Mortgage loan in Euro as a Foreign Currency

A mortgage loan in EUR which, according to Law 4438/2016, is considered a loan in Foreign Currency, in cases where:

a) you reside permanently in a Eurozone country including Greece or in one of the countries Switzerland/ England/ America and
b) your passport has been issued in one of the above countries and you receive income in CHF/GBP/USD  

In these loans, there is a foreign exchange risk due to fluctuation in the EUR/income currency exchange rate or EUR/official currency of residence. The bank informs you about this fluctuation and you may convert the loan currency to an alternative currency of your choice. The conversion may be performed once during the life of the loan.

From 20.000€

The financing rate may rise, depending on the purpose of the loan, your country of residence, the currency of your income and your nationality up to:

• Up to 80% of the estimated value of the designated property, according to the assessment of the bank's engineer.
  

Floating, based on the monthly Euribor plus a fixed spread for the whole tenor of the loan from 1.60% to 2.65%.

The amount required to be converted from your alternative currency to pay your installment in euros will vary depending according to the exchange rate fluctuation between the euro/alternative currency.

If you exercise the right to change the loan currency, the base interest rate for calculation will also change, if you choose a floating rate, 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.

There is an option to choose a fixed interest rate for the entire duration of the loan or a fixed interest rate for the first years of the loan and then a variable rate.

During the fixed interest period:
The interest rate remains fixed for the first 3, 5, 10, 15, 20, 25, or 30 years, indicative depending on the loan characteristics and the customer’s transactional behavior, ranging approximately from 2.60% to 4.90%.

During the floating interest period:
There is an option to choose a fixed interest rate for a specific initial period (up to a maximum of 30 years) and a variable interest rate for the remaining duration (with a maximum total loan term of 35 years). 
The variable interest rate is calculated based on the 1-month Euribor plus a fixed margin, indicative ranging from 1.60% to 2.65%, for the remaining duration of the loan.

1. The fixed interest rate and the spread are 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.
2. Interest rates are also subject to the Law 128/1975 levy. Today it stands at 0.12% for homes and 0.6% for business premises.
3. Since the loan is amortised at a floating rate, the amount of the installment may vary, depending on the fluctuation of the loan interest rates.
4. In the case of not insuring for the risks of Life/Permanent Total Disability, there may be an increase in the aforementioned spread.

For a loan amount of €100,000 with property prenotation security, repayment duration of 35 years, i.e. 420 monthly installments, floating interest rate Euribor 1M (1.99% on 13/02/2026), plus a spread of 2.65% (plus contribution of Law 128/75, 0.12%), Application Examination Fee: €500, Legal Check Cost: €50, Technical Check Cost: €150, the following applies:

• Monthly installment: €489.49
  
• Total Credit Amount: €100,000
  
• Total Credit Cost: €106,370.20
  
• Total Amount Payable: €206,370.20
  
• APR: 4.92%

For a loan amount of €100,000 with property prenotation security, repayment duration of 30 years, i.e. 360 monthly installments, fixed interest rate 4.80% for the whole duration of the loan (plus contribution of Law 128/75, 0.12%), Application Examination Fee: €500, Legal Check Cost: €50, Technical Check Cost: €150, the following applies:

• Monthly installment: €531.94
• Total Credit Amount: €100,000
• Total Credit Cost: €92,262.76
• Total Amount Payable: €192,262.76
• APR: 5.10%

• The APR, monthly installment, and total amount payable are mentioned exclusively for example purposes and are derived only under the precondition that the aforementioned data will exist.
• The APR is calculated based on the assumption that the floating rate will remain at current levels for the entire loan duration.
• The  insurance of the pledged property against Fire/Earthquake risks is mandatory for an insured amount equal to the reconstruction value of the property. There is the option to join a group insurance policy concluded by the bank with an insurance company of its choice or to provide an individual insurance policy from an insurance company of the borrower’s choice, in accordance with the bank’s policies and procedures.
• The above example does not include the cost of insurance for the pledged property against Fire/Earthquake risks and Life/Permanent Total Disability of the borrower.
• Click here to view indicative APR examples in case of conversion of the loan into the alternative currency.

