‘My Home’ bill reaches €1 bln
Difficulties persist for young beneficiaries who aspire to obtain a residence of their own
A total of 1 billion euros is to be channeled into the housing market through the “My Home” program, provided that the properties that meet the relevant specifications are found – not an easy task for those interested.
Based on the provisions of the draft law by the Ministry of National Economy and Finance, published during this week, one of the most basic changes to the My Home program is the doubling of the budget from €375 million to €750 million. Together with the amount that the banks will grant, the total amount of funds will reach €1 billion.
The big question is how many interested parties will finally be able to take advantage of the program, given that both the inclusion and the final securing of a loan with a subsidized interest rate are particularly difficult affairs. This is because, in addition to income and other inclusion criteria, finding the right property is a particularly complex matter, especially in Athens and Thessaloniki.
Those interested, aged 25-39 years, can choose properties that are at least 15 years old, with an area of up to 150 square meters and worth up to €200,000 (based on the price stated in the contract). However, given the financial profile of those interested, it turns out that the realistic goal of most concerns low-value properties, in the range of €100,000-150,000, which are now extremely difficult to find, especially in Attica and Thessaloniki.
This is also reflected in the data so far from the course of the program, which has been running since early April. Based on the latest available data from the Public Employment Service (DYPA), through which the relevant amounts are disbursed (concerning the state’s contribution), by July 19, only 4,644 loans had been approved, out of a total of 38,558 applications. Some 80% of these applications, or 30,756, have been assessed by banks, which have granted pre-approval in 69% of cases. This means 21,132 applications were evaluated positively, while the rest were rejected as they did not meet the conditions. Based on those figures, 22% of pre-approved applicants have found a property.
