Greece’s Prime Minister announced this week several changes to the government’s “Spiti Mou” (My Home) program which offers mortgage interest subsidies to individuals or couples wishing to acquire their first home or to upgrade their current residence.
The changes concern the second round of the program dubbed “Spiti Mou 2” and include extending eligibility requirements to include citizens who meet 2023 income criteria on average over a three-year period, extending the pre-approval period until the available resources are exhausted, and increasing the age limit to 50.
“Spiti Mou 2” is scheduled to open for applications in January with a total of 2 billion euros to be allocated to some 20,000 Greeks who meet the criteria.
More specifically, unwed applicants with an annual income of up to 20,000 euros are now eligible as are couples with an annual income of 28,000 euros, and single parent families with a yearly income of 31,000 euros.
According to the announcement, 50% of the loan granted will be interest-free and financed by the Recovery Fund with the remaining 50% to be covered by a low-interest bank loan.
According to Mitsotakis, the previous program helped more than 9,000 people acquire a home.
Mitsotakis also referred to the “Upgrade My Home” program which funds energy upgrades for primary and secondary residences. Eligible works include insulation, window replacement, and the installation of a solar water heaters, among others.
“We are talking about 400 million euros, up to 25,000 euros in interest-free loans with a repayment period of three to seven years for energy upgrade expenses for homes without significant income criteria and very easy disbursement,” said Mitsotakis.
