How to get the “Spiti mou” co-financed mortgage loan

Book an appointment to visit a branch near you. Bring with you:

• The supporting documents  that verify your personal and financial details.
• The property identification number (ATAK) and full address of the property for which you want to take out a loan, if this information is available.

We will confirm together whether you meet the eligibility criteria, as defined by the “Spiti mou” co-financed government scheme.

• Age – 25-39 years.
• Income – €16,000 for singles, €24,000 + €3,000 per child for couples who are married or civil partners, and €27,000 + €3,000 per child, beyond the first one, for single-parent families.
• Assets.
• Property tied to the loan – Up to 150 sq.m., commercial value up to €200,000 and at least 15 years old.

Find out more about the eligibility criteria.

We will fill out the application together.

Loan pre-approval through Alpha Bank

We assess your ability to take out a loan in banking terms.

If your application receives a pre-approval, we provide detailed information about the documents you need to submit. You have 60 days to submit the relevant documents for the property you are interesting in buying, such as:

• Building permit.
• Title deed.
• Property identification number (ATAK).

Initial HDB evaluation

We send your application to the Hellenic Development Bank (HDB) to verify if:

• The funds for your inclusion in the scheme are available and can be reserved until you receive the final approval.
• Another applicant is looking to buy the same property.

Once the HDB evaluation is complete, we inform you about the outcome.

Inclusion in the scheme

Once you are included in the scheme, the HDB reserves the budget for your eligible application.

We inform you about the HDB decision and initiate the process of the engineering inspection and due diligence on the property.

Before the process starts, you must pay the relevant fees.

Starting from the date your application is included in the scheme, the deadlines are:

• 60 days to complete the engineering inspection and due diligence.
• 6 months to disburse the loan.

Due diligence

Our lawyer reviews the legal status of the property at the Land Registry or the National Cadastre.

Engineering inspection

Our engineer verifies that the property complies with legal requirements and determines its value.

Agreement signing

Once we confirm that the property meets the requirements for taking out a loan, we inform you about the final approval and final loan amount.

Upon that you:

1. Sign the property purchase agreement.
2. Deliver a copy of the purchase agreement to a branch near you.
3. Sign the loan agreement.
4. Insure the property against fire and earthquake.

Final evaluation and HDB approval

We then send your loan agreement to HDB for the final review of your application.

Final approval by HDB is required for you to get the loan, even if you have already signed the loan agreement.

Mortgage lien

Once the HDB final evaluation is complete, we inform you about the outcome.

If your loan is approved, we proceed with:

• Taking a mortgage lien on the property.
• Registering the mortgage lien with the corresponding Land Registry or National Cadastre.

Disbursement

Once the mortgage lien process is completed, we inform the HDB to disburse the amount that has been approved for your mortgage loan.

Upon that, the loan amount is deposited into your account.

If the deadlines specified by the scheme are not met, the application is rejected and the HDB releases the amount of the eligible application.  You have the right to submit a new application, assuming there are available funds in the scheme budget.