Alpha Residence Mortgage Loan

From 5 to 35 years Repay the loan in 5 to 35 years, depending on your finances. If you want, at the beginning of your loan, you may have a grace period of up to 2 years.
Flexible repayment If something unexpected comes up, you may ask to skip 1 instalment per year and share it among the remaining instalments or ask to have your loan term extended.
Fixed rate starting from 3.60% If you choose fixed interest rate, you can secure a fixed monthly instalment for 5, 10, 15 or 20 years. The fixed interest rate starts from 3.60% (+ the Law 128/75 levy) and depends on the term you choose.
Floating rate with 2%+ spread You can choose floating interest rate based on the 3m Euribor + spread + the Law 128/75 levy. The spread starts from 2.00%, depending on the loan amount and the financing percentage.

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 home you are buying or another property of your choice.

If your income changes, you can adjust your loan instalment with the Payment Adjustment Plan.

Get loan pre-approval

Visit a branch by appointment and we inform you about the benefits and conditions of the Alpha Residence mortgage loan. Once you collect the supporting documents for the loan pre-approval, we fill in the application form together. If your application is approved, we send you the loan pre-approval letter.

Find the property and sign the agreement

You have 2 months to find the property. Once you do, bring us the supporting documents to start the engineering inspection and due diligence. If the property meets the conditions for a loan, we check the draft purchase agreement and you sign the final approval letter. In 5 days, you also sign the loan agreement.

Take out the loan and buy the home

Bring us the supporting documents for the property mortgage lien, insure your property against fire, earthquake and flood, and sign the application for disbursement. Once the property mortgage lien process is concluded, you either collect the loan cheque issued in the name of the seller, or we deposit the money in their account.

Welcome home

That was all! You now have a home of your own.

Get loan pre-approval

Visit a branch by appointment and we inform you about the benefits and conditions of the Alpha Residence mortgage loan. Once you collect the supporting documents for the loan pre-approval, we fill in the application form together. If your application is approved, we send you the loan pre-approval letter.

VIEW THE DOCUMENTS

Find the property and sign the agreement

You have 2 months to find the property. Once you do, bring us the supporting documents to start the engineering inspection and due diligence. If the property meets the conditions for a loan, we check the draft purchase agreement and you sign the final approval letter. In 5 days, you also sign the loan agreement.

Take out the loan and buy the home

Bring us the supporting documents for the property mortgage lien, insure your property against fire, earthquake and flood, and sign the application for disbursement. Once the property mortgage lien process is concluded, you either collect the loan cheque issued in the name of the seller, or we deposit the money in their account.

VIEW THE DOCUMENTS

Welcome home

That was all! You now have a home of your own.

View the detailed process and documents

Get detailed information about each stage of the application and collect the necessary supporting documents before your appointment, so that the process is completed as soon as possible.

What else you need to know

There are age restrictions to apply

To apply for a mortgage loan, you must be:

- Over 18 years old.
- Up to 75 years old at loan maturity.

What else you need to know

What is a guarantor

The guarantor is a person who agrees to take on the loan repayment, in case the borrower is unable to. They co-sign the loan agreement and have the same obligations as the borrower.

What else you need to know

When do you need a guarantor

You need a guarantor when:

- Your loan is secured with a mortgage lien on a property owned by other owners. 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 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.

What else you need to know

There are expenses for Alpha Bank

To complete the loan process, you pay:

- €430 to us to process the application.
- €420 to our associate who will carry out the property due diligence.
- €359.60 to the lawyer who will represent Alpha Bank at the mortgage lien registration.
- €120 to the engineer for each works certification, in case of a loan with multiple disbursements.

What else you need to know

There are expenses for third parties

Besides the expenses for 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.
- €60-80 (+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).

What else you need to know

The loan amount is calculated based on specific criteria

There are 4 main criteria:

- Your income.
- Your other liabilities and living costs.
- Any collaterals.
- The estimated value of the property you offer as a collateral.

The loan amount may be up to 90% of the property value and up to 100% of the purchase agreement price for energy class A, A+ properties.

“Spiti mou” co-financed mortgage loan

Alpha Green Solutions – Energy Saving Home

Alpha Residence Renovation

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FAQs

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.

To buy an energy efficient home or carry out an energy upgrade: Alpha Green Solutions – Energy Saving Home You can choose a fixed or floating interest rate. Find out if Alpha Green Solutions – Energy Saving Home is right for you.

Which interest rate should I choose?

The one that best fits your needs. If you wish to:

Ensure a fixed monthly instalment for a specific period, you can choose a fixed interest rate.
Follow the market trends, you can choose a floating interest rate. In this case, the amount of the instalment will increase or decrease every month, depending on the interest rates.

How do I find out if my loan has been approved?

At the branch where you applied.
Via SMS at the number you wrote in your application.
Via email if you have applied online for a consumer loan.

What is a low start?

The option to pay a lower instalment at the beginning of your loan.

With the low start, you may pay up to 50% less than the regular instalment, for up to 24 months.

When the low start period expires, regular instalments are paid.

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