"My Home" youth housing program

The interest rate is floating for the entire loan duration, and is equal to Euribor 1M/4 plus a margin of 2.50%/4.
For example, if the Euribor 1M rate is 2.92%, then the loan will have interest at a rate of 1.35%, i.e. (2.92%+2.50%)/4.

In detail, the interest rate is structured as follows:

• Zero interest rate for the loan amount financed by funds of the Public Employment Service (3/4 of the loan)
• Euribor 1M plus a fixed margin of 2.50% for the loan amount financed by funds of the bank (1/4 of the loan)

The interest rate is not charged with the levy of Law 128/75, in accordance with Law 5006/2022.

• The APR, monthly installment, and total amount payable are mentioned exclusively for example purposes and are derived only under the precondition that the aforementioned data will exist.
• The APR has been calculated on the assumption that the floating interest rate remains at the same level for the entire term of the contract.
• We emphasize that the insurance of the pre-notated property against the risks of Fire/Earthquake is mandatory for an insured capital equal to the property's reconstruction value. There is the option to join a group insurance policy that the bank contracts with an insurance company of its choice or to submit an individual insurance policy from an insurance company of your choice, according to the bank's policies and procedures.
• The above example does not include insurance policy costs for property and life protection of the borrower.

Zero application fee
The cost of property appraisal, legal checks, representation at the court for the lien and land registry costs are incurred according to the bank's Pricing Policy.

Note:

According to the terms of the program, the cost of the appraisal as well as the 1st & 2nd legal check of a property will not exceed €500.

The loan is repaid in monthly installments.
(i) Information about the installments of your loan:
The installments are paid automatically from the linked bank account.
Each installment is paid on the same date of each calendar month and the amount is calculated based on the current interest rate and the number of installments.
The installment amount may vary, depending on the fluctuation of the lending rate.
Interest shall be calculated on the basis of a calendar year of three hundred sixty-five (365) days.
The number of installments is adjusted according to the loan term selected by the client.
In case of interest rate subsidy (for families with three or more children) the beneficiary is not charged with interest, therefore he only repays the loan capital. If the subsidy is terminated, the loan is repaid in monthly installments bearing the interest rate mentioned above.


Notes:

• If the interest rate is subsidized (for families with three or more children) the subsidy is discontinued in case of default >90 days with the possibility of reinstatement upon approval by the Program Investment Committee, provided that the overdue debts are paid in full or if the loan is included in some kind of settlement.
• In case of inclusion for Fire/Earthquake and Life/PTD risks in the group insurance policy offered by the bank, the premiums shall be paid every month with the loan installment.
• Defaulting on the loan agreement may have legal or financial consequences for the borrower as indicatively referred to in Law 5006/22-12-2022 and Official Gazette 1180/01-03-2023.

The loan shall be disbursed in a single installment.

Total loans granted through the program are estimated to reach €500 million (€375 million from the Public Employment Service and €125 million from the Banks).

Eligible for the program are individuals (single, married or connected by a cohabitation agreement

• aged between 25 and 39 years, at the time of application submission
• who do not have a property suitable for residence
• with an annual income from €10,000, up to the corresponding limit set for the heating allowance, according to their family status, as follows:

Basic eligibility criteria of the financed property, which must be met cumulatively:

• size up to 150 sq.m.
• at least 15 years old at the time of its acquisition (as shown by the building permit)
• maximum value up to €200,000 (according to the sales contract)
• use as a main residence

Νοtes:

• The age limit must be met by at least one of the two individuals in the case of a couple.
• The program is offered to people who have turned 25 but not yet 40 (e.g. a customer aged 39 years and 8 months meets the age criterion)
• It is not permitted to purchase a property from a first or second degree relative of the buyer or from a spouse or a person connected by a cohabitation agreement (e.g. from parents to children, siblings, etc.)
• In case the applicant owns a property, it is considered suitable for residence if the following are cumulatively met:
  
  
  • has area size of more than 50 sq.m., which is increased by 10 sq.m. for each family member who lives with the applicant (including unborn children at the time of submitting the application)
  • the applicant has full ownership or usufruct of the property in excess of 50%
  • has residential use
  • it is located in the same prefecture as the applicant's place of work or profession. Exception to this for the islands, except for Crete, where the assessment of the suitability of the existing property is limited to whether the property is located within the island where the applicant's place of work or profession is located.
• In case of existence of more than one property with residence use, it is presumed that there is property suitable for residence regardless of whether or not the other property suitability criteria
• In the case of a couple, the verification of the above criteria regarding the suitability of the property apply to both spouses/parties of the cohabitation agreement, regardless of whether the loan application is submitted jointly or only by one.

