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How to take out an Alpha First Home mortgage loan
How to get loan pre-approval
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 First 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 and have you sign the final loan agreement 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
There are mortgage lien expenses for Alpha Bank and third parties:
- €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
Loan 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.
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.
Additionally, you sign the standing order for the loan instalments.
Purchase agreement repayment
Once you’ve paid off the property, you bring to a branch near you the original full repayment notarial act.
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.
Is there an extra charge if I repay my mortgage loan earlier?
If you’ve chosen floating rate for your loan and as long as you’re consistent with the loan repayment, you may pay additional instalments or repay the entire loan amount earlier at no extra charge.
If you’ve chosen fixed rate, there might be an extra charge for early repayment. To be sure, check the terms of your agreement or book an appointment with a representative at the branch where you took out the loan.
What’s the collateral release process in case of an early full repayment of my mortgage loan?
For loans with mortgage lien on property
The collateral is released by a deed issued by a lawyer.
To conclude the process, both the lawyer representing you and the lawyer representing Alpha Bank must be present.
For loans with deposits, securities or agreements as collateral
To release the deposit, security or agreement collateral, you’ll have to sign a collateral release agreement.
Then, the signed agreement is delivered to Alpha Bank by a bailiff.