Starting Monday, April 3, we are accepting applications for grants home loans for young people under 39, Labor Minister Kostis Hatzidakis said today. Through the program “My house”loans for up to 30 years will be provided at a low interest rate of a quarter of the interest rates applied in regular bank programs, while large families and three children will pay zero interest.

According to Mr. Khatsidakis, all systemic banks (Alfa-Bank, Eurobank, National Bank and Piraeus-Bank), cooperative banks, Pankritia and Attica Bank participate in the program.

Conditions

The program concerns young people from 25 to 39 years old. For couples, it is sufficient that one is in that age group. The minimum individual income is 10,000 euros, while the maximum corresponds to the heating allowance (this year 16,000 euros).

The borrower must not own any other habitable property. Anyone who owns a property with an area of ​​more than 50 square meters will not be able to get a loan. (+10 sq.m. for each family member). In addition, anyone who has a property with a total ownership or usufruct of more than 50% cannot receive a loan. However, he will be able to get a subsidized loan if the property he owns is not in the same regional unit where he lives and works and is not the first place of residence. For example, if he owns a property in Thessaloniki and lives in Attica, he will be able to get a loan.

To avoid abuse, the seller cannot be the first or second degree in relation to the buyer.

Which apartments are suitable?

Apartments must have a value of up to 200,000 euros and an area of ​​up to 150 sq.m. up to 15 years old. In addition, they must be located in a residential area. As Mr. Hatzidakis said, according to research, apartments with such characteristics exist. Estimated 60% of apartments in the center of Athens are suitable. Accordingly, 74% of apartments are in the western suburbs, 59% in Piraeus, 19% in the southern suburbs, 38% in the eastern and 5% in the northern suburbs.

“We find such apartments in areas such as Marousi, Pefki, Agia Paraskevi and Tumpa Thessaloniki. Of course, you cannot buy in areas such as Ekali, Vouliagmeni and Panorama Thessaloniki,” the minister said.

Amount of credit

The loans available to young people will be up to 150,000 euros and will cover 90% of the value of the property. In addition, there are the following cut-off criteria: The residence must be dated before 2007, and its commercial value can reach 200,000 euros, and the maximum area must not exceed 150 sq.m. In addition, borrowers must not have another private residence that suits their housing needs.

Thus, if the beneficiary has found housing worth 200,000 euros, he will be able to receive a loan of up to 150,000 euros, and the remaining 50,000 euros must be the beneficiary’s own participation. For accommodation in the amount of 100,000 euros, respectively, the beneficiary will be able to receive a loan in the amount of 90,000 euros, while participation is limited to 10,000 euros. The loan agreement must also be signed within 8 months from the date of the preliminary approval of the loan. The maximum loan term will be 30 years.

Interest 75% loan – Examples

The loan will be financed with 75% DYPA as an interest free loan and 25% will come from banks at a three-month Euribor +1%. So for a stay of 100,000 euros, the beneficiary will take 90,000 euros (90% of the cost covered) with the following distribution: 67,500 euros will come from DYPA and 22,500 euros will be a bank loan, and for the purchase, the beneficiary will have an equal share of 10 000 euros. Accordingly, for a stay in accordance with the specified specifications, the value of which is 150,000 euros, the borrower will receive a total loan of 135,000 euros, which will be distributed as follows: 101,250 euros will come from DYPA, and the remaining 33,750 euros will come through bank lending.