Two further benefits for those applying to “My Home 2” were decided during the meeting held this morning under Prime Minister Kyriakos Mitsotakis, focusing on the action framework implemented for acquiring a first home and upgrading the housing stock, with a focus on the new programs “My Home 2” and “Upgrade My Home,” co-financed by the Recovery and Resilience Fund.
Specifically, during the meeting, the following two benefits were decided:
- To broaden the eligibility criteria, not only citizens who met the income criteria in 2023 will be eligible, but also those who met them on average over a three-year period. This way, households that have managed to increase their income but still belong to the social groups targeted by the housing acquisition programs will not be excluded.
- In the new program, the pre-approval received by each applicant at the initial stages will not expire a few months later but will remain valid until the available resources are exhausted. This means there will be no need for the appeals process, and all interested parties will have the maximum possible time to finalize the signing of a contract for purchasing a home.
“Following the great success of the first ‘My Home’ program, through which more than 9,000 of our fellow citizens will be able to acquire their own home by essentially paying a mortgage installment lower than what they would pay for rent on a similar home, we are ‘building’ and launching the ‘My Home 2’ program with a total of 2 billion euros in resources,” noted Prime Minister Kyriakos Mitsotakis.
“The program will start in early January. We estimate that around 20,000 of our fellow citizens will benefit, and I believe it constitutes a very important pillar of the government’s overall policy to address the housing crisis,” added Kyriakos Mitsotakis.
50% of the loan will be interest-free and funded by the Recovery Fund. The remaining 50% will come from a low-interest bank loan. For families with three or more children, the allocation will be 75% interest-free and 25% interest-bearing.
Differences from the First ‘My Home’ Program
Compared to the previous program, the maximum age limit has been increased by 11 years, as ‘My Home 2’ will cover beneficiaries aged 25 to 50 years, and the income criteria have also been broadened. Specifically, eligible singles must have an annual income of up to 20,000 euros, compared to 16,000 euros in the previous program. The limit for a couple is 28,000 euros, up from 24,000 euros in the first program. The increase for each child is 4,000 euros, which is 1,000 euros more than before.
Greater provisions are also made for single-parent families. The income limit is now raised to 31,000 euros, which is 4,000 euros higher compared to the first program, and an additional 5,000 euros is provided for each child beyond the first, whereas the corresponding increase was 3,000 euros previously.
The new interest-free loan program ‘Upgrade My Home’ was also discussed, which will facilitate funding for various energy upgrades of primary and secondary residences, such as thermal insulation, replacement of windows, or the installation of solar water heaters.
“We are talking about 400 million euros, up to 25,000 euros interest-free loan – I repeat, interest-free loan – with a repayment period ranging from 3 to 7 years for expenses related to energy upgrades of homes, with virtually no income criteria and very easy disbursement,” emphasized the Prime Minister.
