Non-EU citizens can only take out mortgage loans in Greece if they hold a national residence permit.

Greek banks offer higher interest rates than those of other EU countries, but also issue loans with greater LTVs.

Foreign mortgage loan terms in Greece (as of November 2016) Source: Lola Saurova, Tranio´s partner in Greece

Maximum LTV ratio 90%
Minimum loan amount €20,000
Fixed rates 3.5-7.25% p.a.
Loan term 6-30 years
Minimum age of borrower 25
Maximum age of borrower
by the end of the loan term
57
Maximum percentage of monthly
income for mortgage
20%

Documents

Prospective lendees must submit the following documents to Greek banks:

  • valid passport
  • Greek residence permit (for non-EU nationals)
  • proof of income:
    • for employees: personal income tax forms for the three previous years and the certificate of employment (on the company's form) specifying the hiring date and net income after tax and insurance payment deduction
    • for business owners: personal income tax forms for the two previous years and tax return (or copy) for the previous year, certifying the amount of income generated by the company or the entrepreneur's property
    • for retirees: a certificate from the tax office proving the absence of the necessity of paying taxes in view of retirement, pension passbook copy and copies of pension notifications for the three previous months
  • proof of residence (e.g. extract from the house register, certificate from a public utility service provider or passport office).

All foreign-language documents must be translated into Greek and notarised.

Loan applications usually take 4-12 weeks for approval.

Additional costs

Non-recurring mortgage costs in Greece range between €250 and €2,900. There are also additional property insurance payments of about €240 per year.

Additional mortgage costs in Greece (as of November 2016) Source: Lola Saurova, Tranio´s partner in Greece

Application processing €50-200
Preliminary loan approval €200-1,000
Mortgage arrangement fee Up to €700
Technical property
assessment
Up to €1,000
Property insurance About €240 per annum*
Life insurance (optional) From €300 per annum**
Early repayment penalty Depends on the loan
amount and term

*For a €100,000 existing property in Athens. The payment amount depends on the year the property was built, its location and its value.

**The exact amount depends on the borrower's age and other factors.

 
 
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Alexandru-Viorel Hincu
Property Advisor
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