Program “Cover”: In March the first home loans for young people aged 25-39

In March, the implementation of the “Coverage” program of the Ministry of Labor begins, through which young people between the ages of 25 and 39 will be able to secure a low-interest or interest-free loan for the purchase of a home.

More detailed information from the Ministry of Labor:

The first two housing policy programs of the Ministry of Labor and Social Affairs have already passed the implementation stage, following the passing of Law 5006/2022 “My home – housing policy for young people, utilization of public property for social housing”, published in Government Gazette (Official Gazette 239 A΄/22.12.2022).

In particular, the granting of low-interest or interest-free loans for the acquisition of a first home and the “Coverage” program for renting private homes and making them available to young beneficiaries of the minimum guaranteed income are proceeding immediately.

These programs mark the restart of the state’s housing policy with an emphasis on young people, young couples and vulnerable groups of citizens. The “My Home” program concerns actions totaling 1.75 billion euros, from which it is estimated that around 137,000 beneficiaries will benefit, who will secure affordable housing of high quality standards. Alongside housing policy actions, employment and economic activity are increasing, while public and private property is being utilized.

In particular, for the low-interest loan program, it is provided that:

– Within days, the decisions provided for by law specifying the conditions for granting the loans will be issued.
– Banks will be invited to participate in the program at the beginning of February.
– In February, it is estimated that the Guide for the implementation of the program will be issued and in March, the submission of applications by the beneficiaries and the gradual approval by the banks will begin.

It is recalled that beneficiaries of interest-free or low-interest loans are people aged 25-39 with an annual income of 10,000 euros up to the limit provided for the granting of a heating allowance and who do not own a property suitable for their residence.

The properties must have a value of up to 200,000 euros, an area of ​​up to 150 sq.m. and at least 15 years old. The total budget of the program is 500 million euros (with provision for doubling in case of exhaustion of available resources), while it is estimated that the beneficiaries will be 10,000 young people or young couples aged 25-39.

With regard to the Covering program, which, it should be recalled, is based in principle on the residences that participated in the “Estia” program for the accommodation of asylum seekers in urban apartments (which has been completed), the developments are as follows:

– The initial expression of interest from property owners who participated in the “Estia” program in order to participate in the new program is recorded and the details of those who respond positively are recorded.
– A first consultation has started with the Municipalities and the agencies that functioned as partners in the Hestia program in order to continue the cooperation in the new program. An official meeting will be scheduled in the coming days.
– By the end of January, the Joint Ministerial Decision regulating the details of the implementation of the program will be signed.
– In February, the digital platform will be developed for owners and potential beneficiaries, in order for the former to officially declare the availability of their property and the latter to submit applications for participation.
– The delivery of the houses to the beneficiaries is estimated to start at the end of February and the beginning of March.

The aim is to utilize in the first phase at least 1,000 properties, which will house 2,500 beneficiaries aged 25-39, beneficiaries of the Minimum Guaranteed Income.

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