They are in the process of legal review 4,600 files of cheap mortgages approved by the cooperating systemic banks and addressed to young people up to 39 years old who wished to purchase an apartment on favorable terms through “My Home” program.
The important thing is that the young people in question managed to find an apartment that meets the requirements of the program, so their application was approved.
The total number of applications submitted reached 40,000, exceeding all expectations. At this moment the 500 million fund that financed the first phase of the program has been exhausted.
However – as reported by Imerisia – it is expected that the new Minister of Social Cohesion and Family, Sofia Zaharakis, to whom the management of the “My Home” program will pass from now on, will relatively soon bring to the Parliament a bill that provides for an additional funding of 500 million euros for the supporting another 5,000 young people to get their own apartment.
“My house”: The conditions
Through the “My Home” program, young people or young couples, aged 25-39, can acquire a home, with a monthly installment significantly lower than that corresponding to market mortgages, as 75% of the capital is granted interest-free by DYPA, while, for those with three children, those with many children and those who acquire this status, the loan is interest free in full.
The condition for receiving the loan will be that the young people have an annual net income of at least 10,000 euros and the upper limit will be 16,000 euros for the single person and 24,000 euros for the couple with an additional 3,000 euros for each child (heating allowance criteria).
Borrowers should too not have another private residence that covers their housing needs.
The final interest rate is euribor (quarterly) +1%, while for three children and many children, as well as couples who have 3+ children during repayment, the loan will be converted into an interest-free loan.
It is also noted that:
- No guarantor is required for loan approval
- The loan agreement should be signed within eight months of the pre-approval of the loan
- In the interest-free or low-interest first home loans, subsidized by the Public Employment Service (DYPA) for young people with low incomes, which will be given for the purchase of existing homes, worth up to 200,000 euros, with an area of up to 150 sq.m. and at least 15 years old.
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