How to take out an Alpha Residence Renovation mortgage loan

With mortgage lien

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.

Without mortgage lien

Our lawyer conducts the due diligence and you pay €49.60 for the expenses. There is no need for an engineering inspection.

Bring the work budget that your engineer has prepared and signed. In the budget, there should be evidence that the cost for the works is reasonable.

We give you the template you’ll need.

As soon as we confirm that the property meets the conditions for a loan, we proceed with the final approval.

If no mortgage lien is needed, we proceed with the final approval once we confirm that the cost for the renovation works is reasonable.

You also sign the:

• Final approval letter
• European Standardised Information Sheet  (ESIS)
  

5 calendar days later, you sign the:

• Loan agreement
• Addendum with the loan terms

Follow this step only if you get a home renovation loan with mortgage lien.

Mortgage lien on property

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 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.
• €0-80 (+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.

View the Alpha Safe Home insurance plan that we offer in cooperation with Generali.

We deposit the 1st instalment in your account, after collecting €350 for processing your application.

To receive the 2nd instalment, you need to:

• Get certification for the works, showing that 50% of the works mentioned in the budget have been completed.
• Bring receipts or invoices for 30% of the budgeted works to the branch, only if you get a home renovation loan without a mortgage lien.