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Mortgage Terms and Rates in Greece

Mortgage Terms and Interest Rates in Greece

If you plan to buy a home in Greece, you’ve probably done some planning on how to finance your new home. Depending on your home country, one common option might be a mortgage. In Greece, getting a mortgage as a non-resident is not an easy endeavour, but it’s good to be informed about how the process works.

 

We will present the general process of getting a mortgage in Greece, but the process of each bank may differ and may change from year to year. In general in Greece, mortgage rates vary from 3.0% to 6.5%, depending on the bank (December 2023), and mortgage terms will be slightly different based on the bank you visit. You do not need to be a Greek resident to apply for a mortgage, but most Greek banks apply different, stricter rules for people living abroad. For some (not all) Greek banks, you will need be a Greek taxpayer, meaning you must have your tax residency in Greece in order to be eligible for a loan.

Requirements for a Mortgage in Greece

You must be under a certain age (usually 70-75) years old at the time your loan ends. This age limit will differ depending on the bank as well. 

 

Your family’s income must be sufficient compared to the amount you want to borrow and the monthly amount.

 

You will also need a Greek tax number (AFM) and Greek bank account.

 

Documents Needed to Apply for a Mortgage in Greece

To get a mortgage in Greece, with most banks you will need:

  • A copy of your ID or passport
  • A Greek Tax Number
  • A letter of employment or proof of income. This includes copies of paychecks for employees, or a proof of business for freelancers.
  • Tax returns from the last years from the country where you filed taxes (usually going back 2-3 years, depending on the bank). 
  • A bill that shows your residential address
  • Proof of a registered telephone number

The documents need to be translated and typically bear an Apostille stamp. Some banks will require additional documents, which will depend on your country of origin.  

Do I Need to be a Greek Resident to Get a Mortgage in Greece?

No, you don’t need to be a Greek resident to apply for a mortgage.

 

Do I Need a Greek Bank Account to Get a Mortgage in Greece?

Yes, you will need a Greek bank account and AFM (tax number) to get a mortgage in Greece. Getting a tax number is necessary when buying a property in Greece, so it doesn’t need a separate process.

 

What is the Greek Real Estate Market Like?

Property values have been slowly and steadily increasing since 2020. According to data from the Bank of Greece in the first quarter of 2023, the rate of house price growth in Greece is reaching record highs. More specifically, prices rose 14.5% year-on-year in Greece as a whole, and even sharper spikes were seen in Greece’s two largest urban centers, reaching 16.5% in Attica (the region which includes Athens) and 16.1% in Thessaloniki.

How Much Can I Borrow to Buy a Home in Greece?

Generally, for non-residents the maximum amount of the mortgage can’t be more than 50% of the taxation value of the property, depending on the bank. The amount of your mortgage is dependent on multiple factors.  

 

First, the bank usually does a background check of your personal details – income, tax returns, financial history, and the value of your collateral on the loan, among other supporting documents.

 

Second, the bank does a “technical check” on documents related to the property, like title deeds, building permits, topographic maps, and more.

 

How Long Will it Take to Pay Back my Mortgage?

The total mortgage repayment period will depend on the length of time you choose to repay your loan. Usually, a longer term means a lower monthly payment, but the total interest is higher.  In general, a shorter term has a higher monthly payment, but a lower total amount interest. 

Vathia, Mani
Vathia, Peleponnese

Interest Rates at Greek Banks

**The rates listed below were last updated in December 2023 and are subject to change. 


EuroBank

If you are not a Greek or Cypriot citizen, you may take out a mortgage loan for up to 50% of the value of the property:

  • 3 years with fixed interest rate at 3.00%**
  • 5 years with fixed interest rate at 3.60%**
  • 7 years with fixed interest rate at 3.80%**
  • 10 years with fixed interest rate at 4.30%**
  • 15 years with fixed interest rate at 4.60%**

National Bank of Greece

Please note that you need to have your tax residency in Greece in order to apply for a loan at National Bank of Greece. If you are a Greek tax resident, the same rates apply as for locals.

You may take out a mortgage loan at a minimum of 10,000 Euros, for up to 55% of the property value:

  • 3 years with fixed interest rate at 3.00%**
  • 5 years with fixed interest rate at 3.50%**
  • 10 years with fixed interest rate at 4.00%**
  • 15 years with fixed interest rate at 4.30%**
  • 20 years with fixed interest rate at 4.50%**
  • 30 years with fixed interest rate at 4.60%**
Rethymno, Crete

Piraeus Bank

You may take out a mortgage loan at a minimum of 20,000 Euros for:

  • 5 years with fixed interest rate at 2.95%**
  • 30 years with fixed interest rate at 5.10%**

To find your exact interest rate, you will need to arrange a meeting with a specialist in a Pireaus Bank branch. You do not need to have your tax residency in Greece in order to apply for a loan at Piraeus Bank.

 

Alpha Bank

To receive a quote from AlphaBank, you will need to make an application online and enter the price of the house as well as some details like its energy class. Then you get pre-approval to speak with a representative to find out what rates you qualify for. 

Rethymno
Rethymnon, Crete

Financing Alternatives for Your Home in Greece

You have a few other options if you choose not to get a mortgage in Greece. For example, you can:

  • Pay with available funds (the most common option)
  • Remortgage your current property in your homeland to buy a property in Greece
  • Get a mortgage loan abroad

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