Loan Amount
From €20,000
Loan to Value (LTV) depending on the purpose of the loan, country of residence, and nationality:
- Up to 50% of the estimated value of the designated property, according to the Bank's engineer's assessment.
- Especially for Greek nationals living in Greece and earning income in one of the currencies CHF, GBP, USD, the percentage can go up to 80%
Interest Rate
Floating interest rate based on the monthly Euribor plus a fixed spread for the whole tenor of the loan, from 1.85% to 2.95%.
The loan interest rate spread is determined following your loan application assessment by the Bank according to its current credit policy, taking into account factors such as credit history, type of collaterals, loan amount and loan tenor.
On top of Interest rates Levy of Law 128/1975 is charged, currently set at 0.12%.
The euro instalment amount may vary depending on the fluctuation of the loan interest rates.
Also, the amount required to be converted from your alternative currency for your instalment payment in euros will vary according to the exchange rate fluctuation between euro/alternative currency.
If you exercise the right to change the loan currency, the base interest rate for calculation will also change, depending on the selected alternative currency, while the spread may be redefined according to the Bank's pricing policy at the time of the currency conversion application.
LOAN CURRENCY BASE INTEREST RATE
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GBP
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SONIA 1M
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CHF
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SARON 1M
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USD
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SOFR 1M
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In the case of not insuring for the risks of LIFE/Permanent Total Disability, there may be an increase in the aforementioned spread.
APR (Annual Percentage Rate of charge) INDICATIVE ΕXAMPLE
For a loan amount of €100,000, with property prenotation security, repayment duration of 20 years, i.e., 240 monthly instalments, floating interest rate Euribor 1M (3.86% on 19/03/2024), plus a spread of 2.95% (plus contribution of Law 128/75, 0.12%), Application Examination Fee: €500, Legal Check Cost: €50, Technical Check Cost: €150, the following applies:
Monthly instalment: €771.70
Total Credit Amount: €100,000
Total Credit Cost: €85,871.73
Total Amount Payable: €185,871.73
APR: 7.26%
It is noted that the APR was calculated based on the assumption that the floating interest rate remains at the same levels for the whole tenor of the loan.
It is clarified that the APR, monthly instalment, and total amount payable are mentioned exclusively for example purposes and are derived only under the precondition that the aforementioned data will exist.
We emphasize that the insurance of the prenotated property against the risks of Fire/Earthquake is mandatory for an insured capital equal to the property's reconstruction value. There is the option to join a group insurance policy that the Bank contracts with an insurance company of its choice or to submit an individual insurance policy from an insurance company of your choice, according to the Bank's policies and procedures. The above example does not include the insurance cost of the prenotated property for the risks of Fire/Earthquake and LIFE/Permanent Total Disability of the borrower.
Loan Tenor
From 3 up to 30 years, depending on the purpose of the loan, country of residence, and nationality
Specifically, for Greek nationals living in Greece and receiving income in one of the currencies CHF, GBP, USD, the duration can be up to 30 years. In other cases, the duration cannot exceed 20 years.
It is noted that the borrower's age at the end of the loan cannot exceed 70 years or 75 in the case of a Greek national, resident of Greece.
Disbursement
Depending on the purpose of the loan:
- Purchase of a ready-made property – lump sum
- Purchase under construction, erection, completion, renovation, repair – partial disbursements based on the progress of the construction
Repayment
In monthly instalments covering interest, principal, and insurance premiums. The insurance premiums are paid monthly if you join the Bank's group insurance policy for the coverage of Fire/Earthquake or Death/PTD risks.
The payment of the mortgage loan instalments is automatically made from your deposit account in euros or converted to euros from your account in an alternative currency.
Each instalment is paid on the same date of each calendar month, and its amount is calculated based on the prevailing interest rate and the number of instalments. The interest is calculated based on a calendar year of three hundred sixty-five (365) days. The number of instalments is determined according to the customer's chosen duration of the loan.
Non-compliance with obligations from the loan contract may have legal or financial consequences for the borrower.
Option for Early Repayment
Full or partial early repayment of the loan at any time, without charge for the prematurely repaid capital.
Security
Secured with property prenotation or cash collateral.
Insurance Covers
- Mandatory Property Insurance against Fire-Earthquake for an insured capital equal to the reconstruction value of the property
- Life & Permanent Total Disability Insurance for one of the borrowers, for an insured capital equal to the approved loan limit
- In case you join for the above risks in the group insurance policy that the Bank contracts, the premiums are paid every month with your loan instalment
