NBG offering mortgages to young people
National Bank (NBG) is launching a mortgage program for young people in an attempt to respond to their increased housing needs, but also to mobilize the mortgage market, which is sluggish due to low demand.
The new NBG mortgage, through the “My First Home” program, is aimed at interested parties up to 45 years old and as the bank announced its main feature is that it “requires a lower equity participation, starting from 10% of the commercial value of the property.”
Therefore, the new product borrows elements of the “My Home” program, promoted by the government last year, while at the same time adopting the flexibility of the new limits set by the Bank of Greece (with the mortgage for first-timers coming up to 90% of the asset’s value).
The key features are the long repayment period, which reaches up to 40 years, the possibility of a low down-payment and of choosing a fixed interest rate, starting from 3%, the exemption from the cost of examining the loan request, and the possibility of granting an “Express” personal loan to cover additional expenses related to the residence.
