“My house”: What young people earn – The income criteria – What applies to old homes – See examples

Revelations about the government’s intervention in her matter youth housing. The program “My house” of 1.8 billion euros presented today and includes interest-free housing loans, rent subsidies, financing for renovations of old apartments, social compensation and the utilization of public properties.

The aim is to empower over 130,000 young people up to 39 years of age. At the same time, a 50% increase in the student housing allowance was also announced.

“If we increase the share of old houses that will meet modern standards, there will automatically be a lot more properties on the real estate market, so this will also push prices down,” said Minister of State, Akis Skertsos.

From the beginning of 2023, 10,000 young people and couples aged 25 to 39 with an income of more than 10,000 euros but not exceeding 24,000 euros will be able to get a loan of up to 150,000 euros to open their home, even at zero interest while the properties should be up to 120 square meters with a year of construction before 2007.

“You will tell me: why didn’t you put 200 sq.m. 300 sq.m. Because we are talking about a social program. And we say they have a year of construction until 2007, because it may be cheaper to buy this residence and because we are also interested in the renewal of the housing stock”, said the Minister of Labor, Kostis Hatzidakis.

Of the 500 million euros of the program, 375 will be provided by the government at zero interest and the rest by the banks

“What does this mean; It means that the interest rate, to put it in simple Greek, instead of being 4% as it is today in mortgage loans, will be 1%”, underlined Mr. Hatzidakis.

In the housing battle, 4,000 foreclosed houses are thrown out of the 770,000 vacant properties that our country has. With 200 million euros, the buildings will be renovated and then given at low rents to vulnerable citizens, those with three or more children.

“By the end of the year we will invite the owners of the properties of the Hestia program to proceed further, for an additional 3 years, until February 23 an invitation to participate to the beneficiaries and until March 23 completion of repair of the apartments where necessary and initiation of housing for the beneficiaries”, emphasized the Minister of Labour.

At the same time, the so-called social compensation is progressing. 2,500 houses will be built and allocated to 5,000 young people on land owned by the former OAED. Private individuals will build them and half of the apartments will be occupied, and the other half will have to be made available at very low rents.

“It is clear the need to utilize the organization’s real estate in any appropriate way”, stated the DYPA Governor, Spyros Protopsaltis.

In October, the housing allowance will be paid to 50,000 students, which will be retroactively increased from the last academic year.

Examples

Subsidized loan – What does a new couple get?

A property with a value of 100,000 euros, the couple will pay it back in 30 years

• Without subsidy the interest rate will be 4% while with subsidy 1%
• The financing if you have joined this program will be 90% with an installment / month of €275, while without the program it will be 80% with an installment / month of €415
• The profit for the whole year is €1,680

What monthly salary do the income criteria correspond to?

More than €715/month the minimum to be able to repay

• up to €1,143/month for a single person
• up to €1,714/month per couple
• up to €1,928/month with one child

When do applications start?

From the first quarter of 2023

I have / live in an old house. What can I do ;

There are two new programs starting from December 2022 which concern young people aged 18-39 and will be given 350 million euros

1. One is SAVE with which one can get up to €25,000

• Energy improvement interventions can be made
• The subsidy is 50%-90%
• You get an interest-free loan
• And the family income must be below €50,000

2. The second is RENOVATE with which you can get up to €10,000

• The subsidy is 30%
• One gets a low-interest loan of up to 7,000 euros
• The family income must be below €20,000

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