Enter your net monthly income, existing debt payments, deposit available, and expected rate to find out how much you can borrow in Greece.
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Income-based limit
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Deposit-based limit
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How mortgage capacity works in Greece
Greek banks apply two independent limits and take the lower of the two results. The income test allows total monthly debt service up to 35% of net income. The LTV test caps the mortgage at 80% of the property value, requiring a 20% deposit. The binding constraint is whichever limit produces the smaller loan amount. Because transaction costs (approximately 8% of price) must be paid from the deposit, a large apparent deposit may still leave limited cash for the property itself once transaction costs are reserved.
Example calculation
Net income 2,500 EUR/month, existing debt 200 EUR/month, deposit 50,000 EUR, rate 4.5%, term 20 years. Available DTI capacity: 35% of 2,500 minus 200 = 675 EUR/month for mortgage. At 4.5% over 20 years, 675 EUR/month services a loan of approximately 106,000 EUR. Deposit-based limit: with 50,000 EUR deposit and 80% LTV, the property value can be up to 62,500 EUR plus the deposit = 62,500 EUR mortgage / 0.80 LTV = maximum property of 62,500 + 12,500 = no, the 50,000 covers 20% so max property = 250,000 EUR giving a loan of 200,000 EUR. The income-based limit of 106,000 EUR is the binding constraint.
Tips and considerations
Improve your DTI ratio by clearing existing debts before applying. A larger deposit reduces the required mortgage and improves the chance of approval. Ask your bank for a pre-approval letter (vevaiosi daneiodotikis ikanotitas) before making offers on properties to strengthen your negotiating position. Factor in an additional 8-10% of property value in transaction costs when calculating the total cash required.
Frequently asked questions
How do Greek banks calculate mortgage affordability?
Greek banks assess mortgage affordability using two parallel tests. First, the loan-to-value test limits the mortgage to 80% of the lower of the purchase price or bank valuation. Second, the debt-to-income test requires that total monthly debt service (the new mortgage plus any existing loans) does not exceed 30-40% of the applicant's verified net monthly income. Most Greek banks apply a ceiling of 35% DTI in practice. Income is verified from the most recent E1 tax return and payslips, and self-employed income is typically assessed at 70-80% of declared taxable earnings to account for income volatility.
What deposit do I need to buy a property in Greece?
Since Greek banks lend up to 80% LTV, a buyer needs a minimum deposit of 20% of the purchase price. However, the effective cash requirement is higher because transaction costs (transfer tax, notary, agent fees) are not included in the mortgage and must be paid from savings. For a 200,000 EUR property the minimum deposit is 40,000 EUR, but with approximately 8-10% in transaction costs, the total cash requirement rises to around 56,000-60,000 EUR. First-time buyers participating in government subsidy programs may access slightly higher LTV ratios under specific conditions.
Can foreign nationals get a mortgage in Greece?
EU citizens resident in Greece can apply for Greek mortgages on essentially the same terms as Greek nationals, provided they have a valid AFM (Greek tax number) and verified Greek income. Non-EU foreign nationals can also obtain Greek mortgages, though the process is more complex and some banks require a larger deposit (LTV of 60-70% rather than 80%). Income earned abroad can be used for affordability assessment but must be documented with translated payslips and tax returns. The Golden Visa program, which grants residency for property investments above 250,000 EUR, does not by itself facilitate mortgage access.
What is the maximum mortgage term available in Greece?
Greek banks typically offer mortgage terms of up to 30 years, with some products extending to 35 years for younger borrowers. The maximum term is often constrained by the borrower's age, with most Greek banks requiring the mortgage to be fully repaid by age 70-75. A 40-year-old borrower would therefore face a maximum term of 30-35 years depending on the lender. Longer terms reduce monthly payments but increase total interest cost significantly. Most Greek borrowers choose 20-25 year terms, balancing payment affordability with a desire to avoid excessive total interest.