Mortgage loan in euro as a foreign currency

A mortgage loan in EUR which, according to Law 4438/2016, is considered a loan in Foreign Currency, in cases where:

a) you reside permanently in a Eurozone country including Greece or in one of the countries Switzerland/ England/ America and
b) your passport has been issued in one of the above countries and you receive income in CHF/GBP/USD  

In these loans, there is a foreign exchange risk due to fluctuation in the EUR/income currency exchange rate or EUR/official currency of residence.

From 20.000€ and up to 80% of the estimated value of the designated property and depending on the purpose of the loan, your country of residence and your nationality.

Specifically, the financing rate can be:

• Up to 70% of the estimated value of the designated property, according to the bank's engineer's assessment.
• Up to 80% of the estimated value of the designated property, according to the assessment of the bank's engineer for Greek nationals living in Greece and receiving income in one of the currencies CHF, GBP, USD.

The minimum duration of the loan is 3 years for floating rate products, 7 years for fixed rate products and the maximum duration is 30 years, provided that at the end of the loan the age of the borrower does not exceed 70 years. In particular a) for customers with a nationality other than Greek, living in a Eurozone country or in Switzerland, England, America, the maximum duration is 20 years and b) for Greeks residing in Greece and receiving income in CHF or GBP or USD, the maximum duration is offered up to 35 years and the age at maturity is 75 years.

Floating, based on the monthly Euribor plus a fixed spread for the whole tenor of the loan from 1.75% to 3.15%.

The amount required to be converted from your alternative currency to pay your installment in euros will vary depending according to the exchange rate fluctuation between the euro/alternative currency.

If you exercise the right to change the loan currency, the base interest rate for calculation will also change, if you choose a floating rate, depending on the selected alternative currency, while the spread may be redefined according to the bank's pricing policy at the time of the currency conversion application.

For a loan amount of €100,000 with property prenotation security, repayment duration of 20 years, i.e., 240 monthly installments, floating interest rate Euribor 1M (3.13% on 31/10/2024), plus a spread of 3.15% (plus contribution of Law 128/75, 0.12%), Application Examination Fee: €500, Legal Check Cost: €50, Technical Check Cost: €150, the following applies:

• Monthly installment: €739.70
  
• Total Credit Amount: €100,000
  
• Total Credit Cost: €78,257.72
  
• Total Amount Payable: €178,257.72
  
• APR: 6.69%

In monthly installments covering:

• Interest, principal and insurance premiums

Information about your loan installment

• The payment of the mortgage loan installments is automatically made from your deposit account in euros or converted to euros from your account in an alternative currency.
• Each installment is paid on the same date of each calendar month, and its amount is calculated based on the prevailing interest rate and the number of installments. The interest is calculated based on a calendar year of three hundred sixty-five (365) days. The number of installments is determined according to the customer's chosen duration of the loan.
• Non-compliance with obligations from the loan contract may have legal or financial consequences for the borrower.

Depending on the purpose of the loan:

• Lump sum for the purchase of a ready-made property
• Partial disbursements based on the progress of the construction for purchase under construction, erection, completion, renovation, repair

• Mandatory property insurance against Fire-Earthquake for an insured capital equal to the reconstruction value of the property.
• Life & Permanent Total Disability insurance for one of the borrowers, for an insured capital equal to the approved loan limit.