The long-awaited “My Home 2” program, which aims to facilitate young people in acquiring their first home, opens the application platform on January 15, 2025. This is the second phase of the government initiative, which offers low-interest or even interest-free housing loans, in order to strengthen homeownership among young people aged 25-39.
The program’s opportunities
The program provides new buyers with a number of advantages:
1. Low-interest or interest-free loans: Beneficiaries have the opportunity to acquire a home with interest rates much lower than current market rates. For three-child and large families, the loans are completely interest-free.
2. Support for homeownership: Young people can take the step to acquire their own home, reducing their dependence on renting.
3. Expanding the number of beneficiaries: In the second phase, the possibility of expanding the criteria to include more young people in the program is being examined.
The challenges for interested parties
Despite the opportunities, interested parties may face several difficulties:
• Increase in real estate prices: Expected demand may lead to an increase in prices, which makes it difficult to find affordable options.
• Limited availability of housing: Housing that meets the program's criteria may be limited, especially in urban areas.
• Bureaucracy: The process of gathering supporting documents and approving the loan may require time and patience.
What interested parties should know
Candidates are urged to prepare in advance to make the most of the program. Specifically:
1. Market research: A careful search for properties and price comparison is recommended in order to identify the best options.
2. Supporting Documents: Gathering the required documents in time will speed up the application process.
3. Expert Advice: Help from brokers, banking advisors or lawyers can be invaluable, avoiding unnecessary delays or pitfalls.
A step towards stability
“My Home 2” comes to offer a significant opportunity to young people who wish to create their own base, but it requires preparation and attention. With the start of applications just around the corner, interested parties are urged to act immediately to benefit from this initiative, while at the same time being ready to face the challenges that may arise.
Petros Kitsikoudis
Real Estate Consultant
Sources: www.moneyandlife.gr , www.protothema.gr
