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How to take out an Alpha Residence mortgage loan
How to get loan pre-approval online
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.
How to get loan pre-approval at a branch
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 mortgage 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 find the property and visit the branch for the engineering inspection and due diligence. The loan pre-approval is not binding if you change your mind.
What you need to take out the loan
Going through engineering inspection and due diligence
Once you find the property, 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.
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 you are going to buy a property, we also ask for the draft purchase agreement, so we may check it based on this.
You also sign the:
- Final approval letter
- European Standardised Information Sheet (ESIS)
Agreement signing
5 calendar days later, you sign the:
- Loan agreement
- Addendum with the loan terms
Placing a mortgage lien on property
Mortgage lien on property
Bring the supporting documents for the property mortgage lien and sign the application for disbursement, i.e. to receive the amount.
The mortgage lien on the property is registered at the competent Land Registry or National Cadastre.
Mortgage lien expenses
- €519.60 for the lawyer who will represent Alpha Bank during the registration of the mortgage lien.
- 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) approximately 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).
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.
Getting the money
For lump-sum disbursement
Once the mortgage lien process is concluded, we notify you to come and collect the loan cheque. The cheque is issued in the name of the seller. Alternatively, we deposit the money in their account.
We collect €430 that corresponds to the loan application fees and you sign the standing order for the loan instalments.
For partial disbursement
If you want to build or renovate a home, you receive the loan amount in instalments. Before each disbursement, an engineer must certify the performed works onsite.
For each works certification by an engineer you pay €120.
Purchase agreement repayment
Once you’ve paid off the property, you bring to a branch near you the original full repayment notarial act.
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.
Any questions?
Find the answers you need about the Alpha Residence mortgage 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.
What do I gain from a mortgage loan?
Lower interest rates and a longer repayment term.
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.