“My House 2” is expected to bring significant changes by expanding the income and age criteria, with the aim of including more beneficiaries who were excluded in the first phase of the program.
The housing issue is high on the government’s agenda, since it is one of the burning issues of the citizen’s daily life. In this context, Prime Minister Kyriakos Mitsotakis, from the stage of the TIF, will unfold the framework of the government’s intervention, in order to give a real breath to thousands of households who are facing a serious problem, both because of the expensive rents and because of the lack of houses on the market .
The government is awaiting approval from Brussels for the inclusion of the second stage of the “My Home” program in the Recovery Fund.
My Home 2
The new stage of the programme, with a budget of 2 billion euros (of which 1.7 billion euros from Community funds), will include changes to the age and income criteria, as well as the conditions for the value and age of the properties.
Among other things, it is provided that:
The age limit is changing and, instead of 25 to 39 years, it is now expected to increase not to 49 but to 50 years.
The income criterion will increase from 16,000 to 20,000 euros for single beneficiaries. It will remain, however, that a “minimum” annual income will be required (in the previous program it was 10,000 euros) in order to ensure the repayment of the loan. The limit of 10,000 euros has almost been covered after the last increase in the minimum wage but may remain the same and not change.
Changes are also being considered to the maximum income limits that applied to families with children: they were set at 24,000 euros for a couple with an addition of 3,000 euros for each child, while for single-parent families at 27,000 euros with an addition of 3,000 euros for each child beyond the first.
It is recalled that in the previous program, 75% of the capital granted by DYPA was interest-free. In practice, beneficiaries could secure a home purchase loan with interest rates starting at 1.05% after the relevant subsidy. Possibly the amount of the subsidy will be reduced from 75% to 50%, for some categories of beneficiaries at least (eg for singles). However, for three and many children, the loan was and is expected to remain 100% interest-free.
In any case, applicants should not have a property that meets their family’s housing needs. The eligible properties must be residences of commercial value (ie the value stated in the purchase contract) up to 200,000 euros, with an area of up to 150 sq.m. and at least 15 years old, within a residential area.
Source: OT
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