In monthly installments covering:

• Interest, principal and insurance premiums

Information about your loan installment

• The payment of the mortgage loan installments is automatically made from your deposit account in euros or converted to euros from your account in an alternative currency.
• Each installment 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 installments. The interest is calculated based on a calendar year of three hundred sixty-five (365) days. The number of installments 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.

Depending on the purpose of the loan:

• Lump sum for the purchase of a ready-made property
• Partial disbursements based on the progress of the construction for purchase under construction, erection, completion, renovation, repair

• Mandatory property insurance against Fire-Earthquake for an insured capital equal to the reconstruction value of the property.
• Optional Life & Permanent Total Disability insurance for one of the borrowers, for an insured capital equal to the approved loan limit.

• Valid national ID card or passport

For employees and pensioners:

• Tax clearance note of the last fiscal year
• Income tax return (form E1) of the last fiscal year
• For employees: latest pay slip or official certificate of earnings from the company's accounting department (not handwritten), which must include detailed professional information, date of hiring,  gross and net earnings, insurance contributions, tax, etc.
• For pensioners: quarterly/monthly pension statement or the latest pension payment slip or pension award decision in cases where a pension application has been submitted

For freelancers / business owners / farmers & livestock breeders:

• Tax clearance notes for the last two (2) fiscal years
  
•  Income tax return (form E1) for the most recent fiscal year
•  Documents for the last two (2) fiscal years proving the turnover of a sole proprietorship, general partnership (O.E.) limited liability company (E.P.E.), etc. (form E3 or form N)
•  Dividend distribution certificate, if there is participation in a company

• If there is real estate property: Form E9 and Form E2 for the most recent fiscal year, if there is income from property.
• For repayment of a mortgage loan from another bank: bank statement or the two (2) most recent mortgage loan statements.

• During the evaluation of the application, additional documents/information may be requested.
• Identification and income documentation is required from every party involved in the loan (borrower/co-borrower/guarantor).

For citizens of EU Member States & residents abroad:

• Valid passport or national ID card from your country (with Latin characters)

For all other categories of economic migrants:

• Valid residence permit or valid passport from your country or special Identity Card for individuals of Greek descent (in case of Greek nationality) or foreigner’s Identity Card (in case of no Greek nationality)

For employees and pensioners:

• Tax clearance statements for the last three (3) fiscal years
• Income tax return (form E1) for the latest fiscal year
• Electricity and landline or mobile phone bill, if the residence address stated in the loan application differs from that on the tax clearance statement
• For employees: latest pay slip or official salary certificate from the company’s accounting department (not handwritten), which must include detailed employment information, date of hire, gross and net earnings, insurance contributions, tax, etc.
• For pensioners: quarterly/monthly pension statement or latest pension payment slip or pension award decision (if a pension application has been submitted)

For freelancers / business owners / farmers & livestock breeders:

• Tax clearance statements for the last three (3) fiscal years
• Income tax return (form E1) for the latest fiscal year
• Documents for the last three (3) fiscal years proving business turnover for sole proprietorships, general partnerships (O.E.), limited liability companies (E.P.E.), etc. (form E3 or form N)
• Dividend distribution certificate, if there is company participation

For employees/pensioners:

• Tax clearance statements for the last two (2) fiscal years from the country of residence
• Latest pay slip/pension slip from the country of residence
  

For freelancers / business owners / farmers & livestock breeders:

• Tax clearance statements for the last two (2) fiscal years from the country of residence
• Proof of profits and business turnover for the last two (2) fiscal years from the country of residence
  
• Transactional behavior check documents (e.g., from Experian). Specifically, U.S. residents must provide credit reports from Experian (www.experian.com) & TransUnion (www.transunion.com)

• If there is real estate property: form E9 and form E2 for the latest fiscal year, if there is rental income
• For repayment of a mortgage loan from another bank: bank statement or the last two (2) mortgage loan statements

• During the evaluation of the application, additional documents/information may be requested
• Identification and income documents must be submitted for each party involved in the loan (borrower/co-borrower/guarantor)