After Piraeus and Eurobank, now Alpha Bank has in turn announced its own reward program for consistent borrowers, with a 12-month freeze on floating mortgage rates, speaking of a “practical reward to its Clients who remain consistent in their loan obligations for variable rate mortgages”.

In particular, Alpha Bank provides from Tuesday 2 May 2023, and for a period of 12 months, the Home Loan Loyalty Rewards Program;

According to the bank’s announcement “the Reward Program for Consistent Home Loan Customers, the reference rate will be applied, as it was formulated on March 31, 2023, reduced by approximately 20 basis points.”

As noted “consistent Mortgage Customers will be automatically enrolled in the Program, with no further action required on their part, while they will be informed of their reduced loan rate and corresponding installment through their regular statement of accounts.”

The aim of the Program is to protect Customers with variable interest rate mortgages from possible future interest rate increases. At the same time, rewarding the consistency they demonstrate, the Bank offers its Customers a reduction in reference interest rates.

What does the Program provide?

Under the Mortgage Loyalty Rewards Program, a reference rate will apply as it was set on March 31, 2023, reduced by approximately 20 basis points.

The above reference rate is kept constant throughout the duration of the Program. It is noted that if, during the 12-month period, the reference interest rates are reduced to levels lower than those provided for in the Program, the corresponding reductions will be calculated directly in the interest rates of our Customers. Therefore, borrowers are protected from future increases in reference rates, but are not deprived of the benefits of any future decrease in them during the Program.

Indicatively, the Program’s reference interest rates are as follows: 1-month EURIBOR at 2.72% and 3-month EURIBOR at 2.83%, from 2.92% and 3.03% respectively at the end of March.

Joining the Program – conditions

The Program, which is valid for all grant currencies, includes all Floating Rate Mortgage Loans to private customers, which have been disbursed until December 31, 2022, regardless of whether they have already been or will be included in the Vulnerable Households Interest Subsidy Program.

A condition for inclusion is that the loan does not show overdue debts with a reference date of April 28, 2023. Maintaining the preferential pricing implies that the borrowers will ensure that the loan remains current for the 12 months of the Program duration.

Consistent Home Loan Customers will be automatically enrolled in the Program, without any further action required on their part, and will be informed of their reduced loan rate and corresponding installment through their regular statement of accounts.

Borrowers can look for detailed information on the terms of the program, the total interest rate of the loan as well as useful questions and answers on the Bank’s website, www.alpha.gr.

The financial needs of the Reward Program for Consistent Mortgage Customers are covered entirely by Alpha Bank, in the context of its actions to support its Customers in the new environment of high interest rates and the ongoing institutional dialogue with the Greek State. The new program comes as a continuation of the action to support vulnerable households, through the subsidy for a period of 12 months of 50% of the increase in the monthly installment of housing loans, with a reference date of 30.6.2022.

Recently, in fact, by a decision of the Greek State, the relevant income and property criteria were increased by 30%, significantly expanding the scope of beneficiaries.

Alpha Bank implements its commitment to support in every way the Progress of the Greek economy, taking the lead in financing entrepreneurship and contributing with a series of social responsibility actions to the active support of local societies”, concludes the bank’s announcement.