Up to 30,000 couples will be eligible to purchase their own home through the second round of the successful My Home home ownership scheme, Prime Minister Kyriakos Mitsotakis announced Sunday afternoon in his multi-channel interview.

The annual subsidy can reach up to 4,250 Euros per year for a 30-year period, the second iteration of My Home will provide significant financial assistance for couples aged 40-50 years old, as well. The My Home subsidized loans boast a low monthly payment and borrower protection from future interest rate hikes, making the program one of the most viable ways for young Greeks to acquire a primary residence. The government plans to secure funds close to 2 billion Euros from the European Commission after negotiations are complete, Mitsotakis explained, with a view to include more beneficiaries in terms of age criteria.

The My Home scheme, explained:

If a couple were to take out a €150,000 mortgage loan now -the previous lending cap, their monthly installment would amount to about €830 to €860, given the current variable interest rate of over 5-5.5%. Through the My Home program, 75% of the interest is subsidized for up to 30 years, meaning that the 5.5% interest rate is reduced to 1.37% . It is important to note that in the first round, the borrower also received a 0.12% contribution. The 75% subsidy acts as a primary shield against future interest rate increases and in turn, the monthly installment for a €150,000 loan over 30 years is reduced to €508, resulting in a monthly savings of €354 or an annual savings of €4,250.