The application process for the DYPA (formerly OAED) program for obtaining housing loans with favorable terms for young people aged 25-39 has begun.
The program is aimed at approximately 10,000 beneficiaries who will ensure the acquisition of a privately owned home with an extremely lower monthly installment than that provided for in the housing loans on the market, as the 75% of the loan is granted by DYPA and is interest-free.
For beneficiaries with three and multiple children, as well as those who acquire this status after the loan has been granted, the loan is interest-free at 100%.
"My Home" Program - Conditions for joining
– Annual income of at least €10,000 which, however, does not exceed the equivalent of the heating allowance (i.e. €16,000 for singles, €24,000 for couples and €27,000 for single-parent families with an additional €3,000 for each child in the last two cases).
– The beneficiary must not have property, suitable for residence. Specifically: he should not own a property larger than 50 sq m (with an additional 10 sq m for each child, in the case of couples/single parents) located in the same regional unit as his place of work and used as a primary residence.
If the beneficiary has more than one property with the use of a first residence, it is considered that his housing needs are covered, therefore he cannot be included in the program.
My Home Program – Property criteria for purchase
The properties that the beneficiaries can choose, after first receiving pre-approval from the bank of their choice, must meet the following specifications:
- To have at least 15 years old
- To have an area up to 150 sq.m
- They are found within a residential zone
- Their commercial value (i.e. the final price stated in the contract) not to exceed €200,000
- The seller is not a relative of the first or second degree or a person with a cohabitation agreement with the buyer
- To be used as a first residence
The loan can cover up to 90% of the value of the property, its repayment period cannot exceed 30 years, while most banking institutions in the territory participate in the program (Ethniki, Piraeus, Alpha, Eurobank, Attica Bank, Pankritia and the Cooperative Banks of Epirus, Thessaly, Karditsa and Chania).
Example of a loan with the "My Home" program - Comparison table
Loan of €100,000 with repayment period of 30 years. Comparison table with corresponding mortgages on the market:
| Commercial loan | My Home Program | "My House" program (three children, many children) | |
| Loan amount | 100.000€ | 100.000€ | 100.000€ |
| Duration (months) | 360 | 360 | 360 |
| 3-month Euribor* | 3,012 % | 3,012 % | 3,012 % |
| Interest rate spread | 2,8 % | 2,8 % | 2,8% |
| Final interest rate | 5,812 % | 1,453 % | 0% |
| Loan installment | 587,52€ | 342,87€ | 277,78€ |
| Monthly Savings | 244,65€ | 309,74€ |
*European interest rate, March 2023 price.
Additional advantages of the "My Home" program loans
– The loan is exempt from the levy of Law 128/1975 which is currently 0.12%.
– The program covers cover costs for each potential borrower.
– It is not allowed to request a third party guarantee for the granting of the loan.
The total budget of the action amounts to 500 million euros while there is a provision for doubling this amount after it is used up.
