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Alpha Residence mortgage loan
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Discover the features
What’s the interest rate
Fixed or floating interest rate
Choose:
- Fixed rate for 1, 3, 5, 10, 15 or 20 years. After this time, a floating rate applies.
- Floating rate for the entire loan term.
From 2.80% fixed rate
The fixed interest rate starts from 2.80% and depends on the term you choose.
Floating rate with 2.00%+ spread
The floating rate is based on the Euribor 3Μ + spread. The spread starts from 2.00%, depending on the loan amount and the financing percentage.
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 mortgage loan the levy currently stands at 0.12%.
APRC example
For a €100,000 loan with 3.50% fixed interest rate for the first 5 years and then floating interest rate (2.50% Euribor 3M + 2.20% spread), 20-year term (240 monthly instalments), €430 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 4.75% (including 0.12% Law 128/75 levy), the monthly instalment is €589.96 and the total repayment amount is €150,221.38.
Have a look at the deposit and loan interest rates.
Discount for energy-saving properties
You get a discount on the floating or fixed interest rate if you meet all 3 conditions:
- The financing is for an energy-saving property.
- The energy-saving property is fully constructed, i.e. turnkey.
- The property you offer as collateral is an A or A+ energy class property according to the energy efficiency certificate.
What are the loan amount and term
From €15,000
The loan amount starts at €15,000 and depends on:
- Your income.
- Your other liabilities and living costs.
- Any collaterals.
- The estimated commercial value of the property you offer as collateral.
Up to 90% financing
Secure financing up to 90% of the commercial value for energy class A or A+ properties.
From 5 to 35 years
Repay the loan in 5 to 35 years, depending on your finances.
With mortgage lien
To get an Alpha Residence mortgage loan, you must offer some form of collateral, i.e. mortgage lien on a property. That may be either the property you are buying or another property of your choice.
What are the loan fees
Alpha Bank fees
To conclude the loan process, you pay:
- €430 for us to review your application.
- €420 for the associates who will carry out the property engineering inspection and due diligence.
- €519.60 for the lawyer who will represent Alpha Bank during the registration of the mortgage lien.
- €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:
- 0.775% or 0.875% (+VAT) on the mortgage lien amount, to register the mortgage lien at the Land Registry or the National Cadastre, respectively.
- €50-80 (+VAT) to issue the relevant certificates.
- €15 (+VAT) 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 opt for the Alpha Home Insurance plan we offer in cooperation 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.
How you repay it
With grace period and low start
If you wish, you can choose:
- Up to 2 years grace period. During this period, you only pay the interest on your loan.
- Up to 50% lower instalment at the beginning of 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.
Can I apply for loan pre-approval online?
Apply provided you...
- Are up to 71 years old at the start of the loan and up to 75 years old at loan maturity.
- Pay taxes in Greece and have a Greek mobile phone number.
- Have updated your details at Alpha Bank.
- Have up to 1 pending mortgage loan application as a debtor and/or guarantor.
- Have e-Banking credentials and so do the co-debtors/guarantors you are going to add.
Have at hand...
- Your Taxisnet credentials, if you haven’t updated your details and want to do so through eGov-KYC.
- The supporting documents you’ll need, if you haven’t updated your details and choose to do so by uploading the documents.
- The supporting documents to apply for loan pre-approval.
Apply for loan pre-approval
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 mortgage 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 myAlpha Web. They will be notified by email, text message and a pop-up once they log into myAlpha Web.
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 what you need to do if you:
No e-Banking?
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 get e-Banking credentials online.
Visit a branch
By appointment
Book your appointment at a branch on the day and time you prefer and bring along the supporting documents.
Explore other options
Any questions?
Find the answers you need about Alpha Residence.
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.
What is a guarantor and when do I need one for my mortgage loan?
The guarantor is a person who agrees to take on the loan repayment, in case you are unable to. They co-sign the loan agreement and have the same obligations as you.
You need a guarantor when:
- Your loan is secured with a mortgage lien on a property owned by others. In that case, the other owners have to sign as guarantors to your loan.
- The total amount of your loan instalment and other liabilities exceeds a certain percentage of your income.
- You are taking out a loan to construct, repair or renovate a home with owners that have enjoyment over the property. In that case, the other owners have to sign as guarantors to your loan.
- You are expected to be over 75 years old at loan maturity. In that case, you must have a guarantor who will not be over 75 years old at loan maturity.