"My home", a Greek government's initiative for prime residence
The scheme has a total budget of €1.74 billion available.
The bill -that addresses legal issues in order for the Social Housing Strategy ("My Home" program) to take shape from the beginning of 2023- was presented by the Minister of Labor and Social Affairs, Kostis Hatzidakis, to the cabinet.
More than 137,000 citizens will be able to take advantage of the scheme that has a total budget of €1.74 billion available.
The actions specified by the provisions of the bill comprise low-interest housing loans, social compensation, as well as the "Coverage" and "Renovate-Rent" programs (for the "Save-Renovate" program, which is also included in the package of measures, not legislation is needed and the guide was pre-published).
In addition, the bill includes regulations prepared in order to free up public property, in order to use it for housing purposes, speeding up the relevant procedures and taking special care of the fire victims of Eastern Attica (Mati).
The program is especially designed for young people and young couples (with a religious/political marriage or with a cohabitation contract) aged 25-39 (one of the two) with annual net income of 10,000 euros up to the limits provided, depending on the marital status, for the payment of the heating allowance. Borrowers should also not own another home that meets their housing needs.
Beneficiaries will be allowed to acquire, through the program, a first home with value up to 200,000 euros,spanning up to 150 sqm and been constructed til 2007, with an interest-free or low-interest loan.
The loan can reach a maximum of 150,000 euros, covers up to 90% of the value of the property and will have a duration of up to 30 years. The final interest rate is euribor (quarterly) +1%, while for three children and many children, as well as for those couples who have 3+ children, during the repayment, the loan will be converted to interest.
It is been also noted that no guarantor is required for the loan approval and the loan agreement should be signed within eight months of the pre-approval of the loan.
The budget of the program is 500 million euros, with provision for doubling, depending on the demand that will be manifested.