Loan amount
From €20,000
The financing percentage depends on the purpose of your mortgage loan:
- Up to 80% of the estimated value of the pre-noted property as designated by the Bank’s engineer.
- You can borrow up to 90% of the property value provided that certain criteria are met:
1) you are up to 50 years old
2) the purpose of the loan is to buy or build you first residence
3) the loan amount does not exceed € 500,000
Interest rate
During the period of fixed interest rate:
The interest rate is fixed for the first 3 or 5 or 10 or 15 or 20 or 25 or 30 years, and may be set indicatively within a range from 2.35% to 4.75%, depending on the loan characteristics and the transactional behaviour of the client.
During the period of floating interest rate:
A fixed interest rate can be selected for a specific initial period (with a max tenor of 30 years) and a floating interest rate for the remaining period (with a max total loan tenor of 35 years).
The floating interest rate is based on Euribor 1m plus a fixed spread, set indicatively within a range from 1.40% to 2.80%, for the rest of the loan tenor.
On top of Interest rates Levy of Law 128/1975 is charged, currently set at 0.12% for residential properties.
Both fixed interest rates and floating rate spreads, are calculated during the loan application assessment according to the Bank's current Credit Policy framework, taking into account factors such as credit history, type of collaterals, loan amount and loan tenor.
A 0.15% discount on the interest rate is offered, provided that the property falls under one of the following energy efficiency categories: A +, A, B +. as certified by the designated Bank’s engineer.
If the loan has been granted for the purpose of construction or repair and after the completion of the works, the house falls under an energy efficiency category other than A +, A, B +, from that moment on, the discount is terminated and the interest rate/spread of the loan is charged with an extra of 0.15%.
For loans with floating interest rate, the instalment amount may vary, according to the fluctuation of the interest rate of the loan.
In case of skipping Life & Permanent Total Disability Insurance, the above mentioned rates/spreads may be increased.
APR (Annual Percentage Rate of charge) INDICATIVE ΕXAMPLE
For loan amount 100,000€, with property pre-notation, tenor 30 years, thus 360 monthly instalments, fixed interest rate 4.75% for the entire duration of the loan (plus Levy L. 128/75, 0.12%), Application Fee: 0€, Legal check Cost: 50€, Technical check Cost: 150€, the following apply:
Monthly Instalment: 528.90€
Total Credit Amount: 100.000 €
Total Credit Cost: 90,663.78€
Total Amount to be repaid: 190,663.78€
APR: 5.00%
It is noted that the APR and the total repayment amount above are indicated only as an example and arise only if the data mentioned above exist. Furhermore, the insurance of the pre-noted property against the risks of Fire / Earthquake is mandatory for insured capital equal to the value of reconstruction of the property. It is possible to join a group insurance policy offered by the Bank with an insurance company of its choice or bring an individual insurance policy by an insurance company of your choice, in accordance with the policies and procedures of the bank.
The above example does not include insurance policy costs for property and life protection of the borrower
Duration
The minimum term of the loan is equal to the duration of the fixed interest rate,
except for the residence loan with a fixed interest rate of 3 and 5 years where their minimum duration is 7 years.
The maximum duration depends on the purpose of your mortgage:
- Purchase, construction, completion or renovation up to 35 years
It is noted that the borrower at the end of the loan tenor cannot exceed the age 75 years old.
Grace period
Option for a grace period from 6 to 18 months, for a loan for the purpose of construction, completion or purchase of a property under construction.
Disbursement
Depending on the purpose of the loan:
- Purchase of ready property – lump sum
- Purchase of a property under construction, completion, renovation, repair – partial disbursements based on the progress of the works.
Repayment
In monthly instalments which repay:
- Interest, capital and insurance costs
- Interest and insurance costs, in case of a grace period
Instalments are debited directly to your deposit account.
Each instalment is paid on the same date of each calendar month and its amount is calculated based on the current interest rate and the number of instalments. The interest is calculated on the basis of a calendar year of three hundred and sixty-five (365) days. The number of instalments is adjusted according to loan tenor selected by the customer.
Failure to fulfil obligations under the loan agreement may have legal or financial consequences for the borrower.
Option for early repayment
Full or partial early repayment option at any time, free of charge
Collateral
Pre-notation of property.
Insurance coverage
- Compulsory Fire-Earthquake Property Insurance for insured capital equal to the value of the property reconstructiνγ
- Life & Permanent Total Disability Insurance for one of the borrowers, for insured capital equal to the approved loan amount.
- In case of your inclusion for the coverage against the above-mentioned risks in the group insurance policy offered by the Bank, the insurance costs are charged every month along with your loan instalment.