Documents for Financial Pre-Approval of a Loan and eligibility check for inclusion in "My Home" program
Documents shall be provided by all parties involved in the loan.

 1.   Nationals within the EU:
Valid police ID or Passport

Non-EU nationals:

• Valid Residence permit & Passport of the country of residence or
• Special Identity Card for Emigrants (in case of Greek Citizenship) or Identity Card for Foreigners (in case of no Greek Citizenship), or Valid Identity Card of the Country of residence (in Latin characters)

 2.  Proof of income:
For employees/pensioners:

• Last available tax return for Greek Citizens or last 3 years tax returns for Nationals inside or outside the EU.
• last available tax declaration (E1 form) for Greek citizens or last 3 years tax declarations for Citizens inside or outside the EU.
• For employees, latest salary slip or official salary certificate from the company's accounting department (not handwritten), which should contain professional details, gross and net earnings, insurance deductions, tax, etc.
• For pensioners, quarterly/monthly pension settlement or the last pension payment slip or pension decision in case of either a pension application submission or a disability pension reception.

For freelancers/entrepreneurs/farmers/breeders:

• Last 2 years tax returns for Greek Citizens or last 3 years tax returns for Citizens inside or outside the EU
• Last available tax declaration (form E1) for Greek citizens or last 3 years tax declarations for Citizens inside or outside the EU
• Documents for the last 2 financial years, proving the turnover of a sole proprietorship, OE, LLC, etc. (E3 or Form N) for Greek Nationals or for the last 3 years for Nationals inside or outside EU
• Certificate of dividend yield, if you are a shareholder of a company

Regardless of the occupation, additionally required:

• E2 form of the last tax years, in case of income from real estate.
• Electricity bill or phone or mobile phone statement, if the permanent residence address stated in the application is different from that of the Tax Return, for Citizens inside or outside the EU.

 3.   Additional documents to verify the eligibility criteria

Family status verification:

• Family status certificate issued no earlier than one (1) month before the submission of the loan application or
• Copy of a court decision in case of divorce or annulment of marriage or dissolution of the cohabitation agreement or other exceptional cases or
• Declaration of article 8 of Law 1599/1986 that he/she is in fact and exclusively exercising parental care of one or more minor children, (in cases of a single-parent family).

Proof of property suitable or not for residence:

• E9 form of the last tax year or
• Printout from taxisnet that there are no declarations of real estate property (E9)
• Certificate of Uniform Property Ownership Tax of the last fiscal year (EN.F.I.A.)
• Certificate from the employer proving the place of professional employment or
• E3 form -Statement of financial data from the applicant's business activity
• Medical Note in case of pregnancy.

Special declaration (sample provided by the bank):

• of article 8 of Law 1599/1986 (A' 75), by which the applicant certifies that the information stated in the submitted supporting documents is true and complete, the supporting documents are genuine and that he has been informed about the terms of the Program which he fully accepts.

Notes:

• the income criteria are checked against the last available tax declarations (E1) or Tax Returns. In case of spouses/ partners with a cohabitation agreement, the family income is taken into account, regardless of whether they submit separate tax declarations or whether only one of them submits an application for a loan.
  
• the income data and the data related to the non-existence of real estate property (E9, EN.F.I.A, etc.) are provided by both spouses or parties to a cohabitation agreement, regardless of whether they both participate in the loan.
  
• detailed information regarding the necessary supporting documents for checking the eligibility criteria as well as the supporting documents for the legal and technical control of the property can be obtained from the Official Gazette (FEK) B' 1180/01-03-2023
  
• if you are a customer of Piraeus Bank, it is possible that the identification documents you have provided are not complete or up to date. In this case you will have to provide us with the necessary supporting documents to update them.

From 03/04/2023, you can apply for the Program through the Bank's Branch Network.
Loan applications in the context of the program will be accepted until state funds are exhausted and will be evaluated according to the bank's credit policy. According to the Press Release on 25.09.2023 of the Public Employment Service on Friday 29/09/2023 at 14:00 the deadline for submitting applications expires.

In order to learn more about the "My Home" Program:

• visit the official website of the public employment service (https://dypa.gov.gr)
• ανατρέξτε στο ΦΕΚ 1180/01-03-2023

To find out more about the financing options under the "My Home" program through Piraeus Bank:

• Visit a Piraeus Bank branch
  Find a nearby Branch
• Contact the Bank's Contact Center at +30 210 32 88 000