ΣΤΕΓΑΣΤΙΚΑ «ΣΠΙΤΙ ΜΟΥ»
- 01 May 2023
- timeliness
Very great interest with 19,000 applications from young people for the "My Home" program has been shown in just three weeks since April 3, the day on which the submission of applications for preferential cheap housing loans for young men and women aged 25-39 to obtain their first home began. housing, at a time when interest rates are peaking after ECB hikes.
As it turns out along the way, according to information, those interested are rushing to apply even if they have not yet found housing, under the concern that a good opportunity for them to obtain permanent housing may be lost, as the program has a budget 500 million euros, but there is a provision for doubling the amount in case of disposal.
In the meantime, about 1,000 applications have already been pre-approved by the banks, which is a lot for such a short period of time, but it is only 1/20 of the interest expressed, which is swelling. Interestingly, the average loan amount for those that have been pre-approved reaches 111,000 euros, which means that approximately 1/5 of the budgeted amount is no longer on the table.
Based on the criteria that have been set, the amount of the loan cannot exceed 150,000 euros and the duration of the loan 30 years, while it can cover up to 90% of the value of the property. This also explains the high average loan amount for those that are pre-approved, compared to the average amounts of ordinary mortgages which are around 70,000 euros.
Conventional mortgages, due to the high interest rate and the parameters set by the banks for the value of the property against the amount available from the bank, force smaller numbers.
The beneficiaries of these loans, young men and women between the ages of 25-39, secure a lower installment for the repayment of the loan, as 75% of the amount is granted interest-free by the Public Employment Service (DYPA) and the bank interest rate is only applied to the remaining 25% of the loan. amount, which means that their interest is ¼ of the amount that would correspond to another mortgage.
Also, for three or many children and for those who acquire this status during repayment, the loans are granted interest-free, with 100% subsidy of the interest rate by DYPA. In this case the interest rates are zero.
