Young people with an average age of 37, an annual income of €21,000, and a dream of owning their own home. These are the majority of the 70,000 citizens who have received pre-approval under the “My Home 2” program. With 60% of applicants being married and 40% single, the demand for homeownership remains strong in a market where the average value of properties included in the program reaches €140,000.

However, behind the impressive numbers, the process remains a time-consuming battle with the banks. Despite applications exceeding all expectations, only 800 approvals have been finalized by banking institutions, with the total amount disbursed reaching €94 million. The goal is to benefit 20,000 citizens with an average loan of €110,000, but the real challenge lies in the speed of the process and the adequacy of available funds. The program will continue until the allocated funds are exhausted, while the collaboration between the Land Registry and the Hellenic Development Bank is expected to accelerate the contract finalization procedures.

Noteworthy is the high activity in banks, particularly in the mortgage sector, as the second round of the “My Home 2” program has triggered a “crowd rush” of interested citizens seeking to acquire their first home with 50% of the loan interest-free. It is indicative that the number of applications deemed eligible has reached nearly 100,000 (99,337) out of a total of 125,491 submitted, while pre-approvals stand at 70,000. Of these, 830 have already been processed through the banking system, with a total value of €94.2 million.

According to the latest available data, total applications amount to 125,491, of which 71,224 have been approved, while 28,113 have been rejected. The average loan amount is €113,000, covering properties of approximately 90-100 square meters, with an average value of €140,000. The average age of applicants is 37, with an annual income of around €21,200. Interestingly, 40% of submitted applications concern individuals aged 40-50, while 60% are married and 40% are single.

With the aim of supporting housing policy and improving citizen services in property transactions, the Hellenic Development Bank and the Land Registry have agreed on a joint action framework. The two entities are working closely to expedite the process of registering property sale and transfer contracts for program beneficiaries.

Who is Eligible?

The “My Home 2” program facilitates home acquisition for 20,000 beneficiaries. It is available to individuals or couples aged 25 to 50 with an income of up to €20,000 for singles, up to €28,000 for couples (plus €4,000 per child), and up to €31,000 for single-parent families (with an additional €5,000 per child). It applies to properties with a contract value of up to €250,000, a maximum area of 150 square meters, and a construction year up to 2007. It offers low-interest loans of up to €190,000, with repayment terms ranging from 3 to 30 years.

Half of the loan is interest-free, funded by the Recovery Fund, while the remaining 50% is subject to bank interest rates. For families with three or more children, the interest-free portion increases to 75%, with the remaining 25% being bank-financed.

How to Apply

The application process is carried out through participating banking institutions. Interested individuals submit their application to only one bank of their choice. If the application is rejected or no response is received within 30 days, they may submit a new application to another bank. The bank has 30 days to decide on the pre-approval of the loan.

The pre-approval remains valid for at least 60 days, within which the applicant must inform the bank of the loan amount they wish to receive, providing the necessary documentation. If all terms and conditions are met, the applicant is notified to finalize the property purchase contract and subsequently sign the loan agreement.

The approval remains valid for 90 days, during which both the final purchase contract and loan agreement must be completed. If, by the expiration date, the beneficiary has signed the final purchase contract but the loan agreement has not yet been concluded, an extension of 30 additional days may be granted.