Loan amount
From €20,000
Depending on the purpose of the mortgage loan, the percentage that can be financed is:
- 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
The interest rate
varies according to the Euribor 1M rate
plus a fixed spread set indicatively within an range from 1.55% to 2.95%.
The interest rate of the loan is formed upon evaluation of your loan application by the Bank in accordance with its credit policy, taking into account factors such as customers’ credit history, the collateral, the loan amount and loan duration.
Interest rates are also subject to the Law 128/1975 levy. Today it stands at 0.12% for homes and 0.6% for business premises.
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
INDICATIVE EXAMPLE
For a loan amount €100,000 with property pre-notation, tenor 35 years, thus 420 monthly instalments, floating rate of Euribor 1M (3.13% on 31/10/2024), plus a margin of 2.95% (plus l. 128/75, 0.12% levy), Application Fee: 350€, Legal checks cost: 50€, Technical checks cost: 150€, the following apply:
Monthly Instalment: 583.68€
Total Credit Amount: 100,000€
Total Credit Cost: 145,847.74€
Total Amount to be paid: 245,847.74€
APR: 6.43%
The APR is calculated based on the assumption that the floating rate will remain at current levels for the entire loan duration.
It is noted that the APR, the monthly instalment and the total repayment amount above are indicated only as an example and arise only if the data mentioned above exist.
Furthermore, 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.
Loan term
From 3 to 35 years depending on the intended purpose of the mortgage loan:
- To buy, build, complete, renovate or repair a house a home – from 3 to 35 years.
- To repay a loan from another bank – up to 3 years + the number of years remaining from the original loan
It is noted that the borrower at the end of the loan cannot exceed the age of 75 years old.
Grace period
Option for a grace period from 6 to 18 months, for a loan with 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 property under construction, completion, renovation, repair - partial disbursements based on the progress of the works
Repayment
In
monthly instalments that repay:
- Interest, capital and insurance costs
- Insurance costs, in case of a grace period
Instalments are debited directly to your deposit account.
Option for early repayment
Full or partial early repayment option at any time,
free of charge.
Collateral
Collateral can either take the form of a mortgage lien on the property or a pledge of cash or securities.
Insurance coverage
- Compulsory Fire and Earthquake Insurance for insured capital equal to the value of the property reconstructing
- Life and permanent total disability insurance for one of the borrowers, for an 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.
