Most people and businesses purchasing a new home or other property (hotel, Airbnb, investment property, etc.) will need to finance their purchase with a loan or mortgage. Even if you are a cash buyer with the capability to pay cash (by that we mean through a bank transfer, not physical cash), you may still consider a mortgage for tax or other financial purposes, such as managing currency exchange rate exposure.
In Greece, depending on which country you are from, the type of your income, your age and a number of other factors, it is possible to get a mortgage as a non-resident or as a foreign resident of Greece.
In this guide, we will talk about what process you generally need to go through to get a mortgage or home loan in Greece. These requirements obviously differ, with some banks having different requirements from others, some banks being more stringent, and some banks not recognising certain foreign income. However, many of the requirements are the same or at least very similar.
The interest rates also differ based on the level of risk to the respective financial institution and the amount borrowed. However, as a guide, home loan interest rates vary depending on current market conditions, the lender and the applicant’s circumstances. If you are a Greek resident, it’s generally easier to apply for a mortgage in Greece, and the criteria may be less onerous. On the other hand, for people living abroad, given the added risk, banks may apply stricter requirements and a more complicated approval process. Some banks also have different requirements depending on whether you are a Greek tax resident.
In addition, some banks ask for two years’ history of tax returns or other income documentation in order to assess eligibility for a loan. For non-residents, this may include tax returns from their country of residence.
Home loan and mortgage requirements in Greece
There are many different requirements to get a mortgage or finance a property or project in Greece. Some of the key ones are:
- You must be under a certain age at the time the proposed loan will end. For many banks, this age is around 75, although requirements vary. This is a critical point, as many clients who are 70 years of age, even with very high incomes, often struggle to secure a loan on a property.
- You need to have enough income to cover the cost of the loan, including the monthly interest as well as the repayment of the principal amount.
- You will generally need a Greek bank account to receive and service the loan, as well as an AFM (Greek tax number). It’s important to note that even if you have a Greek bank account with one bank, there may be a more cost-effective loan available with better conditions from another bank. Therefore, you should speak with us about coordinating introductions to suitable independent mortgage brokers or lenders who can assess your options, as opposed to simply speaking with the bank you currently bank with.
Other factors that will have an impact on what interest rate you will get include:
- Your income and the value of the property.
- Whether you are a Cypriot or Greek citizen.
- Whether you are intending to repair, build or renovate the property, as there may be added value involved.
- Whether you are looking at getting a fixed or floating loan rate.
What documents do you need to apply for a mortgage, home loan or finance a property in Greece?
All banks have different requirements; however, some common documents which nearly all banks will ask for as part of the loan process in Greece include:
- A copy of your ID or passport.
- A Greek tax number (AFM).
- A letter of employment or proof of income. If you are a freelancer, you may need proof of your professional activity, and if you are a company, your company tax returns.
- Proof of your current residential address.
- Tax returns for the previous two or three years, as required by the lender.
- Credit reports from your country of origin or residence, where required.
- Proof of tax payments, where applicable.
- Documents and certificates showing any existing assets or a statutory declaration that you do not own any other property in Greece, where required.
- Details of any mortgages you currently have.
- A statement of your assets and liabilities, which may need to be confirmed by an accountant.
As part of the mortgage application process, some documentation may need to be certified, translated or authenticated with an Apostille, depending on the country and the bank’s requirements.
Can you get a Mortgage or Home Loan in Greece if you are not a Greek resident?
Yes, you certainly can. Although the process can be a bit more complicated and challenging, you do not need to be a Greek resident in order to apply for a mortgage or home loan in Greece. Approval will depend on the lender’s criteria and your individual circumstances.
Do you need a Greek bank account in order to get a mortgage in Greece?
Yes, you will generally need a Greek bank account to receive and service your mortgage. You will also need an AFM (tax number) and the relevant registration in the Greek tax system.
What percentage of the property value can I borrow in order to buy a home or holiday home in Greece? Can you tell me how much I can borrow?
It usually depends on whether you are a Greek tax resident or a non-Greek tax resident, as well as your income, the property and the lender’s requirements. If you are a non-resident, some banks may limit borrowing to around 50% of the property’s assessed value, although higher amounts may be available depending on the lender and your circumstances. Each bank has slightly different requirements, and independent mortgage brokers can advise you on which banks offer suitable terms and rates.
