There are a number of ways that you can pay for a property in Greece. Mortgage offers in Greece change on a day-to-day basis. Typically the maximum loan-to-value amount in Greece sits around 70 per cent, you must be under 70 to obtain a mortgage and the maximum loan term is usually between 25-30 years. Remember to factor the monthly repayment figure into your budget. Banks will normally not lend if repayments would be more than 30 per cent of your net monthly income. Interest rates will differ depending on the type of mortgage that you choose, but typically sit at around 4-5 per cent.
What criteria do lenders look at?
When your mortgage application is under consideration, lenders will look at the following:
- Your current income
- Type of income i.e. full time, part time, contract
- Number of dependents
- Type of loan requested
- General living expenses
- Current savings and other assets
- Financial commitments, including credit card debt and limits
We have good established relationships with some greek banks that can offer you credit programs for purchasing properties in Greece.