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Mortgage in Greece

Although the formal issuance of loans in Greece is not prohibited, in practice, banks do not issue loans to either local or foreign property buyers. The exception is the large Greek companies with established reputation in the market.

Loan terms
6–30 years old

Legal entities can try to get a loan secured by real estate in Greece 2-4 years after its purchase.

Requirements for the borrower
Minimum age
25 years

Maximum age
by the end of the loan period
57 years old

* As of April 2018
Bank requirements to the client
To get a mortgage in Greece, you must submit the following documents to the bank:

passport;
proof of stable income:
for employees, a 2-NDFL certificate for the past three years and a certificate of employment (on company letterhead) indicating the date of employment and the amount of net income, taking into account taxes paid and insurance;
for entrepreneurs – reference 2-NDFL for the last two years, tax declaration (or its copy) for the last year with confirmation of receipt of income from the company’s activities or real estate of an entrepreneur;
for pensioners – a certificate from the tax inspectorate about the absence of the need to pay taxes due to retirement, a copy of the pension book and a copy of the notices of receiving a pension for the last three months;
certificate issued at the place of residence and confirming the address of residence (extract from the house register, certificate from the housing office or the passport office);
Greek residence permit (if any).
All documents must be translated into Greek and notarized.

As a rule, the bank considers the application from 4 to 12 weeks.

Mortgage costs
The cost of obtaining a mortgage in Greece is about 1% of the cost of the loan.

Approximate costs for registration of a mortgage when buying a property in Athens worth 100 thousand euros
Consideration of the application
50–200 euros

Preliminary loan approval
200–1000 euros

Mortgage processing fee
up to 700 euros

Technical property valuation
up to 1 000 euro

Property insurance
about 240 euros per year *

Life insurance (optional)
from 300 euros per year **

Early penalty
loan repayment
depends on the amount
and loan term

* The amount of payments depends on the year of construction, location and value of the property.

** The amount depends on the age of the borrower and other factors.

Although in most cases Greek banks refuse to finance, sometimes buyers in the primary market can take advantage of an interest-free installment plan for 1–5 years if at least half of the purchase price is paid.

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