The “My Home II” program has a final interest rate of 2.2% to 2.4%, depending on the bank. The application platform for issuing the eligibility certificate opened on Wednesday and within the first four hours more than 6,000 applications had been submitted.
The issuance of the eligibility certificate from Gov.gr is the first step for the interested party before submitting the application to the bank of their choice.
The application can be submitted to one of the nine participating banks, with the four systemic ones taking the lead in mobilizing their network, while also employing digital means to express interest in joining the program.
In addition to the low interest rate, which due to the subsidy is half of the average floating interest rate for mortgages currently in effect, banks do not charge a request examination fee and the main costs incurred for the loan are the legal and technical inspection fees, as well as the costs of the mortgage note.
The average interest charged by the bank is based on the 1- or 3-month Euribor – depending on the bank – at 2.85% or 2.76% respectively. The margin applied by the bank ranges from 1.5% to 1.7%, raising the rate to 4.35-4.46% and the final rate – given that 50% of the loan is at zero interest – ranges between 2.2-2.4%.