The opportunity to own their own home with a cheap mortgage loan will now be available to 40- and 50-somethings, couples with children or single people, through the new cycle of the “My House” program, expected to start in the fall.
The new €2 billion cycle of the program will target more than 30,000 beneficiaries aged up to 50 and will include widening income criteria and funding for the purchase of newer homes under the age of 15.
The criteria are being reviewed with a view to broadening them to cover a greater number of beneficiaries. The loan will cover up to 90% of the market value of the property and will have a term up to thirty years. Banks will finance the purchase of houses worth up to €200,000, increasing the limit from the €150,000 that applied in the first program.
Recall that through the “My House” program, young or young couples 25-39 years old, who did not have a property suitable for housing and met certain income criteria, could acquire a first home with a monthly installment significantly lower than that corresponding to market mortgages, as 75% of the capital is granted interest-free by the DYPA, while for three-parent and large-parent (and those who acquire this status) the loan is interest-free in its entirety.
The income criteria in the first program were: From 10,000 to 16,000 euros for a single person and up to 24,000 euros for a married person plus 3,000 euros/child.
10,000 to 10,000 children and 3,000 children per year.
The first round of the €1 billion program was aimed at young people aged 25-39 and so far €608.3 million has been disbursed for 6,305 beneficiaries. The new cycle will also include young people aged 25-39 who were left out of the first cycle either because of income criteria or because they were unable to find a home at least 15 years old.
The “My House 2”
The new scheme, which will start in January 2025, will provide – compared to the original one – expanded age limits for beneficiaries from 30-50 years old, as well as expanded income criteria, up to 40,000 euros.
At the same time, the criterion of the age of buildings up to 15 years old is expected to be lifted, which will be extended to 30 years, in order to make it possible to meet the needs in housing.
My Home
The new cycle of the first home acquisition program will be a continuation of the successful “My House” program for young people and couples up to 39 years old, will be worth €2 billion and will have over 20,000 beneficiaries.
It is recalled that through the previous program with a total budget of one billion euros, 6,305 disbursed loans for the purchase of property have been disbursed, while at the end of the year 9,155 young couples will have acquired their own home.
