Loan amount
From €20,000
The financing percentage depends on the purpose of your mortgage loan:
- Up to 80% of the estimated value of the pre-noted property as designated by the Bank’s engineer.
- You can borrow up to 90% of the property value provided that certain criteria are met:
1) you are up to 50 years old
2) the purpose of the loan is to buy or build you first residence
3) the loan amount does not exceed € 500,000
Interest rate
Variable rate based on the
Euribor 1M
plus a fixed spread set indicatively within a range from 1.50% to 2.80%.
On top of Interest rates Levy of Law 128/1975 is charged, currently set at 0.12%.
Loan’s rate spread, is calculated during the loan application assessment according to the Bank's current Credit Policy framework, taking into account factors such as credit history, type of collaterals, loan amount and loan tenor.
A 0.15% discount on the interest rate is offered, provided that the property falls under one of the following energy efficiency categories: A +, A, B +. as certified by the designated Bank’s engineer. If the loan has been granted for the purpose of construction or repair and after the completion of the works, the house falls under an energy efficiency category other than A +, A, B + as certified by the designated Bank’s engineer, from that moment on, the discount is terminated and the interest rate/spread of the loan is charged with an extra of 0.15%.
The instalment amount may vary, according to the fluctuation of the interest rate of the loan.
In case of skipping
Life & Permanent Total Disability Insurance, the above mentioned rates/spreads may be increased.
INDICATIVE EXAMPLE
For a loan amount of € 100,000€, with property pre-notation, tenor 35 years, thus 420 monthly instalments, floating interest rate of Euribor 1M (3,63% on 12/06/2024), plus margin of 2,80% (plus l. 128/75, 0.12% levy), Application Fee: 0€, Legal check Cost: 50€, Technical check Cost: 150€, the following apply:
Monthly Instalment: 607.59€
Total Credit Amount: 100,000€
Total Credit Cost: 155,591.10€
Total Amount to be paid: 255,591.10€
APR: 6.77%
The APR is calculated based on the assumption that the floating rate will remain at current levels for the entire loan duration.
It is noted that the APR, the monthly instalment and the total repayment amount above are indicated only as an example and arise only if the data mentioned above exist.
Furhermore, the insurance of the pre-noted property against the risks of Fire / Earthquake is mandatory for insured capital equal to the value of reconstruction of the property. It is possible to join a group insurance policy offered by the Bank with an insurance company of its choice or bring an individual insurance policy by an insurance company of your choice, in accordance with the policies and procedures of the bank.
The above example does not include insurance policy costs for the pre-noted property against the risks of Fire / Earthquake and Life & Permanent Total Disability protection of the borrower
Loan term
From 3 up to 35 years
It is noted that the borrower at the end of the loan tenor cannot exceed the age 75 years old.
Grace period
Option for a grace period from 6 to 18 months, for a loan for the purpose of construction, completion or purchase of a property under construction.
Disbursement
Depends on the loan’s purpose:
- Purchase – immediate disbursement of the amount of completed property,lump-sum
- Purchase of a property under construction, completion, radical repair – partial disbursements based on the progress of the works.
Repayment
In
monthly instalments which repay:
- Interest, capital and insurance costs
- Insurance costs in case of a grace period
- Instalments are debited directly to your deposit account
Each instalment is paid on the same date of each calendar month and its amount is calculated based on the current interest rate and the number of instalments. The interest is calculated on the basis of a calendar year of three hundred and sixty-five (365) days. The number of instalments is adjusted according to loan tenor selected by the customer.
Failure to fulfil obligations under the loan agreement may have legal or financial consequences for the borrower.
Early repayment option
Full or partial early repayment option at any time, free of charge
Collateral
Pre-notation of property.
Insurance coverage
- Compulsory Fire-Earthquake Property Insurance for insured capital equal to the value of the property reconstructing
- Life & Permanent Total Disability Insurance for one of the borrowers, for insured capital equal to the approved loan amount.
- In case of your inclusion for the coverage against the above-mentioned risks in the group insurance policy offered by the Bank, the insurance costs are charged every month along with your loan instalment.
