The first phase of the program “My house” implemented by the Public Employment Service (DYPA), effectively launching the government’s new housing policy, which had stopped in 2013 with the abolition of the former Labor Housing Organization (ÖK).

Speaking to APE-MPE, the commander of DYPA, Spyros Protopsaltiss, states that the start of applications for the new youth first home program from Monday, April 3, 2023, marks the restart of housing policy in our country, “after more than 10 years of a complete lack of new actions in this critical area” .

As he points out, “as the universal successor of OEK, DYPA (formerly OAED) took over all its pending and obligations and proceeded to complete long-suffering projects, which were delayed for many years, suffering the citizens, who were waiting to acquire housing, but had not implemented no new action or any new program.”

According to Mr. Protopsaltis, this changed last year, as the laws “Jobs Again’ and ‘My Home’ they instituted intersections and changes that strengthened the pivotal and multifaceted role of DYPA, which now assumes a leading role in the planning and implementation of what is foreseen with the restart of the government’s new housing policy.

With these interventions, DYPA acquired the competence of housing policybut also new tools, including the required flexibility for the management and utilization of its relative reserve (over 1.5 billion euros) and its real estate.

At the same time, it now has the possibility of partnerships with public and private entities for the construction of real estate, with the aim of housing protection for the workforce and young people, while the introduction of relevant regulations for the real estate it owns allows for their better exploitation and an increase in income her.

“A modern framework is now being created that gives new possibilities to DYPA for the implementation of programs that will cover housing needs, implementing what is foreseen in the government’s housing policy, avoiding wastes and delays of the past and implementing innovative and targeted practices and policies, based on of European experience” notes Mr. Protopsaltis.

The “My Home” program

The first action, then, is the “My Home” program, which aims to grant loans to young people and young couples, to acquire their own home and the applications to the participating banks start on Monday, within the schedule that had been announced.

As mentioned in a recent press conference, given by the Minister of Labor and Social Affairs, Kostis Hatzidakis and the Minister of State, Akis Skertsos, loans – low-interest and interest-free mortgages – for the purchase of a first home, they have age, income and property criteria, which apply cumulatively and are aimed at young people from 25 to 39 years old, (on the date of submitting the application for the loan) and couples (including those linked by an agreement cohabitation), as long as one of the two is 25-39 years old, on the date of submission of the loan application.

The minimum income is set at 10,000 euros, while a higher limit is set for the granting of the heating allowance, that is, for this year 16,000 euros for singles, 24,000 euros for married couples, which is increased by 3,000 euros for each child. In addition, for single-parent families, the limit is 27,000 euros, with an additional 3,000 euros for each child beyond the first.

Young people are a necessary condition not own any other property that covers their housing needs. Properties suitable for residence are those, in the case of unmarried and childless beneficiaries, with a size of more than 50 sq.m., while, for the rest, the size increases by 10 sq.m. per family member. Also, a property with a co-ownership rate of more than 50% is considered suitable and they also have either full ownership or usufruct. In addition, the property that is located in the same regional unit as the place of work or profession is suitable (outside the Attica Region, where it is considered suitable, if it is located within it, while the exception is the islands, where the property must be located within the island , except for Crete).

The maximum amount of the loan is 150,000 euros. The commercial value (contract value) of the properties cannot exceed 200,000 euros and the size 150 sq.m., while their age must be at least 15 years old, which will be obtained from their construction permit, and they must be located within a residential area.

The participation of the borrowers will constitute only 10% of the value of the property. Therefore, the loan cannot cover an amount exceeding 90% of the value of the property.

The maximum repayment period it’s 30 years, while the purchase of the property cannot be made by a relative of the borrower, first or second degree or by a person connected by a cohabitation agreement with the buyer.

The funding amount, through DYPA (75%), will be interest-free, while the rest (25%), through banks, will be interest-bearing, (with a fixed or floating interest rate). Therefore, the interest will be around 1/4 of a non-co-financed “normal” mortgage.

In cases of new couples who have three or more children, on the date of submitting a financing application or young couples who, during the repayment of the loan (up to 30 years), become three children or many children, the interest rate will be zero for the entire loan.

The total budget for granting loans is 500 million euros. The resources come from DYPA, which pays the amount of 375,000,000 euros to finance 75% of the capital of the loans and an amount of 125,000,000 euros from the banks to finance 25% of the capital of the loan.

In addition, there is provision for an additional amount from DYPA to cover subsidized interest and management fees.

“Using the new responsibilities and the new tools added to its quiver by the “Jobs Again” and “My Home” laws, DYPA implements initiatives to support the country’s young men and women in practice, giving them the opportunity to start a new period of their life, to get their own house, become independent and start a family. DYPA is firmly by the side of young men and women, supporting their next steps for their professional and personal development with all the means at their disposal” emphasizes Mr. Protopsaltis.

Those interested can contact for more information either the Single Citizen Service Number 1555 or visit the DYPA website www.dypa.gov.gr.