If you are a Greek tax resident, it is a bit different. You may be able to borrow up to 80% of the property value, or potentially more for eligible first-time buyers, depending on the applicable lending rules and other factors.
Under the Bank of Greece’s general lending limits introduced in January 2025, the maximum loan-to-value ratio is ordinarily 90% for first-time buyers and 80% for other buyers, subject to applicable exceptions. Individual banks may apply lower limits.
Either way, as part of the process, the bank will conduct a number of checks involving civil engineers, lawyers and topographers, where required.
What banks provide home loans, finance and mortgage facilities in Greece?
There are many Greek banks that you can go to for a loan, and the independent mortgage brokers with whom we coordinate can help explain the advantages and disadvantages of different lenders. Examples include:
- Eurobank: They provide mortgage products for non-residents and recognise qualifying income from a range of different countries. They also have established international customer loan processes. The amount available, interest rates and conditions depend on the applicant’s circumstances and the bank’s current lending criteria.
- National Bank of Greece: They offer mortgage products for Greek residents and eligible international buyers. They have minimum loan requirements and different interest rates depending on the product. Applications are assessed based on income, affordability, property valuation and other eligibility criteria.
- Bank of Piraeus: They may be selective in terms of the foreign income and tax returns which they acknowledge. The loan application process and rates depend on the mortgage product and the applicant’s circumstances. Your residency status can have an impact on your prospects of success.
- Alpha Bank: They are similar to the other banks and have differing loan requirements depending on the product, the property and its energy class. Alpha Bank has a number of factors that can impact the interest rate you are offered.
What is the process of getting a loan, finance or mortgage for a home in Greece?
- Contact our team so we can get an initial understanding of your situation and requirements and introduce you to a suitable independent mortgage broker or bank manager.
- Prepare and gather all the necessary information that you need for the application. You will be provided with a list of documents for this. This will build your financial profile in the eyes of the bank and will show your income, other assets and credit history.
- Ensure you have your initial deposit ready. The higher your deposit, the lower the amount you generally need to borrow, which may improve your prospects of loan approval.
- An application for pre-approval will be made. This will help determine whether you meet the lender’s initial requirements and how much you may be eligible to borrow. Pre-approval generally comes in the form of a letter from the specific banking or financial institution and is subject to further checks and final approval.
- Find the property you wish to purchase and arrange a property valuation.
- Complete the mortgage application, obtain final approval and proceed with the transaction.
There are also a number of other steps involved in a property purchase that are beyond the scope of a mortgage application. For example, inspections and certifications by civil engineers and legal inspections and checks.
How can the Tsaks Consulting mortgage broking service help you?
Our team will help by ensuring you speak to the best mortgage broker or the correct bank manager who can assess your application and assist you efficiently. It is important that you understand which bank is able to assist depending on its criteria and your individual situation. It is equally important to understand which branch of the bank to deal with so that your application is processed efficiently. Our team can assist you with this coordination.
Contact our team members today to talk about how we can assist. We help:
- American or Greek-American citizens or foreign residents looking to secure a loan, mortgage or financing for a house in Greece.
- Canadian or Greek-Canadian citizens or foreign residents looking to secure a loan, mortgage or financing for a house in Greece.
- Australian or Greek-Australian citizens or foreign residents looking to secure a loan, mortgage or financing for a house in Greece.
- European or Greek-European citizens or foreign residents looking to secure a loan, mortgage or financing for a house in Greece.
- All other eligible citizens, residents and non-residents.
Important Clarification
Tsaks Consulting Greece is a business consultancy and does not operate as a bank, lender or regulated mortgage broker. We provide consultancy, administrative assistance and coordination services, including introductions to independent mortgage brokers, banks, lawyers, accountants and other qualified professionals.
Mortgage advice, credit intermediation, loan assessments and lending decisions are undertaken by appropriately authorised independent professionals and financial institutions. We do not guarantee mortgage approval, borrowing amounts or interest rates.
The information provided is general in nature and does not constitute personalised financial, legal or tax advice. Banking requirements, lending limits and interest rates may change and should be confirmed with the relevant lender or qualified professional.