In case purchasers wish to apply for mortgages to a Greek Bank, ProperCRETE can provide assistance and professional advice. The procedures are relatively simple and do not require the applicant’s physical presence. An attorney at law can be appointed to represent the applicant for the whole procedure of the mortgage loan (as well as the procedure of the purchase).
To apply for mortgage to a Greek bank, required documents usually are:
Bank application form.
A valid passport.
For employed applicants:
A copy of the most recent tax return slip issued by the Tax authorities of the applicant’s country of residence and a copy of the most recent salary slip.
For self employed applicants:
A copy of the two (2) most recent tax return slips issued by the Tax authorities of the applicant’s country of residence.
After the loan application is approved, and before disbursement, copies of the purchase contract and property documentation are required.
The property documentation (planning permission, drawings etc) are forwarded to the bank by ProperCRETE.
The loan disbursement will take place only after all required documentation and respective collateral have been checked and found to be in order.
General information about mortgages from Greek banks.
Loan amount:
Unlimited and usually up to 80% of the market value of the property (as evaluated by the bank).
Interest rates
There are numerous programs, with fixed or variable interest rates. Variable rates usually have a spread of 1.5% to 2.5% over Euribor. Fixed rates usually vary from 3.5% to 6%, depending on the loan and the fixed period duration. There are programs combining fixed and variable rates.
Mortgage registration
On the property bought in Greece. Most banks require security of 120% to 130% of the loan amount.
Period of loan
In most cases up to 30 years. The applicant’s age must not exceed the 75th year at the loan’s maturity.
