Loan amount
From €20,000 to €150,000
Financing up to 90% of the value of the property, as stated in the contract, provided that the appraisal of the property is at least equal to the value of the contract.
The loan is co-financed at a rate of 75% from Public Employment Service funds and 25% from Bank funds.
Interest rate
The interest rate is floating for the entire loan duration and is structured as follows:
- Zero interest rate for the loan amount financed by funds of the Public Employment Service (3/4 of the loan)
- Euribor 1M plus a fixed margin of 2.50% for the loan amount financed by funds of the Bank(1/4 of the loan).
The interest rate is not charged with the levy of Law 128/75, in accordance with Law 5006/2022.
Therefore, the total amount of the loan is compounded with an interest rate of Euribor 1M/4 plus a margin of 2.50%/4.
E.g. if the price of Euribor 1M is 2.92% then the loan is compounded with an interest rate of 1.35% (2.92%+2.50%/4).
Note: the interest rate is 100% subsidized for families with three or more children.
In particular, the interest rate subsidy is valid for the entire loan duration, as long as the beneficiary has three or more children at the time of submitting the loan application or from the time he presents and the bank confirms the necessary supporting documents that meet the condition of three or more children and will apply to the remaining term of the loan.
INDICATIVE EXAMPLE
For a loan amount €70,000 with property pre-notation, tenor 30 years, thus 360 monthly instalments, floating interest rate 1.35% comprising of 1/4 Euribor 1M (2.92% on 30/03/2023), plus a 1/4 margin of 2.50%, Application Fee: 0€, Legal checks cost: 115€, Technical checks cost: 142.40€, the following apply:
Monthly Instalment: €237
Total Credit Amount: €70,000
Total Credit Cost: €15,437.90
Total Amount to be paid: €85,437.90
APR: 1,39 %
The APR is calculated based on the assumption that the floating rate will remain at current levels for the entire loan duration.
It is noted that the APR, the monthly instalment and the total repayment amount above are indicated only as an example and arise only if the data mentioned above exist.
Furthermore, the insurance of the pre-noted property against the risks of Fire / Earthquake is mandatory for insured capital equal to the value of reconstruction of the property. It is possible to join a group insurance policy offered by the Bank with an insurance company of its choice or bring an individual insurance policy by an insurance company of your choice, in accordance with the policies and procedures of the bank.
The above example does not include insurance policy costs for property or life protection of the borrower.
Loan term
From 3 to 30 years
Disbursement
Single disbursement
Repayment
In monthly instalments that repay interest, capital and insurance costs (if applicable)
Instalments are debited directly to your linked deposit account.
Each installment is paid on the same date of each calendar month and its amount is calculated based on the current interest rate and the number of installments. The installment amount may vary, depending on the fluctuation of the lending rate. Interest is calculated based on a calendar year of three hundred and sixty-five (365) days. The number of installments depends on the duration of the loan chosen by the customer.
In case of interest rate subsidy (for families with three or more children) the beneficiary is not charged with interest, therefore he only repays the loan capital. If the subsidy is terminated, the loan is repaid in monthly installments bearing the interest rate mentioned above.
If the beneficiary has three or more children the subsidy is suspended in the event of a delay of >90 days with the option of reinstatement upon approval by the Investment Committee of the Program, provided that the overdue debts are paid in full or if the loan is included in some kind of settlement.
In case of inclusion for Fire/Earthquake and Life/PTD risks in the group insurance policy offered by the Bank, the insurance premiums are paid monthly along with the loan installment. Defaulting on the loan agreement may have legal or financial consequences for the borrower as indicatively referred to in Law 5006/22-12-2022 and Official Gazette 1180/01-03-2023.
Option for early repayment
Full or partial early repayment option at any time, free of charge.
Collateral
Collateral will take the form of a mortgage lien on the property.
It is not possible to add a guarantor for the granting of the loan.
Expenses
- Zero application fee
- The cost of property appraisal, legal checks, representation at the court for the lien and land registry costs are incurred according to the Bank's invoice.
