if there has been a prior written rejection by the bank branch to which the prospective or existing borrower has addressed.
In which cases can requests be submitted to the Monitoring Committee:
- Rejection of eligibility of prospective borrower
- Refusal of residence for purchase for reasons
- Elapse of any of the deadlines related to the loan process
- Other cases in which the prospective or existing borrower considers that the bank has wrongly rejected his request.
It is emphasized that, as mentioned above, the "Monitoring Committee" does not examine requests concerning the creditworthiness criteria of borrowers.
The request to the Monitoring Committee is submitted to the bank branch where the written rejection was given.