The "My Home II" Program: Published Terms, Conditions, and Timeline
The "My Home II" Program: Published Terms, Conditions, and Timeline
  Investments  |  Economy  |  Residential  |  Greece

The "My Home II" Program: Published Terms, Conditions, and Timeline

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RE+D magazine
18.12.2024

The Joint Ministerial Decision outlining the terms and conditions for participation in the "My Home II" program has been published in the Government Gazette.

The Program, endorsed by the Ministers of National Economy and Finance, Environment and Energy, and Social Cohesion and Family, is an integral component of the government's Housing Policy and is supported by RRF funds amounting to €1 billion.

The beneficiaries of this Program are individuals who, as of December 31st of the application year, are between the ages of 25 and 50 and meet the income eligibility criteria based on their family situation.

Regarding the minimum income threshold of €10,000, the total annual taxable income—whether actual or imputed—is considered, irrespective of its source. This includes income reported in the most recent Personal Income Tax Return and any income related solely to pensions and welfare benefits for dependent children, as declared in the previous tax year.

Concerning the maximum income limit, the annual taxable income—whether actual or imputed—excludes any income that is exempt from income tax according to the applicable regulations for 2024, specifically for those receiving heating allowance.

Loan Amount and Interest Rate

The loan amount is contingent upon the creditworthiness of the Final Recipient, as assessed by the lending institution, as well as the commercial value of the property, determined through a technical inspection conducted by the same institution.

The repayment term for the loan ranges from a minimum of three years to a maximum of thirty years, without a grace period. Early repayment, whether partial or in full, is permitted at any point during the loan term, without incurring penalties or additional charges.

The value of the property must not exceed €250,000, and the loan can cover up to 90% of the property’s value, with a maximum loan amount of €190,000. This loan is funded equally by the loan arm of the Recovery and Resilience Fund (TRF) and participating banks, with each contributing 50%.

The portion of the loan financed by the Recovery Fund carries a 0% interest rate. For the bank-financed portion, an interest rate will apply, which is either fixed or variable and will be no higher than the maximum interest margin declared by the bank at the time of the application, as reflected in the Business Agreement.

Families with three or more children, or those who become parents during the loan term, are eligible for a 50% interest subsidy.

Repayment Terms

The repayment period spans from three to thirty years, without a grace period, and early repayment is allowed without penalty.

The collateral required for the loan may reach up to 120% of the loan amount, though third-party personal guarantees are not permissible. The Program loan cannot be utilized for refinancing any existing loans.

Property Eligibility

The acquired property must be legally established, either as a single independent horizontal property or a detached house, and the total area of the property should not exceed 150 square meters. This does not include areas defined as annexes or appendices in the purchase contract.

The property must be located within a building constructed on or before December 31, 2007. Leasing is permissible only after a period of seven years, with exceptions for exceptional circumstances.

Timelines

Applicants must submit their applications to a bank participating in the Program. In the event of rejection or if no response is received within 30 days, applicants may contact another participating institution.

Pre-approval for applications is valid for 60 days.

The final approval and contract conclusion must occur within 90 days of application.

The deadline for submission of applications is December 31, 2025, with the possibility of an extension.

For further details, please consult the Government Gazette.