Ηousing credit

Law 4438/28.11.2016  (in Greek only) transposed to Greek legislation Directive 2014/17/EU of the European Parliament and of the Council of 4 February 2014 on credit agreements for consumers relating to residential immovable property and amending Directives 2008/48/EC and 2013/36/EU and Regulation (EU) No 1093/2010 (Mortgage Credit Directive – MCD).

The provisions of the above Law include obligations in connection with:

  • Information preliminary to the conclusion of the credit agreement
  • Business ethics standards
  • Minimum knowledge and competence requirements for staff
  • Creditworthiness assessment
  • Property valuation
  • Foreign currency loans and variable rate loans
  • Sound execution of credit agreements.

The provisions of Law 4438/2016 require, among other things, prior authorisation and supervision of housing credit intermediaries, as well as a passport notification by the competent authority of the home country. The Law also provides that the Bank of Greece posts on its website and updates regularly a register of all housing credit intermediaries authorised by it.

Bank of Greece Executive Committee Act 137/16.4.2018  (in Greek only) sets out the authorisation procedure for housing credit intermediaries, supervisory rules and the rules governing the activity in Greece of credit intermediaries authorised outside Greece.

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