Compare Mortgages in Greece

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What is a mortgage in Greece?

A mortgage (στεγαστικό δάνειο) is a long-term loan secured against property, used to buy or build a home and repaid over many years — commonly 15 to 30. Because the property is collateral, rates are lower than unsecured loans, but the lender can enforce against the home if you default. Mortgages are the main route to home ownership in Greece for those without the full purchase price.

How the Greek market works

The four systemic banks — Piraeus Bank, Eurobank, National Bank of Greece and Alpha Bank — provide most mortgages, offering fixed-rate, variable and mixed products. Variable rates are typically linked to Euribor plus a margin, so payments move with eurozone rates, while fixed-rate deals lock payments for an initial period. Lenders require a deposit (often around 20% or more), a property valuation, and proof of income; buildings insurance including earthquake cover is mandatory. State schemes have at times subsidised loans for younger or first-time buyers.

Benefits

Home ownership — spreads the cost of a property over decades, making purchase achievable.

Lower rates — secured lending is cheaper than unsecured loans thanks to the property collateral.

Rate choice — pick fixed for payment certainty or Euribor-linked variable for potential savings.

Long terms — extended repayment periods keep monthly payments manageable.

State support — first-time and younger buyers may access subsidised programmes when available.

How to choose

Compare the interest rate and structure — fixed, variable or mixed — and check how a variable Euribor-linked rate could rise. Look at the APR including fees, the required deposit, valuation and legal costs, and the term. Confirm the mandatory buildings and earthquake insurance requirement and its cost. Consider early-repayment terms and whether state subsidies apply to you. Stress-test the payment against higher rates before committing, and compare offers from several banks.

Leading providers in Greece

Piraeus Bank, Eurobank, National Bank of Greece and Alpha Bank are the principal mortgage lenders, offering fixed and Euribor-linked products, digital applications and, at times, participation in state-subsidised schemes. Choice depends on the rate, fees, required deposit and any relationship benefits. Comparing total cost across banks is essential given the long term.

What it costs

Mortgage cost is driven by the interest rate, term and property value, quoted per application. Variable rates track Euribor plus the bank's margin, so payments change with rates; fixed deals cost a premium for certainty. Additional costs include valuation, legal and notary fees, and mandatory buildings insurance. Over decades, small rate differences move the total substantially, so comparing the APR matters. Budget also for one-off costs such as the property valuation, notary and legal fees, and land-registry charges, which together add meaningfully to the amount you need at completion.

Protections and regulation

Mortgage lending is regulated under Greek and EU rules, with the Bank of Greece supervising lenders and requiring clear disclosure of the APR, total cost and risks, including for variable-rate products. Borrowers receive a standardised information sheet (ESIS) and affordability checks apply. Buildings insurance with earthquake cover is required, and consumer-protection frameworks govern arrears handling.

Common questions

Fixed or variable rate? Fixed gives certainty; Euribor-linked variable can be cheaper but rises with rates. How big a deposit? Typically around 20% or more of the property value, depending on the lender. Is insurance required? Yes — buildings insurance including earthquake cover is mandatory on mortgaged homes. Are there state schemes? Subsidised loans for younger or first-time buyers have been offered at times, so it is worth checking the current programmes and eligibility criteria before you apply. Can I overpay or repay early? Many mortgages allow overpayments; check for any early-repayment charge, particularly on fixed-rate deals.

Mortgages in Greece — FAQ