Alpha Residence Renovation loan process

Q: Which loan should I choose depending on my housing needs?

For any housing need: Alpha Residence. This loan will help you buy a house or plot (ripe for development) and also build, finish or repair your home. You can choose a fixed or floating interest rate and request a low start period. Find out if Alpha Residence is right for you. To renovate your home: Alpha Residence Renovation When you are doing small-scale renovations, you can take out a floating interest rate loan, without the need for a mortgage lien, through very fast financing procedures. Find out if Alpha Residence Renovation is right for you.

Find out the detailed process and supporting documents to apply for an Alpha Residence Renovation home improvement loan, online or at a branch.

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Loans
Home improvement
Alpha Residence Renovation
Alpha Residence Renovation loan process

1. Set up your loan

On the “New Products” section, choose Mortgage loan > Apply now.

Fill in the details for the loan and property. We’ll calculate the interest rate and the instalment, and we’ll propose the loan that best meets your needs.

The application is saved automatically. You can continue at any time if you choose History > Product applications > Loans > Continue application.

2. Fill in your details

Confirm that the pre-filled details are correct and fill in the rest.

Answer a few more questions so that we can assess your Alpha Residence Renovation home improvement loan application.

Once you’ve filled in the fields, choose “Continue”.

3. Upload the supporting documents

Upload the supporting documents for your income, property and profession.

Choose “Continue”.

4. Add co-debtors and/or guarantors

Add co-debtors and/or guarantors, if needed. Fill in their tax number, their role in the loan and their relationship with you.

Once you’ve completed your part of the application, they’ll also need to fill in the application through their web banking. They will be notified by email, text message and a pop-up once they log into their web banking.

Choose “Continue”.

5. Complete the application

Choose a branch near you and then “Continue”.

Confirm that the loan details are correct, and read and accept the terms. Click on “Submit application”.

If your application is approved, we notify you by email in 2 business days. Otherwise, we contact you in 3-5 business days.

The loan pre-approval application is valid for 45 days. If you don’t come to a branch within this time to complete the process to take out the loan, you’ll need to resubmit a loan pre-approval application.

Find out more about mortgages and home loans

Book an appointment to visit a branch near you. To book your appointment, choose Loans > New mortgage loan. You can also have your appointment by video call.

We present the mortgage loans that meet your needs and check whether the Alpha Residence Renovation home improvement loan is suitable for you.

You receive the pre-contractual information document to get detailed information; you sign it and keep 1 copy.

We tell you which supporting documents you’ll need to apply. If you already have them with you, we’ll file the application on the spot.

Apply for loan pre-approval

Once you bring the necessary supporting documents, we fill in the application form for the loan, you sign it and we send it for assessment.

We inform you over the phone or by text message whether your application has been approved or not, and we send you the loan pre-approval or rejection letter.

If your application is approved, it will remain valid for 45 days. During this time, you must visit the branch for the engineering inspection and due diligence of the property. The loan pre-approval is not binding if you change your mind.

What you need to take out the loan

Find out in detail what you need to do once you’ve gotten loan pre-approval.

Going through engineering inspection and due diligence

With mortgage lien

Bring the necessary supporting documents for the engineering inspection and due diligence. You sign the authorisation so we may collect the fees (currently at €420) and start the process.

Our lawyer reviews the legal status of the property at the Land Registry or the National Cadastre. Our engineer verifies that the property complies with legal requirements and determines its value.

Without mortgage lien

Our lawyer conducts the due diligence and you pay €49.60 for the expenses. There is no need for an engineering inspection.

Bring the work budget that your engineer has prepared and signed. In the budget, there should be evidence that the cost for the works is reasonable.

We give you the template you’ll need.

Getting final approval and signing the agreement

Final approval

As soon as we confirm that the property meets the conditions for a loan, we proceed with the final approval.

If no mortgage lien is needed, we proceed with the final approval once we confirm that the cost for the renovation works is reasonable.

You also sign the:

Final approval letter
European Standardised Information Sheet (ESIS) (in Greek)

Agreement signing

5 calendar days later, you sign the:

Loan agreement
Addendum with the loan terms

Placing a mortgage lien on property (if needed)

Follow this step only if you get a home improvement loan with mortgage lien.

Mortgage lien on property

Bring the supporting documents for the property mortgage lien and sign the application for disbursement.

The mortgage lien on the property is registered at the competent Land Registry or National Cadastre. For the mortgage lien, you pay:

€359.60 for the lawyer who will represent Alpha Bank during the registration of the mortgage lien.
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).

Apart from the expenses you pay through Alpha Bank, you will also need to pay a lawyer you choose to represent you when registering the mortgage lien.

Property insurance

Insure your property against fire, earthquake and flood at an insurance company we work with or any other insurance company you choose. In the latter case, you need to bring an insurance policy in force to the branch.

Tip: You may choose the Alpha Home Insurance plan we’ve designed in partnership with Generali, and ensure the necessary protection for your home.

Receiving the money

1st instalment

We deposit the 1st instalment in your account, after collecting €350 for processing your application.

2nd instalment

To receive the 2nd instalment, you need to:

Get certification for the works, showing that 50% of the works mentioned in the budget have been completed.
Bring receipts or invoices for 30% of the budgeted works to the branch.

Supporting documents to apply for a mortgage or home loan

Your mortgage loan put simply

Get credentials

From your computer or mobile

If you hold an active Alpha Bank debit or credit card, you can get credentials on the spot, without visiting a branch.

Start banking with us

Online, without visiting a branch

Open your first account with Alpha Bank and sign up to digital banking online.

Open an account

Visit a branch

By appointment

Book your appointment at a branch on the day and time you prefer and bring along the supporting documents.

Book an appointment

Any questions?

Find the answers you need about the Alpha Residence Renovation home improvement loan.

Which loan should I choose depending on my housing needs?

For any housing need: Alpha Residence. This loan will help you buy a house or plot (ripe for development) and also build, finish or repair your home. You can choose a fixed or floating interest rate and request a low start period. Find out if Alpha Residence is right for you.

To renovate your home: Alpha Residence Renovation When you are doing small-scale renovations, you can take out a floating interest rate loan, without the need for a mortgage lien, through very fast financing procedures. Find out if Alpha Residence Renovation is right for you.

How do I make an early partial or full repayment of my mortgage loan?

You may pay additional instalments or even repay the entire loan amount earlier at a branch cashier (Monday to Friday 08:00-11:00) by making a deposit directly into your loan account. Just make sure you have sufficient balance in your account.

The early repayment process is common for mortgage loans with or without collateral. However, there are some differences in the collateral release process depending on the form of the collateral.

What do I gain from a mortgage loan?

Lower interest rates and a longer repayment term.

View all the FAQs

Take out an Alpha Residence Renovation loan

Take out a home improvement loan. Apply for loan pre-approval from your computer or book an appointment at one of our branches.