€2 Billion Initiative Set to Revolutionize Future Opportunities

According to Prime Minister Kyriakos Mitsotakis, the program is immediately implemented and the “fan” of beneficiaries increases in age up to 50 years.

This is one of the main tools available to the government in the fight against the housing crisis and precisely for this reason it decided to expand the criteria that allow participation in the program, addressing a series of problems that the beneficiaries faced in the first cycle.

In this context, the new program will have a budget of up to 2 billion euros, low income criteria and new data on the age limits, as interested parties up to 50 years old will now be able to apply.

According to the scenarios currently being considered, there will also be a change in the age limit of the property, as newer homes, under 15 years old, are expected to be included, increasing the options.

“My house 2”: The new criteria for the beneficiaries of the program

Income criteria

Expansion is being considered to cover as many beneficiaries as possible. Today the income criterion is 16,000 euros for singles and 24,000 euros per couple, with an increase of 3,000 euros for each child. Single-parent families had a ceiling of 27,000 euros.

The income criterion will increase from 16,000 to 20,000 euros for single beneficiaries. It will remain, however, that a “minimum” annual income will be required (in the previous program it was 10,000 euros) in order to ensure the repayment of the loan. The limit of 10,000 euros has almost been covered after the last increase in the minimum wage but may remain the same and not change.

Changes are also being considered to the maximum income limits that applied to families with children: they were set at 24,000 euros for a couple with an addition of 3,000 euros for each child, while for single-parent families at 27,000 euros with an addition of 3,000 euros for each child beyond the first.

Property criteria

It is expected that new homes, at least 15 years old, will also be included, so that there are more options.

Borrowing rate

About 50% lower interest rates than the market. There is provision for zero interest and full government coverage of loans for large families and families with three children.

Loan terms

The loan will also cover 90% of the value of the property in the second cycle. It will last up to 30 years. At the same time, the European Commission sets as a condition the energy upgrading of properties.

Age criteria

The age limit is being raised and now the beneficiaries will be able to be up to 50 years old. It is recalled that in the first cycle young people from 25 to 39 years of age were covered.

It is worth noting that according to the planning of the government staff, the applications will start in the fall, however, more details will be announced during the TIF at the beginning of September (7/9).

The program is expected to be financed with a total of 2 billion euros, of which 1 billion euros will come from the European Union’s Recovery and Resilience Fund, while the other 1 billion euros will be provided by Greek banks.

The remaining 6 measures to address the housing crisis

A program of 400 million for loans of up to 20,000 euros with zero interest and the goal of the energy upgrade of thousands of old houses.

Exemption from rent tax for 3 years, for landlords who rent closed properties or if they convert a short-term tenancy into a long-term one.

Contracts through platforms will be subject to a new, increased fee.

Prohibition of new short-term leases in the 3 central apartments of Athens for at least one year.

The ENFIA discount is increased by 20% for owners who insure houses worth up to 500,000 euros from theomen.

Immovable properties of greater value will retain the 10% VAT discount if they are insured, but if they are not, from April 2025 they will not be compensated by the state in the event of damage.

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