How to take out a mortgage loan

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.

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
  

Mortgage lien on property

You bring the supporting documents for the property mortgage lien and sign the application for disbursement.

The mortgage lien on the property is registered at the competent Land Registry or National Cadastre. For the mortgage lien, you pay:

• €519.60 for the lawyer, who will represent Alpha Bank for the mortgage lien registration. 
• 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.

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 house, you receive the loan amount in instalments. Before each disbursement, an engineer must certify the performed works onsite.

Only for Alpha Residence mortgage loan, upon disbursement, we collect €430 that corresponds to the loan application fees. If you are a special category borrower, you are entitled to a discount.

Additionally you sign the standing order for the loan instalments.

Purchase agreement repayment

Once you have paid off the property, you bring to a branch near you the original full repayment notarial act.