April 1, 2023

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“My house”: how low-interest mortgages will be given to young people – applications have begun

The way is open for applications for Soft loans young people in the context of the programme.my house» until the end of MarchAfter the issuance of the joint ministerial decision to specify them terms and conditions The program describes the process.

The main points of the CPA are as follows:

  • Citizens who meet the conditions for participation in the program (i.e. adults 25 – 39 years old On the date of submitting the loan application, With an annual income of €10,000 up to the stipulated limit for the granting of heating allowance And They do not have suitable property for their residenceSubmit a request to assess their eligibility in principle at one of the banks that will participate in the programme.
  • The request must be accompanied A series of supporting documents for each eligibility criteria. Banks check that the conditions are met (Minimum age, income, and lack of property suitable for residence) for each applicant. If these conditions are met, they assess the creditworthiness of the interested party based on their internal regulations and decide to pre-approve or not to approve the loan and credit criteria. within 60 days from submitting the application. Pre-approval is valid for 60 days from its notification to the applicant.
  • The bank informs the applicant of the pre-approval and he must notify the bank within 60 days of receiving the approval The required loan amount (where It cannot exceed 150,000 euros) and the property he intends to purchase and Its price (which cannot exceed 200,000 euros According to the purchase contract) and submitting the required documents to the bank to carry out the necessary control. If the deadline is missed, the pre-financial approval expires. If all the necessary supporting documents are submitted on time, then after the bank contacts Hellenic Development Bank SA (EAT). The ETA freezes the requested loan amount until the final approval, partial approval or rejection of the loan is completed by the bank and the specified request is included in the program.
  • accordingly The bank performs a legal and technical audit of the property It reports the results to the ETA. If the audit shows that the conditions for obtaining a loan are met with respect to the property, it submits the relevant loan agreement to the ETA. The ETA verifies the data provided and approves the contract unless a) the prospective borrower applies for a loan or enters into a contract with another bank under the Program or b) the amount stipulated in the contract exceeds the amount pledged or 90% of the purchase contract or c) The data entered is incorrect.
  • Sign a contract with the final recipient, and record a mortgage or mortgage deed on the property that will secure the loan And The total amount of the contract is disbursed within 6 months from EATA approval. The above deadline is extended by two months if the application for registration of the mortgage or promissory note is submitted during the semester. If these deadlines are not met due to the fault of the applicant, the application is rejected.
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► Also Read: My Home: When to start applications – Supporting documents and step-by-step process

Supporting documents

With regard to the necessary supporting documents, it is required:

  1. the age The applicant must have a birth certificate or a copy of the national identity card
  2. the marital status (In the case of a single-parent family or a family with many children) It is proven through Marital status certificate Which are issued no later than one month before submitting the loan application. Especially in connection with proof of single parent status, the applicant must provide additional supporting documents on a case-by-case basis (widowhood, divorce, dissolution of the cohabitation agreement, inability of the other parent to exercise parental care, adoption by a single parent, etc. that)
  3. Its data is used to select entering applicants Personal income tax declaration, from the last tax year. In the case of spouses or cohabiting partners, the family income is taken into account, regardless of whether they file separate returns or whether one of them applies for a loan. As supporting documents for this item, either a personal income tax return (E1) for the most recent tax year, or a memorandum of settlement / Administrative Determination Act for Natural Persons Tax for the most recent tax year can be submitted. Accordingly, in the case of spouses or cohabiting partners, the above documents are submitted by both, regardless of whether they submit separate statements or whether one of them submits an application for a loan.
  4. In order to determine whether or not a property is suitable for their residence, applicants submit Last year’s property detail declaration (E9) and last year’s Unified Property Title Tax Certificate (ENFIA). In the case of spouses or cohabiting partners, the corresponding documents of the spouses or cohabiting partners are also submitted, regardless of whether the loan application is submitted jointly or by one of them.
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In the event that the above documents show the existence of a property, in order to judge whether it is suitable to meet the housing needs of the applicants, the following criteria are taken into account and must be met cumulatively:

  • The property must have an area equal to or greater than 50 square metres, which is more than 10 square metres. For each family member cohabiting with the applicant
  • The applicant must have full ownership or usufruct of more than 50% of the property.
  • The real estate is located in the same territorial unit as the place of work or occupation of the applicant.
  • The property is used as a residence.

to be sure

Accompanying the submission of supporting documents to be sure by which the applicant certifies that the information provided is true and complete, that the supporting documents are original and that he has received knowledge of the terms of the program he/she fully accepts. Banks have the right to request additional supporting documents or to conduct further investigation of the creditworthiness of the applicant. After the loan is approved and before it is disbursed, the bank is obligated to notify EAT and D.YPA.A. for the control he has made regarding the eligibility of the beneficiary and the property to be acquired.

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