Posted by Chase Real Estate Corfu on May 7, 2025

Corfu

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Can Foreigners Get Mortgages in Greece?

Greece, with its beautiful landscapes, historic cities, and idyllic islands, continues to be a popular destination for property buyers, including foreigners. Many people dream of owning a home in Greece, but one of the most common questions is whether foreigners can secure a mortgage to finance their property purchase.

The good news is that, yes, foreigners can get mortgages in Greece. However, there are some unique requirements, processes, and conditions that you need to understand before applying for a mortgage. Whether you’re a non-resident, an EU national, or a foreign investor, this comprehensive guide will help you navigate the mortgage process in Greece.

For more detailed guidance on purchasing property in Corfu or other Greek regions, visit Chase Real Estate Corfu.

What You Need to Know About Getting a Mortgage as a Foreigner in Greece

1. Eligibility Criteria for Foreigners

Foreign buyers, both within and outside the EU, can apply for a mortgage in Greece, but they must meet certain eligibility criteria. Here’s what you need to know:

Non-EU Nationals: Non-EU nationals can get mortgages in Greece, but the process is typically more complicated. Banks may require more documentation, such as proof of residence, a higher down payment, and additional financial documentation.
EU Nationals: EU citizens face fewer hurdles and have a more straightforward process. They enjoy the same rights as Greek citizens when it comes to securing a mortgage.
Non-Residents: While non-residents can apply, the bank may view them as higher-risk applicants. Non-residents may face higher interest rates, larger down payments, and additional paperwork.

2. Down Payment Requirements

One of the biggest factors that foreigners must consider is the down payment. In general, banks in Greece require a down payment of 20% to 40% for foreigners. This is higher than the typical down payment required for Greek nationals.

Non-EU nationals: Banks may require a larger down payment, ranging from 30% to 40%, depending on the lender.
EU nationals: A down payment of 20% to 30% is more common.

The size of the down payment is an important consideration when planning your mortgage.

3. Interest Rates and Mortgage Terms

Mortgage interest rates in Greece vary but generally range from 3% to 6% for foreigners, depending on factors like the type of mortgage, the applicant’s credit score, and the size of the down payment.

Fixed Rate Mortgages: Fixed-rate mortgages are available in Greece, offering predictable monthly payments. However, they may come with higher initial rates.
Variable Rate Mortgages: Many Greek banks offer variable-rate mortgages, where interest rates can fluctuate over time based on the market.
Mortgage Duration: The duration of mortgages in Greece typically ranges from 10 to 25 years. A longer duration can reduce monthly payments but increase the total interest paid over the life of the loan.

The Process of Getting a Mortgage in Greece as a Foreigner

1. Choosing a Bank and Lender

When applying for a mortgage in Greece as a foreigner, it’s important to research different banks and lenders to find the best deal. Some of Greece’s largest banks, such as Alpha Bank, Eurobank, and National Bank of Greece, offer mortgages to non-residents, but it’s worth comparing their rates, terms, and conditions.

2. Required Documentation for Foreign Buyers

Foreign buyers must provide certain documentation when applying for a mortgage in Greece. The following are typically required:

Valid Passport or National ID: Proof of identity.
Proof of Income: Payslips, tax returns, and bank statements to demonstrate your ability to repay the loan.
Proof of Financial Stability: Additional financial documentation may be required, such as proof of assets and liabilities.
Credit History: Some banks may ask for your credit history from your home country.
Property Details: Information on the property you wish to purchase, including its location, value, and condition.
Proof of Residence: If you are a non-EU national, you may need to provide proof of residence in your home country or another country.

If you’re not fluent in Greek, it’s a good idea to have the documents officially translated.

3. Property Appraisal and Evaluation

Once the bank receives your application, they will require an independent appraisal of the property you wish to purchase. This is done to ensure that the property’s value is appropriate for the mortgage amount.

The bank will hire an independent appraiser to assess the property’s market value, condition, and other factors. The property must also meet certain legal and structural criteria to be eligible for a mortgage.

4. Approval and Loan Offer

After the property evaluation and thorough assessment of your financial situation, the bank will decide whether to approve your mortgage application. If approved, they will issue a loan offer with specific terms, including the amount, interest rate, repayment schedule, and duration of the loan.

It’s crucial to review the loan offer carefully and make sure all terms are clear before signing any agreements.

5. Notary and Property Transfer

Once you accept the mortgage offer, you’ll sign the mortgage agreement in the presence of a notary public in Greece. The notary will also handle the legal transfer of the property title, ensuring that the property is officially registered in your name.

Common Challenges Foreign Buyers Face in Greece

While foreigners can successfully obtain mortgages in Greece, there are a few challenges to consider:

Language Barrier: All official documents, including mortgage agreements, will be in Greek. It’s essential to have a translator or bilingual lawyer to ensure you understand the terms and conditions.
Higher Risk for Non-Residents: Non-resident foreigners may face higher interest rates, larger down payments, and more stringent lending conditions.
Complex Legal Process: The legal process in Greece can be complex, particularly when it comes to property transactions. Working with a local lawyer who understands Greek property laws can help you navigate the process more smoothly.
Limited Lender Options: Not all banks in Greece are open to lending to foreigners, so it’s important to work with a bank that has experience dealing with international buyers.

Alternatives to Mortgages for Foreign Buyers in Greece

If securing a mortgage in Greece seems challenging, there are alternative options for financing your property purchase:

Private Lenders: Some international banks or private lenders may offer financing options for foreign buyers.
Cash Purchase: If you have the funds available, purchasing property with cash is the easiest and fastest option, avoiding the need for a mortgage altogether.
Home Equity Loans: If you own property in your home country, you might consider using home equity to finance your purchase in Greece.

Why Buy Property in Greece?

Greece remains one of the most popular destinations for property buyers due to its:

Affordability: Compared to other European countries, Greece offers relatively affordable property prices.
Stunning Locations: From the islands to the mainland, Greece offers a variety of stunning landscapes and vibrant cities.
Strong Rental Market: Greece’s tourism industry continues to thrive, making it an attractive option for rental property investments.
Favorable Climate: The Mediterranean climate with sunny weather year-round makes Greece an ideal place for both living and vacationing.

For more information on buying property in Corfu and navigating the mortgage process, visit Chase Real Estate Corfu.

Conclusion

Foreigners can absolutely get mortgages in Greece, but it’s important to understand the requirements, conditions, and processes involved. While the process may be more complex for non-residents and non-EU nationals, securing a mortgage in Greece is possible with the right preparation, documentation, and guidance.

For those interested in property in Corfu or elsewhere in Greece, it’s crucial to work with experienced professionals who can help you navigate the mortgage process smoothly. Visit Chase Real Estate Corfu for expert advice and listings.