The Greek government is making significant changes to the My Home 2 program, which aims to expand the eligibility criteria and include more beneficiaries who were previously excluded from the initial phase.

Housing affordability is a top priority on the government’s agenda, as it is a pressing issue for many citizens struggling with high rents and limited housing supply. Prime Minister Kyriakos Mitsotakis is expected to outline the government’s intervention framework during the Thessaloniki International Fair, in order to provide real relief to thousands of households facing these challenges.

The government is seeking approval from the European Union to include the second stage of the My Home program in the Recovery Fund. This new phase, with a budget of €2 billion (including €1.7 billion from EU funds), will introduce changes to the age and income criteria, as well as the conditions related to the value and age of eligible properties.

These changes are designed to make the program more inclusive and accessible to a wider range of individuals and families in need of housing assistance.

The regulations are set to change as follows:

• The eligible age range will shift from 25-39 years to 25-50 years.
• The income threshold for single applicants will increase from €16,000 to €20,000, though a minimum annual income of €10,000 will still be required to ensure loan repayment. This €10,000 minimum might remain unchanged despite recent increases in the minimum wage.
• Adjustments are being considered for the income limits for families with children: previously set at €24,000 for a couple with an additional €3,000 per child, and €27,000 for single-parent families with the same increase for each additional child.
• In the past, 75% of the loan capital provided by the Public Employment Service (DYPA) was interest-free, allowing beneficiaries to secure home loans with interest rates starting at 1.05% after subsidies. This subsidy might be reduced to 50% for certain groups, such as single applicants, but families with three or more children are expected to continue receiving 100% interest-free loans.

Applicants must not own property sufficient for their family’s housing needs. Eligible properties must have a market value of up to €200,000, be no larger than 150 square meters, and be at least 15 years old, located within a residential zone.