What is Spiti Mou II?
Spiti Mou II (Σπίτι Μου ΙΙ, meaning 'My Home II') is the second phase of Greece's flagship subsidized housing loan program. Launched by the Greek government using EU Recovery and Resilience Fund resources, it's designed to help young people and families purchase their first home at significantly reduced borrowing costs. The program's key innovation is its dual-funding structure: 50% of the loan comes from the Recovery Fund at 0% interest, while participating banks provide the remaining 50% at market rates.
Key benefit: Because half your loan is interest-free, the effective interest rate you pay is roughly half the market rate. If a bank offers 4% on their portion, your blended rate is approximately 2%. On a €150,000 loan over 30 years, this saves over €50,000 in interest.
Eligibility Requirements
To qualify for Spiti Mou II, applicants must meet the following criteria:
Age: Applicants must be between 25 and 50 years old at the time of application.
Income limits: The minimum annual income is €10,000. Maximum income limits have been increased in the expanded program — single applicants can earn up to approximately €70,000, while couples can earn more. The exact thresholds depend on family status and number of children.
Property ownership: Applicants must not own residential property (or their existing property share must be below specific thresholds). The program is designed for first-time homebuyers or those with minimal existing property.
Property requirements: The home being purchased must be a primary residence. It can be a new-build or existing property, but it must meet energy efficiency standards. The maximum property value is linked to the loan ceiling of €190,000, though some down payment may be required.
Tax compliance: Applicants must be current on their tax obligations (no outstanding debts to the tax authority or EFKA).
Special Benefits for Large Families
Families with three or more children receive an additional benefit: 50% interest rate subsidy on the bank-financed portion of the loan. This means their effective interest rate approaches zero, making homeownership dramatically more affordable. Additionally, families with two children who purchase in specific municipalities of the Evros regional unit (Orestiada, Soufli, or Didymoteicho) also qualify for the enhanced subsidy, as part of the government's border region development strategy.
How to Apply: Step by Step
Step 1: Check eligibility. Visit gov.gr to apply for an eligibility certificate. The system will verify your age, income, and property status automatically using tax and property registry data. You'll receive a response typically within a few days.
Step 2: Get pre-approved. Once you have your eligibility certificate, approach one of the participating banks (National Bank, Piraeus, Alpha, Eurobank, and others). Pre-approval is issued within 30 days and remains valid for 60 days.
Step 3: Find your property. Use the pre-approval window to identify and agree on a property. Ensure it meets the program's energy efficiency and primary residence requirements.
Step 4: Final loan approval. Submit the property details to the bank for final assessment. The bank conducts its own valuation and credit check.
Step 5: Signing and disbursement. Sign the loan agreement, complete the notarial purchase deed, and register the property. The dual-funding structure (50% Recovery Fund + 50% bank) is handled automatically.
Application Deadline and Program Expansion
The application deadline for Spiti Mou II has been extended to May 2026 following the program's official expansion in late 2025. The expansion also raised income limits, making more middle-class families eligible. The program has been highly popular — the original Spiti Mou I was oversubscribed, and Spiti Mou II launched with enhanced funding to meet demand.
Participating Banks and Rates
All four major Greek banks participate in Spiti Mou II: National Bank of Greece (NBG), Piraeus Bank, Alpha Bank, and Eurobank. Several smaller banks and cooperative banks also participate. Each bank offers its own interest rate on the 50% bank-funded portion, so it's worth comparing. As of early 2026, bank rates on the subsidized portion range from approximately 3.5% to 5%, depending on the bank, loan term, and whether you choose a fixed or variable rate. Remember: you only pay interest on half the loan.
Real Cost Comparison: Spiti Mou II vs Regular Mortgage
Let's compare a €150,000 loan over 25 years at a bank rate of 4.2%:
Regular mortgage: Monthly payment approximately €810, total interest paid €93,000.
Spiti Mou II: 50% (€75,000) at 0% + 50% (€75,000) at 4.2%. Monthly payment approximately €660, total interest paid €48,000.
That's a saving of roughly €150/month and €45,000 over the life of the loan. For families with 3+ children getting the additional subsidy, the savings are even more dramatic.
Common Questions
Can I use Spiti Mou II anywhere in Greece? Yes, the program covers properties across all of Greece — Athens, Thessaloniki, islands, and rural areas. However, property prices in prime urban areas may exceed the €190,000 loan ceiling, requiring a larger down payment.
Can I buy a property that needs renovation? Yes, the loan can include renovation costs up to a limit, as long as the final property meets energy efficiency requirements.
What happens if I sell the property? You must use the property as your primary residence for a minimum period. Early sale may require repayment of the subsidized portion.
Can non-Greek EU citizens apply? Yes, provided they are Greek tax residents and meet all other eligibility criteria.
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