Alpha Residence Renovation

Floating rate with 4.50% spread for small-scale works 

Secure a floating interest rate based on the Euribor 3M + 4.50% spread for small-scale works.

Floating rate with 2.50% spread for large-scale works 

Secure a floating interest rate based on the Euribor 3M + 2.50% spread for large-scale works.

Law 128/1975 levy

According to Law 128/1975, all loans are subject to a levy that is paid to the Greek State.

For the Alpha Residence Renovation loan the levy currently stands at 0.12%.

APRC example

For a €40,000 loan with floating interest rate (2.50% Euribor 3M + 2.50% spread), 20-year term (240 monthly instalments), €350 lump-sum loan processing fee, €420 lump-sum engineering inspection and due diligence fee, €16.90 monthly home insurance premium, the Annual Percentage Rate of Charge (APRC) is 6.28% (including 0.12% Law 128/75 levy), the monthly instalment is €267.98 and the total repayment amount is €64,686.29.

Have a look at the deposit and loan interest rates.

From €5,000 to €40,000

The amount you borrow to renovate your home depends on the collateral:

• Up to €15,000 without collateral for small-scale works 
• Up to €40,000 with mortgage lien on property for large-scale works 
  

In 2 instalments

The loan amount is paid out in 2 equal instalments, with interim certification for the works carried out.

The 2nd instalment is paid out once 50% of the budgeted works have been concluded.

From 3 to 20 years

The home improvement loan term depends on the collateral:

• 3-8 years without collateral
• 3-20 years with collateral

Alpha Bank fees

To conclude the home improvement loan process, you pay:

• €350 for us to review your application. 
• €420 for the associates who will carry out the property engineering inspection and due diligence. 
• €359.60 for the lawyer who will represent Alpha Bank during the registration of the mortgage lien.
• €135 + VAT for the proxy lawyer, if their presence is required.
• €120 for each works certification by an engineer, in case of a loan with multiple disbursements.
  

Third-party fees

Apart from the fees to Alpha Bank, you also pay:

• 0.80% or 0.90% on the mortgage lien amount, to register the mortgage lien at the Land Registry or the National Cadastre, respectively.
• €20 for each act registering a mortgage lien at the Land Registry or the National Cadastre.
• €160 for the lawyer issuing the registration act. 
• €9.50 to issue certificates from registry books.
  
• €6.50 to issue additional certificates for the same title.
• €33 to issue a cadastral survey extract.
• €15 per National Cadastre Code Number (KAEK) to issue the Cadastral Diagram Extract.
• €35 per right to declare the mortgage lien rights to the National Cadastre (or €20 for storage rooms / parking spaces that form individual properties).
  

Mandatory property insurance

If you take out a mortgage, you must insure your home against fire, earthquake and flood, and bring the insurance policy to a branch.

You may choose the Alpha Home Insurance plan we offer in partnership with Generali.

Optional borrower insurance

You can get the Alpha Borrowers mortgage loan insurance plan. This way, if something unexpected comes up, your outstanding loan balance and accrued interest will be paid on time.

Up to 6-month grace period

If you want, you may choose a grace period up to 6 months at the start of the loan. During this period, you only pay the interest on your loan.

With interest-bearing monthly instalments

Once we sign the loan agreement, we open an account whose exclusive holders are you and any other person participating as a borrower in the loan. 

The interest-bearing monthly instalments of your loan, i.e. the instalments gradually repaying both interest and principal, are paid automatically by standing order through this account.

Early loan repayment 

You may repay your loan at any time without any charges.

Find out how you can repay your loan earlier in full or in part.