The loan amounts will be from 1 to 3 salaries, which means that for PE category employees with 35 years, the maximum amount can reach 6,495 euros. The first applications will start to be submitted from September 9, 2024 to MTPY. The total amount that the Fund will initially make available for loans, from 9/9/2024, amounts to 10 million euros.
With an average loan of around 3,000 euros, it is estimated that the grants will cover around 3,000 to 4,000 civil servants. The loans had stopped being granted at the end of 2010 due to the restrictive measures of the Memoranda and will start to be granted again from September after 14 years, by decision of the Fund’s management.
Loans from the MTPY are available to civil servants, the voluntarily insured employees of OTA and NPDD, members of the Fire Brigade and the Police who have deductions made from their payroll in favor of the Fund. Pensioners are not eligible for loans.
An application can be submitted by shareholders who have at least two years of participation in MTPY, do not owe an amount from the right to register with the Fund, their monthly deductions are carried out and attributed to MTPY and are up to 59 years old.
Applications will be submitted from 9/9/2024 exclusively through the electronic platform “Electronic Services” posted on the Fund’s website (www.mtpy.gr).
The amount of each loan is chosen by the shareholder himself and corresponds to one or two or three basic gross salaries. This means that with the new salary scale and the 2024 increase, the minimum amount that employees can request starts at 850 euros for newly appointed HR category and the maximum reaches 6,495 euros (PE employees with 35 years and up to 59 years of age).
According to the table prepared and published by “ET”, public servants, depending on their salary and length of service, can request a loan from MTPY after September 9, with the following minimum and maximum amounts:
1. An HR (Compulsory Education) category employee with 2 years of service is entitled to request a loan with a minimum amount of 850 euros (1 salary) and a maximum of 2,550 euros (3 salaries).
1a. An HR (Compulsory Education) category employee with 35 years of service is entitled to request a loan with a minimum amount of 1,323 euros (1 salary) and a maximum of 3,969 euros (3 salaries).
2. An employee of category DE (Secondary Education) is entitled to request a loan with a minimum amount of 928 euros (1 salary) if he is newly appointed with 2 years of service and a maximum of 2,784 euros (3 salaries).
2a. A category DE (Secondary Education) employee with 35 years in the State is entitled to request a loan with a minimum amount of 1,589 euros (1 salary) and a maximum of 4,767 euros (3 salaries).
3. A TE (Technological Education) category employee newly appointed to the State is entitled to request a loan with a minimum amount of 1,107 euros (1 salary) and a maximum of 3,321 euros (3 salaries).
3a. A TE (Technological Education) category employee with 35 years in the State is entitled to request a loan with a minimum amount of 2,042 euros (1 salary) and a maximum of 6,126 euros (3 salaries).
4. A PE (University Education) category employee newly appointed to the State is entitled to request a loan with a minimum amount of 1,162 euros (1 salary) and a maximum of 3,486 euros (3 salaries).
4a. An employee of the PE category (University Education) with 35 years in the State is entitled to request a loan with a minimum amount of 2,165 euros (1 salary) and a maximum of 6,495 euros (3 salaries).
The online service for submitting loan requests will remain open until the total commitment of the available amount of 10 million euros.
THE FINE LETTERS
Each loan will be repaid in 36 equal continuous monthly interest-free installments with payroll deductions. The interest rate for loans, for those applying in the second half of 2024, amounts to 7% and remains constant until the loan is repaid. The loan is subject to all legal deductions (stamp and stamp duty).
For the granting of a loan, the conclusion of a loan agreement and the relevant confirmation of the salary liquidator of the employee’s service are required. Delay in signing the loan agreement (15 days) or the confirmation of the payroll adjuster (60 days) will result in the cancellation of the application.
Any debts owed by the shareholder to MTPY will be automatically paid from the loan, as long as they do not exceed the amount of the loan. If the service from which the employee is paid changes, he is required to immediately inform the new payroll adjuster so that there is no debt from an unpaid monthly loan installment.
WITHOUT EXCUSES
The reinstatement of the loans from the MTPY was done at the initiative of the president of the Fund Epaminondas Atsavé and with almost a year of preparation to fully automate the process from the application to the repayment of the loans. That is why employees will not be required to attach any kind of supporting document to their application.
Through the online loan application platform, the employee will be informed in detail about the nominal amount of the loan that he will choose, about the interest rate, installments, as well as other deductions. Whenever required, he will be informed by e-mail about the progress of his application and the deposit of the amount without requiring him to contact the MTPY services.
It is recalled that MTPY has also reinstated the advance payments of dividends to its pensioners who have the possibility to request advance collection of the benefits for 12 months.
Amount of loan from MTPY per employee category (1 to 3 salaries)
| Years of service and contributions to MTPY | HR category employees | Employees of category DE | TE category employees | PE category employees | ||||
| Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | |
| 2 | 850 € | 2.550 € | 928 € | 2.784 € | 1.107 € | 3.321 € | 1.162 € | 3.486 € |
| 5 | 893 € | 2.679 € | 988 € | 2.964 € | 1.217 € | 3.651 € | 1.280 € | 3.840 € |
| 15 | 1.022 € | 3.066 € | 1.168 € | 3.504 € | 1.492 € | 4.476 € | 1.575 € | 4.725 € |
| 25 | 1.194 € | 3.582 € | 1.408 € | 4.224 € | 1.767 € | 5.301 € | 1.870 € | 5.610 € |
| 35 | 1.323 € | 3.969 € | 1.589 € | 4.767 € | 2.042 € | 6.126 € | 2.165 € | 6.495 € |
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