The response of young people and young couples to the new housing program for acquiring a first home through low-interest or interest-free loans “My Home” is impressive, according to the data released on Monday by the Public Employment Service (DYPA).

The total budget of the program is 500 million euroswhile once overfilled it will double.

Specifically, over a period of almost a month, from April 3 to May 4, a total of 25,934 applications were submitted, of which 5,800 have already been evaluated, i.e. more than 1 in 5 (22%).

Of the 5,800 assessed applications, 3,585 have received pre-approval, i.e. almost 2 out of 3 (62%)while the rest have been rejected as the conditions of the program were not met.

Of the 3,585 pre-approvals, 716 (20%) have already progressed to the next stage of loan approval, as a property has already been found and the legal and technical review has begun. In short, in about a month 716 young people and young couples have already been approved for a loan and have found the property they will buy.

Regarding the geographical distribution of approved loans, 37% concerns the purchase of a first home in Attica, 22% in Central Macedonia, 8% in Thessaly and 6% in Western Greece.

Also, the average loan amounts to 106,307 euros, with a total reserved amount of 76,116,144 euros for the 716 loans, while 64% concern couples.

It is recalled that through the program young people or young couples aged 25-39 can acquire a privately owned home with a monthly installment significantly lower than that corresponding to market mortgages, as 75% of the capital is granted by DYPA and is interest-free, while for three children and many children (and those who acquire this status) the loan is interest-free in its entirety.

Responses to publications

Furthermore, regarding announcements and publications referring to the availability of properties that meet the program’s specifications, DYPA would like to emphasize the following:

In a press release on April 26, the Association of Realtors of Civil Contracts of Athens-Attica (S.M.A.S.A.A.) emphasizes “that of the 45,000 available properties, only 32% meet the conditions of the program.” That is, 14,899 properties meet the conditions in Attica alone. We remind you that the program is nationwide and initially aims at 10,000 beneficiaries throughout Greece.

Additionally, the press release incorrectly states that the price of the property cannot exceed 150,000 euros, when the price ceiling is set at 200,000 euros, therefore the available properties are even more. We clarify that the amount of 150,000 euros refers to the loan limit, as well as that the loan covers up to 90% of the value of the property.

DYPA closely monitors the program implementation data and so far there is no shortage of real estate, as reflected in the above data.

The “My Home” program marks the restart of the housing policy in our country, after a period of more than 10 years in which there was no relevant action in this critical sector.

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