Current Mortgage Situation in Greece

• Mortgages are legally permitted but rarely issued to foreign or local buyers
• Exceptions:
• Large Greek companies with good market reputation
• New build properties: possibility of interest-free installments for 1-5 years (with 50% down payment)
• Legal entities can apply for mortgages 2-4 years after property purchase

Standard Mortgage Terms in Greece (as of April 2018)

Term	Details
Maximum LTV ratio	90%
Mortgage rate	3.5–7.25% p.a.
Mortgage term	6–30 years

Borrower Age Requirements

Requirement	Age
Minimum age	25 years
Maximum age at loan end	57 years

Required Documentation

1. Valid passport
2. Proof of income:

• For Employees:
  • Personal income tax returns (previous 3 years)
  • Employment certificate with hiring date and net income
• For Business Owners:
  • Personal income tax returns (previous 2 years)
  • Company tax return for previous year
• For Retirees:
  • Tax office certificate proving tax exempt status
  • Pension card copy
  • Pension notifications (past 3 months)

1. Proof of residence
2. Greek residence permit (if applicable)

Note: All foreign documents must be translated into Greek and notarized

Application Timeline

• Processing time: 4 to 12 weeks

Mortgage Registration Costs

Cost Breakdown for Properties in Athens (above €100,000)

Cost Type	Amount
Application fee	€50–200
Preliminary mortgage approval	€200–1,000
Mortgage registration fee	Up to €700
Technical property appraisal	Up to €1,000
Property insurance*	About €240 p.a.
Life insurance (optional)**	From €300 p.a.
Early repayment penalty	Varies based on loan amount and term

*Property insurance cost depends on:

• Building year
• Location
• Property value

**Life insurance cost depends on:

• Borrower’s age
• Other individual factors

Total registration costs: Approximately 1% of loan amount