Financial considerations

How much money do I have and how much can I borrow for a house in Greece?

The first thing you need to consider when buying a property in Greece is how much capital you can and want to invest, how much you can borrow and what mortgage is most suitable for your circumstances. You should also have an idea of ​​what other costs you will have to make, such as furniture and fees. We can also help you with applying for a mortgage in Greece. Most banks will give a maximum mortgage of 65% on the commercial value of a property in Greece. We also have lawyers who can apply for a mortgage for you at a Greek bank. In the Netherlands it is no longer possible to get a mortgage for a second home in Greece. However, if you have equity in your home in the Netherlands, you can borrow this amount and invest it in a second home in Greece. In Belgium you can sometimes get a mortgage for a second home in Greece.

Mortgage amount house Greece

The amount you can borrow for a house in Greece depends largely on your income level and the amount of money you can invest from your own money. If you are employed, a single person should be able to borrow at least three times their annual salary and a couple should be able to borrow at least two and a half times their combined annual salary.

Talk to a mortgage advisor

To find out which mortgage is right for you, you should seek advice from a bank or an independent financial advisor who specializes in mortgages in Greece. Some advisors charge a fee for their services. The mortgage specialist will take into account the costs that you have, including any outstanding loans or debts. The specialist will advise you on which option is best for you. The differences between mortgages from different lenders are essentially the terms on which you can borrow, the terms on which you repay the money and how much interest the bank will charge. A zero interest mortgage is a mortgage where you have lower monthly payments but do not pay off the loan, while a repayment mortgage means that you repay the loan and the interest each month so that at the end of the repayment term you own the property.

Transfer tax

The transfer costs are calculated on the basis of the stated contract value. This stated value is compared by the Greek tax authorities with the ‘objective fiscal value’ of the house. The amount of the transfer costs is 3.09%.
The stated contract value serves as the basis for calculating the transfer costs. The tax authorities compare the stated value with the value determined by the Ministry of Finance. This fiscal value serves as a lower limit for the tax to be paid.