What down payment is required from a Polish client taking a loan for a property in Greece?

Question

Accepted Answer

The broker I work with provides the following details:

Loan rate:

 	From 4.5% to 5% annually.

Amount:

 	For purchases, the loan amount should not exceed the debt amount specified in the contract. The maximum financing percentage is 60% of the property’s market value.

Duration:

 	The maximum loan period is set at 15 years. The borrower must not exceed 65 years of age at loan maturity.

11. What is the total cost when buying property in Greece?

Using an example, the costs associated with property registration in Greece include transfer tax, legal and notarial fees, and services.

If the property value is 100,000 euros and the transfer tax is 3.09%, costs are as follows:

 	Lawyer’s fee: 100,000 x 1.5% = 1,500 € (plus VAT 24%) = 1,860 €
 	Notary: 100,000 x 1.5% = 1,500 € (plus VAT 24%) = 1,860 €
 	Transfer tax: 100,000 x 3.09% = 3,090 €
 	Land Registry: 100,000 x 0.5% = 500 €
 	Broker: 100,000 x 2% = 2,000 € (plus VAT 24%) = 2,480 €

Total expenses amount to 9,790 euros (this amount cannot be considered as a % of the property’s value).

If the cadastral value exceeds the market value of the property, costs are calculated based on the cadastral value.