Debt Settlement

Yes. When you settle your loan:

• No default interest is charged and, therefore, your debt does not increase further
• The repayment terms change, which means that your loan instalment drops taking into account your financial situation, and you can repay your loan smoothly. 

It allows you to request a longer extension of your loan term and further lower your monthly instalment.

A longer loan term means that your monthly instalment will be lower. This way, you will be repaying your loan more easily. What’s more, don’t forget that a loan in arrears is charged with default interest, which, in the end, may cost you more compared to the interest linked to the longer term.

If your financial situation improves in the future, you can shorten the loan term again.

Yes. If you stay current with your mortgage loan payments, you can make use of the Payment Adjustment Plan.

The plan does not apply to loans:

• Of the former Workers Housing Organisation (OEK)
• Guaranteed by the Greek State.
• With interest rate financed by the Greek State.
• Still at the grace period.

The plan has a duration of 2 years and you can use it throughout the repayment term of your mortgage loan.

If the plan ends and your income continues to fluctuate, you can request a change of your loan term and adjust your instalment to suit your needs, on a permanent basis.

Yes, you may pay only the interest each month, for the agreed period.

The Law 128/75 levy is added to that interest.

You can skip 1 instalment per year, provided it is not otherwise specified in your agreement. In this case, the instalment will be spread over the remaining term of your loan.

You can combine the plan with an extension of your loan term, to further lower your instalment.