The interest rate for those who join the program will be subsidized by the state (DYPA) by 50% for beneficiaries with up to two children and by 75% for three and multiple children.
A couple with two children will have an interest rate of 2.25% and with three or more 1.12%, when mortgages have an interest rate of 4.5%-4.6%.
Loans will be up to 190,000 euros.
The “Free Press” publishes the tables with the amounts of installments that will be paid by those who join the new housing program announced by the government compared to the installments that apply to a normal mortgage loan.
According to the tables edited and quoted by “ET”:
- A couple with two children who will take out a loan of 190,000 euros, with a duration of 30 years, will pay a monthly installment of 726 euros, while without the subsidy they would pay 976 euros, which means that they benefit by 256 euros per month. For a loan of 150,000 euros, the installment is reduced by 197 euros (to 573 euros with the program instead of 771 euros outside the program). For a loan of 100,000 euros, the installment is reduced by 132 euros (to 420 euros from 565 euros).
- A couple with three children who will take out a loan of 190,000 euros, with a duration of 30 years, will pay a monthly installment of 622 euros, while without the subsidy they would pay 976 euros, which means that they benefit by 354 euros per month. For a loan of 150,000 euros, the installment is reduced by 280 euros (to 491 euros with the program instead of 771 euros outside the program). For a loan of 120,000 euros the installment is reduced by 224 euros (to 393 euros from 617 euros). For a loan of 90,000 euros, with a duration of 25 years, the installment is reduced by 162 euros (to 344 euros from 506 euros).
The new program is financed with 2 billion euros. There will be tens of thousands of applications, but the beneficiaries who will get approval are not expected to exceed 20,000.
Applications will be submitted to the banks and interested buyers will have to indicate the house they intend to buy before the loan is approved. The “search” starts now, as for pre-approval they will have to present a pre-purchase agreement and for approval the final contract.
According to the improvements decided, applications can also be submitted by those who exceeded the income criteria in 2023, as long as the average income of the three years 2023, 2022 and 2021 is within the income criteria. For example, a couple with two children enters the program with an income of up to 36,000 euros in the three years 2021, 2022 and 2023 even if in 2023 their income was 40,000 euros.
Also, the pre-approval that each applicant will receive will not expire a few months later if the drawing up of the contract is delayed or there is another delay on the part of the borrower, but will remain in effect until the available resources are exhausted.
The criteria and improvements
The program concerns properties worth up to 250,000 euros, with a surface area of up to 150 sq.m. and with a construction permit until 2007. The amount of the loan can reach up to 190,000 euros, covering up to 90% of the value of the property and its repayment period starts from 3 years and reaches up to 30 years. The program will be open to those who meet the age criteria (25 to 50 years old), the property criteria (no first home) and the income criteria, which depending on the family status of the beneficiaries are set as follows:
*For singles up to 20,000 euros.
*For couples up to 28,000 euros, plus 4,000 euros for each child.
*For a single family up to 31,000 euros + 5,000 euros for each child.
The income criteria will be checked based on the financial year 2023, i.e. the income earned last year and declared in 2024.
BENEFITS FOR BORROWERS FROM THE NEW “MY HOME” PROGRAM
Beneficiaries with up to 2 children
| LOAN AMOUNT | Loan duration: 30 years | BORROWER BENEFIT WITH THE “MY HOME II” PROGRAM | Loan duration: 25 years |
BORROWER BENEFIT WITH THE “MY HOME II” PROGRAM |
||
| MONTHLY PAYMENT WITHOUT SUBSIDIES (1) | SUBSIDIZED MONTHLY PAYMENT (2) | MONTHLY PAYMENT WITHOUT SUBSIDITY | SUBSIDIZED MONTHLY PAYMENT | |||
| 190.000 € | 976 € | 726 € | 250 € | 1.069 € | 829 € | 240 € |
| 150.000 € | 771 € | 573 € | 197 € | 844 € | 654 € | 190 € |
| 140.000 € | 719 € | 535 € | 184 € | 788 € | 611 € | 177 € |
| 130.000 € | 668 € | 497 € | 171 € | 731 € | 567 € | 165 € |
| 120.000 € | 617 € | 459 € | 158 € | 675 € | 523 € | 152 € |
| 110.000 € | 565 € | 420 € | 145 € | 619 € | 480 € | 139 € |
| 100.000 € | 514 € | 382 € | 132 € | 563 € | 436 € | 127 € |
| 90.000 € | 462 € | 344 € | 118 € | 506 € | 393 € | 114 € |
(1) Interest rate without subsidy: 4.5% (+0.12% levy)
(2) Subsidized interest rate: 2.25%
Three children – many children
| LOAN AMOUNT | Loan duration: 30 years | BORROWER BENEFITS WITH THE “MY HOUSE II” PROGRAM | Loan duration: 25 years |
BORROWER BENEFITS WITH THE “MY HOUSE II” PROGRAM |
||
| MONTHLY PAYMENT WITHOUT SUBSIDITY | SUBSIDIZED MONTHLY PAYMENT | MONTHLY PAYMENT WITHOUT SUBSIDITY | SUBSIDIZED MONTHLY PAYMENT | |||
| 190.000 € | 976 € | 622 € | 354 € | 1.069 € | 726 € | 343 € |
| 150.000 € | 771 € | 491 € | 280 € | 844 € | 573 € | 271 € |
| 140.000 € | 719 € | 458 € | 261 € | 788 € | 535 € | 252 € |
| 130.000 € | 668 € | 425 € | 243 € | 731 € | 497 € | 234 € |
| 120.000 € | 617 € | 393 € | 224 € | 675 € | 459 € | 216 € |
| 110.000 € | 565 € | 360 € | 205 € | 619 € | 421 € | 198 € |
| 100.000 € | 514 € | 327 € | 187 € | 563 € | 382 € | 180 € |
| 90.000 € | 462 € | 294 € | 168 € | 506 € | 344 € | 162 € |
(1) Interest rate without subsidy: 4.5% (+0.12% levy)
(2) Subsidized interest rate 1.12%
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