MY HOME II: Advantages and Procedures for Acquiring a Residence

In a time when rental properties are scarce, and rental prices have significantly increased, the “My Home II” program has been introduced to facilitate first-home purchases.

What is the “My Home II” program, and what is its purpose?

The “My Home II” program is a government initiative that subsidizes housing loans, providing financing of up to 90% of the property’s value. Its aim is to support young individuals and families in acquiring their first home, with particular emphasis on:

• Families with three or more children

• Single-parent families

• Families purchasing property in specific municipalities in the Evros region

Eligibility Criteria and Requirements

• Age Requirements
  Beneficiaries must be aged 25–50 at the time of application. Couples or civil partners are eligible as long as one partner is within this age range. Applicants must not own other suitable housing and must meet income criteria.

• Income Requirements
  - Minimum annual income: €10,000
  - Maximum annual income:
  - Singles: €20,000
  - Married or civil partners: €28,000 (+€4,000 per child)
  - Single-parent families: €31,000 (+€5,000 per additional child beyond the first)

Income is calculated based on either the most recent tax year or the average of the last three years.

• Special Categories
  Certain beneficiaries (e.g., families with three or more children or those purchasing in specific Evros municipalities) receive 75% interest-free loans.

Key Property Eligibility Criteria

Properties must:

• Be built before 2007

• Have a market value of up to €250,000

• Be up to 150 m²

• Serve as the primary residence

• Be located in a residential area

• Rental of the property is prohibited for the first seven years, with violations potentially leading to contract termination

Differences Between “My Home” and “My Home II”

Key updates in “My Home II” include:

• Age range expanded to 25–50 years

• Increased income limits (e.g., €20,000 for singles, €28,000 for couples)

• Property value limit raised to €250,000

• Introduction of a special provision for families in Evros municipalities

Benefits of the “My Home II” Program

Beneficiaries can secure housing loans of up to €190,000 (90% of the property’s value) with favorable terms:

• 50% of the loan is interest-free (Recovery and Resilience Fund).

• The remaining amount is financed at a reduced interest rate through banks.

Example: For a €200,000 home, €90,000 is interest-free, and €90,000 is at a reduced rate.

Steps to Participate

• Application Submission: Submit an application with necessary documents through gov.gr to obtain an eligibility certificate, followed by submission to a bank.

• Pre-Approval: The bank evaluates the application within 30 days.

• Property Notification: Notify the bank about the property.

• Program Inclusion: Bank reviews documents and informs the applicant.

• Legal and Technical Checks: Conducted within 90 days.

• Final Loan Approval: Confirm the financing amount.

• Contract Signing: Finalize the property purchase.

Why Choose Engel & Völkers?

Engel & Völkers offers:

• Expert consultants to guide you through the process.

• A wide range of eligible properties

• Comprehensive support for stress-free transactions

Properties Eligible for the Program

Properties up to €250,000, built before 2007, and up to 150 m² are eligible. Engel & Völkers offers a selection of properties meeting these criteria.