The new cycle of the “My House” €2 billion program – second quarter of 2025 – funded by the Recovery Fund, is being activated immediately. With the “My House 2” program, about 15,000 citizens aged up to 50 will be able to home with a cheap mortgage loan as the interest rate will be reduced by 50%, compared to the interest rate that banks grant mortgages.

Minister of Cohesion and Family Sofia Zacharaki, in an interview with ERT a few hours after the Prime Minister’s speech at the TIF, noted that “if I had to make a time estimate for when the new program will start, I would say shortly after the first quarter of 2025.

The details, according to Ms. Zacharaki, will be announced soon, but at the moment the broadening of the income criterion is being considered.

“So from 16,000, which was the old program, we will reach 20,000 as the initial amount for the single applicant and then,” she noted, “we will have significant increases in family income and an increase per child by 4,000. I think we will give a lot of our fellow citizens breathing space, because as the Prime Minister said, it will involve about 15,000 couples who will be able to get their own home.”

Raising the age limit

Announcing My House 2, the Prime Minister stressed that ” we will take it up to the age of 50 because I often hear complaints from the generation in their 40s, who faced the full brunt of the crisis and we excluded them from the program. And they’re right.”

“I often meet fellow citizens who feel this great satisfaction that they were able to own their own home by paying a mortgage payment that is lower than they would have paid if they were renting a home. We have also secured 400 million from the recovery fund to make loans of up to 20,000 euros at zero interest rate with the sole aim of upgrading the energy efficiency of almost 20,000 old houses, a program that is ongoing,” he added.

The new cycle of the program

The new cycle of the program is expected to give a significant boost to housing credit, as loans granted by banks under My House II will cover up to 90% of the commercial value of the property and will have a repayment term of up to 30 years.

The basic characteristics for obtaining the new subsidized housing loans stipulate that the area of the property must be up to 150 square meters, the value of the property must be up to 200,000 euros and the properties must be located in a residential area.

The income criteria for inclusion in the program are expected to be expanded with an increase in the threshold to 20,000 euros (from 16,000 euros for single people) and a corresponding increase in the threshold for couples and those with children.

Currently the income criteria are 16,000 euros for unmarried people and 24,000 euros for a couple, with an increase of 3,000 euros for each child. Single-parent families have a maximum income threshold of 27,000 euros. Changes are also being considered in the “cutter” of the age of the property.

Individual loans up to 20,000 euros

At the same time, a new €400 million program will be “run” through Recovery Fund funds, offering loans of up to €20,000, at zero interest, to owners of 20,000 homes to energetically upgrade them.