| Greek Mortgages |
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Greek Mortgages (Stegástika Dhánia)
This type of mortgage is one taken out over your Greek property, either from a Greek bank or a British bank that has registered and does business in Greece.
The basic concept of a mortgage is the same in Greece as it is in the UK or Scotland. It is a loan secured against land or buildings. Just in England, if you do not keep up the payments, the bank will repossess your property. In Greece, if they do this, they will obtain a judicial order for the forced sale of the property at public auction.
All the major Greek banks offer various types of mortgage. In most cases, the basis is a capital and interest repayment taken out over a number of years. The purpose of the loan is the purchase, building, extension or repair of a residence, as well as the purchase of a plot of land that is viable for building. As in the UK, the loan may be at a variable rate of interest or a fixed rate for a number of years.
The term of the loan varies from bank to bank, and whether the loan is at a variable or fixed rate of interest, and may be offered for terms up to 30 years with the proviso that the borrower has not reached the age of 70 by that time. The amount of the loan can be 100 per cent of the value that is declared on the purchase contract and/or the cost of the building or repairs, ect. Furthermore, the amount of the loan can reach 100 per cent of the commercial value of the property involved.
In all cases, the loan depends on the personal or family income and creditworthiness of the applicant. The repayment of the loan is by monthly payments.
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