In an effort to meet their growing housing demands, National Bank (NBG) is introducing a mortgage program for young people. This initiative also aims to stimulate the stagnant mortgage market as a result of low demand.
The bank stated that the primary characteristic of the new NBG mortgage, which is available to interested people up to 45 years old through the “My First Home” program, is that it “requires a lower equity participation, starting from 10% of the commercial value of the property.”
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As a result, the new product adopts the flexibility of the new restrictions imposed by the Bank of Greece (with the mortgage for first-timers reaching up to 90% of the asset’s worth) while also borrowing aspects of the government-promoted “My Home” program from the previous year.
The extended repayment period—up to 40 years—the option of a low down payment and a fixed interest rate, beginning at 3%, the waiver of the expense of reviewing the loan request, and the potential to approve a “Express” personal loan to pay for supplemental housing-related costs are the salient features, and the possibility of granting an “Express” personal loan to cover additional expenses related to the residence.
