Corfu, with its stunning landscapes, Mediterranean climate, and rich history, has long been a favorite destination for both holidaymakers and property investors. If you’re considering purchasing a home in Corfu but aren’t a Greek citizen, you may wonder about the mortgage options available to foreign buyers. In this guide, we’ll cover everything you need to know about mortgages for foreigners looking to buy property in Corfu in 2025 — from eligibility and requirements to best lenders and interest rates.

1. Understanding the Mortgage Process for Foreigners

1.1. Foreign Ownership in Greece

• Foreigners are allowed to buy property in Greece, including Corfu, but there are certain legal restrictions.

  • EU Citizens: EU nationals can purchase property in Greece with the same rights as Greek citizens.

  • Non-EU Citizens: Non-EU nationals may face additional restrictions and may need to apply for special permission from the Greek Ministry of Defense if buying property near military zones.

1.2. Types of Mortgages for Foreigners

• There are generally two types of mortgages available for foreigners buying property in Corfu:

  • Home Mortgages: For those looking to purchase residential property.

  • Investment Property Mortgages: For foreign buyers seeking to purchase vacation rentals or buy-to-let properties.

2. Mortgage Eligibility for Foreigners

2.1. Key Requirements

• Residency: While it’s not required to be a resident of Greece, having residency status or a Greek tax number (AFM) can improve your chances of securing a mortgage.

• Income Verification: Lenders will need proof of stable income. This could include employment contracts, bank statements, and tax returns.

• Down Payment: Typically, a minimum deposit of 20% to 40% of the property’s value is required.

• Credit History: Lenders may consider your credit history in your home country or require a credit report from international credit agencies.

2.2. Lender Options

• Greek Banks: Greek banks are the most common source of mortgages for foreigners. They offer competitive interest rates but may have more stringent requirements for foreign buyers.

• International Banks: Some international banks operating in Greece also offer mortgages to foreigners, often with more flexible terms, but higher interest rates.

3. Mortgage Options and Interest Rates

3.1. Fixed vs. Variable Rates

• Fixed-Rate Mortgages: Your monthly payment stays the same over the course of the loan. This is a good option if you want predictability in your payments.

• Variable-Rate Mortgages: Your interest rate will fluctuate based on the market rate, which means your monthly payments could increase or decrease over time.

3.2. Typical Interest Rates

• Interest rates for foreign buyers can range from 3% to 6%, depending on your loan amount, credit history, and the bank you choose. Rates may be slightly higher for non-EU nationals.

3.3. Loan Terms

• Loan Term: The typical mortgage term in Greece is 15 to 30 years. Shorter loan terms may have higher monthly payments, but you’ll pay off the property sooner.

• Maximum Loan Amount: In general, banks offer up to 70%-80% of the property’s value. The loan-to-value (LTV) ratio may be lower for foreign buyers.

3.4. Currency Considerations

• Currency: If your income is in a foreign currency, make sure to consider how exchange rates might affect your mortgage payments. Some banks may offer loans in foreign currencies (e.g., EUR, GBP, USD).

4. Steps to Secure a Mortgage in Corfu

4.1. Step 1: Choose the Right Lender

• Compare different lenders to find the best interest rates and loan terms. Consider approaching Greek banks, international banks, or mortgage brokers who specialize in working with foreign buyers.

4.2. Step 2: Prepare Your Documents

• Proof of Identity: Valid passport or ID card.

• Proof of Income: Employment contract, bank statements, and tax returns.

• Tax Number: You’ll need a Greek Tax Identification Number (AFM).

• Proof of Address: Utility bills or official documents proving your address.

4.3. Step 3: Apply for Pre-Approval

• Once you’ve selected a lender, you can apply for pre-approval for your mortgage. This gives you an estimate of how much you can borrow and helps you plan your budget for purchasing a property.

4.4. Step 4: Property Valuation

• Lenders will require an independent valuation of the property to determine its market value and ensure it meets the necessary criteria for the mortgage.

4.5. Step 5: Sign the Agreement

• If approved, you’ll receive a mortgage agreement outlining the terms and conditions. After signing, you’ll be able to complete your property purchase and begin making monthly payments.

5. Best Banks for Foreigners Seeking Mortgages in Corfu

5.1. National Bank of Greece

• Overview: One of Greece’s largest banks offering competitive mortgage rates and a wide range of loan products for foreign buyers.

• Mortgage Features: Offers fixed and variable rates, typically up to 80% LTV for residential properties.

5.2. Alpha Bank

• Overview: Known for flexible mortgage options for foreign buyers, including loans in foreign currencies.

• Mortgage Features: Offers longer-term loans, typically up to 30 years with competitive rates.

5.3. Eurobank

• Overview: A leading bank in Greece offering mortgages for foreign investors.

• Mortgage Features: Known for offering low-interest rates and favorable loan terms for EU and non-EU buyers.

5.4. Piraeus Bank

• Overview: Offers a variety of mortgage options to foreign nationals with a range of loan-to-value ratios and repayment periods.

• Mortgage Features: Specializes in customized loan packages for foreign clients.

6. Tips for Foreign Buyers Seeking a Mortgage in Corfu

6.1. Work with a Real Estate Agent

• A local real estate agent can help guide you through the property-buying process and recommend mortgage lenders that work with foreign buyers.

6.2. Consider Your Budget

• Keep in mind additional costs such as property taxes, notary fees, and legal fees, which can add up quickly. Make sure to plan for these costs when determining how much you can borrow.

6.3. Hire a Greek Lawyer

• Hiring a Greek lawyer who specializes in real estate can help ensure that all legal requirements are met, including reviewing the mortgage contract and ensuring the property title is clear.

6.4. Know Your Repayment Options

• Consider whether you prefer a fixed-rate or variable-rate mortgage, depending on your financial goals and risk tolerance.

7. Conclusion

Securing a mortgage as a foreigner in Corfu is absolutely possible, and with the right preparation, it can be a smooth process. Whether you’re buying a vacation home or an investment property, Corfu’s appeal as a destination ensures long-term value. By choosing the right lender, understanding the mortgage process, and working with local professionals, you can make your dream of owning property in Corfu a reality in 2025.

For more information on Corfu real estate, mortgage guidance, and expert recommendations, visit Chase Real Estate Corfu.