The platform on gov.gr for submitting applications for the new “My Home 2” program, which offers low-interest housing loans for the purchase of a first home, will open tomorrow, Wednesday, January 15. The program is expected to benefit approximately 20,000 recipients aged 25-50, providing higher income thresholds and increased loan amounts compared to the previous phase. Interested individuals can find information on the gov.gr platform, as well as the websites greece20.gov.gr and hdb.gr. Applications are submitted through partner banks.

The “My Home 2” program differs from its predecessor as the maximum loan amount has been increased from €150,000 to €190,000, covering up to 90% of the property’s value. Additionally, income limits have been expanded, enabling more people to qualify. The loan is 50% funded by the Recovery Fund, interest-free, while the remaining 50% is provided by banks at a preferential interest rate below 2%.

“My Home 2” is the largest housing loan program ever implemented in Greece, with a total budget of €2 billion. A key innovation is the financing option for home renovations and energy upgrades through an additional €400 million program, which has no income criteria.

The program has raised income limits, allowing more applicants to participate.

Specifically:

• For families with two children, the maximum income limit is €36,000 (€28,000 for the couple and €4,000 for each child).
• For single-parent families, the limit is €31,000, with an additional €5,000 for each child beyond the first.
• Applicants must have a minimum income of €10,000.

The loans under “My Home 2” cover properties:

• Worth up to €250,000.
• With a maximum size of 150 square meters, built before 2007.
• With a maximum loan amount of €190,000, covering up to 90% of the property’s value.

The program offers significant savings for recipients. For example:

• For an apartment in Nea Smyrni worth €160,000, with a loan of €110,000 over 25 years, the monthly payment is reduced from €660 to €440, saving €220 per month and a total of €65,000.
• Similarly, for an apartment in Agia Paraskevi worth €220,000, with a loan of €150,000, the monthly payment decreases from €900 to €600, resulting in total savings of €85,000 over 25 years.

How to apply:
Applicants can submit their applications via gov.gr or directly at partner banks. After submission, the bank issues pre-approval valid for 60 days, during which the applicant must:

1. Select the property.
2. Provide the necessary documents.
3. Finalize the process by signing the contract and obtaining the loan.

Closing
Increased demand due to the program has driven up property prices, with the Bank of Greece reporting a 9.3% rise in apartment prices in 2024. Nonetheless, the low financing cost makes the program appealing to those looking to purchase their first home. Supported by the Hellenic Development Bank, “My Home 2” aims to boost housing credit and improve living conditions in Greece.