Note: according to the terms of the Program, the cost of the appraisal as well as the 1st & 2nd legal check of a property will not exceed €500.
Insurance coverages
- Mandatory Property Fire-Earthquake Insurance for an insured capital equal to the reconstruction value of the property
- Optional Life & Permanent Total Disability Insurance of one of the borrowers, for insured capital equal to the approved loan limit
Documents for Financial Pre-Approval of a Loan and eligibility check for inclusion in "My Home" program
Documents shall be provided by all parties involved in the loan.
1. Nationals within the EU:
Valid police ID or Passport
Non-EU nationals:
- Valid Residence permit & Passport of the country of residence or
- Special Identity Card for Emigrants (in case of Greek Citizenship) or Identity Card for Foreigners (in case of no Greek Citizenship), or Valid Identity Card of the Country of residence (in Latin characters)
2. Proof of income:
For employees/pensioners:
- Last available tax return for Greek Citizens or last 3 years tax returns for Nationals inside or outside the EU.
- last available tax declaration (E1 form) for Greek citizens or last 3 years tax declarations for Citizens inside or outside the EU.
- For employees, latest salary slip or official salary certificate from the company's accounting department (not handwritten), which should contain professional details, gross and net earnings, insurance deductions, tax, etc.
- For pensioners, quarterly/monthly pension settlement or the last pension payment slip or pension decision in case of either a pension application submission or a disability pension reception.
For freelancers/entrepreneurs/farmers/breeders:
- Last 2 years tax returns for Greek Citizens or last 3 years tax returns for Citizens inside or outside the EU
- Last available tax declaration (form E1) for Greek citizens or last 3 years tax declarations for Citizens inside or outside the EU
- Documents for the last 2 financial years, proving the turnover of a sole proprietorship, OE, LLC, etc. (E3 or Form N) for Greek Nationals or for the last 3 years for Nationals inside or outside EU
- Certificate of dividend yield, if you are a shareholder of a company
Regardless of the occupation, additionally required:
- E2 form of the last tax years, in case of income from real estate.
- Electricity bill or phone or mobile phone statement, if the permanent residence address stated in the application is different from that of the Tax Return, for Citizens inside or outside the EU.
3. Additional documents to verify the eligibility criteria
Family status verification:
- Family status certificate issued no earlier than one (1) month before the submission of the loan application or
- Copy of a court decision in case of divorce or annulment of marriage or dissolution of the cohabitation agreement or other exceptional cases or
- Declaration of article 8 of Law 1599/1986 that he/she is in fact and exclusively exercising parental care of one or more minor children, (in cases of a single-parent family).
Proof of property suitable or not for residence:
- E9 form of the last tax year or
- Printout from taxisnet that there are no declarations of real estate property (E9)
- Certificate of Uniform Property Ownership Tax of the last fiscal year (EN.F.I.A.)
- Certificate from the employer proving the place of professional employment or
- E3 form -Statement of financial data from the applicant's business activity
- Medical Note in case of pregnancy.
Special declaration (sample provided by the bank):
- of article 8 of Law 1599/1986 (A' 75), by which the applicant certifies that the information stated in the submitted supporting documents is true and complete, the supporting documents are genuine and that he has been informed about the terms of the Program which he fully accepts.
Notes:
- the income criteria are checked against the last available tax declarations (E1) or Tax Returns. In case of spouses/ partners with a cohabitation agreement, the family income is taken into account, regardless of whether they submit separate tax declarations or whether only one of them submits an application for a loan.
- the income data and the data related to the non-existence of real estate property(E9, EN.F.I.A, etc.) are provided by both spouses or parties to a cohabitation agreement, regardless of whether they both participate in the loan.
- Detailed information regarding the necessary supporting documents for checking the eligibility criteria as well as the supporting documents for the legal and technical control of the property can be obtained from the Official Gazette (FEK) B' 1180/01-03-2023
- If you are a customer of Piraeus Bank, it is possible that the identification documents you have provided are not complete or up to date. In this case you will have to provide us with the necessary supporting documents to update them.
