Mortgage in Greece for Israelis: Will a Greek Bank Lend to a Non-Resident, and What Are the Alternatives

The question “Can I get a mortgage in Greece?” comes up in almost every conversation with an Israeli investor looking at Athens, Thessaloniki or the islands. The short answer is that it is possible, but not a given. This guide explains what a Greek bank examines in a non-resident, what the central bank's limits are, how the security in favour of the bank is registered, and what the alternatives are when a Greek mortgage is not suitable. The information is current as of November 2026, and we do not quote interest rates, because they change frequently and are set according to each borrower's profile.

1Will a Greek bank give a mortgage to a non-resident?

Yes, it is possible, but it is each bank's decision and not a right of the borrower. Banks in Greece provide financing to foreign buyers as well, on terms that may differ from those offered to citizens and residents, and there is no regulatory rule obliging a bank to finance a non-resident or setting a dedicated track for them.

From the bank's perspective, an Israeli whose income is earned in Israel is a borrower who is harder to assess: the income is in another currency, the documents are in another language, and collection, if needed, would be pursued against someone living outside Greece. Each bank therefore sets its own terms for non-residents, and they change from period to period. Commercial sources cite different financing ratios for non-residents, and they contradict one another. We found no official source for such a ratio, so we do not state a figure. We summarised the broader picture, country by country, in our guide to mortgages for property abroad by country.

2What loan-to-value can you get on a mortgage in Greece?

The regulatory cap is 80% of the property value, and 90% for a first-time buyer, and a bank financing a non-resident will usually set a lower ratio. The caps were set by Executive Committee Act 227/1/08.03.2024 of the Bank of Greece, and they apply from 1 January 2025 to loans to natural persons secured on residential property in Greece. According to the International Monetary Fund's 2026 report on Greece, they remain in force.

Two practical notes. First, do not assume you will be treated as a “first-time buyer” simply because this is your first property in Greece. Anyone who owns a home in Israel should find out in advance, in writing, how the bank will classify them. Second, the cap is a maximum, not a promise. Your own funds must also cover the transfer tax or VAT, the notary's, lawyer's and engineer's fees, and the registration charges, which the bank does not finance.

3What documents does a Greek bank require from an Israeli buyer?

The exact list varies from bank to bank, but you will almost always need a Greek tax number (AFM), a bank account in Greece and full documentation of your income and of the source of your own funds. It is worth starting to collect the documents even before choosing a property:

• Greek tax number (AFM) - without it you cannot sign a loan or a purchase contract. We explained how to obtain it remotely in our guide to the AFM and a Greek bank account for Israeli investors.
• Identification - passport and proof of address in Israel.
• Proof of income - payslips, or for self-employed persons and company owners, financial statements and tax assessments from Israel.
• Bank statements and a list of liabilities - including a mortgage or loans in Israel, because the debt-service ratio is calculated on all debts.
• Translations and certifications - certified translation and apostille for the Israeli documents, as required by the bank.
• Property documents - the preliminary agreement, a current certificate from the land registry, the property's electronic identity and the engineer's certificate.

According to the Bank of Greece's notification to the European Systemic Risk Board (ESRB), the disposable income used to calculate the debt-service ratio is derived from tax documents. Anyone whose income is reported in Israel should be prepared for the bank to ask for translated Israeli tax documents, not just payslips, and for the review to take longer than for a local borrower.

4How does a Greek bank value the property before lending?

The bank commissions a valuation of the property and checks, on its own behalf, the title and the planning status. The financing ratio is calculated against the value set by the bank, not against the contract price: if the valuation is lower than the price, the loan will be smaller and the required own funds will be larger.

The legal and planning review is especially important in Greece. A property with unregularised building violations, without a proper engineer's certificate, or with a gap between the registry entry and the situation on the ground, may not be financed at all, as we explained in our guide to building violations and the engineer's certificate in Greece. For a property under construction, the financing ratio is calculated on the expected value upon completion, but the bank usually releases funds only once its security is registered on the property.

5How is the bank's mortgage registered in Greece: ypothiki or prosimiosi?

The bank's security is registered in the land registry (the Cadastre or the Land Registry Office) in one of two ways: a full mortgage (ypothiki, υποθήκη) or a pre-notation of mortgage (prosimiosi ypothikis, προσημείωση υποθήκης). Both secure the loan on the property, but they are created and operate differently.

According to the European Land Registry Association (ELRA), in Greece the pre-notation is more common than the mortgage itself. Article 1274 of the Civil Code, which sets out the documents on the basis of which a pre-notation is registered, was replaced by Law 5095/2024, and the same law added the option of registering a consensual pre-notation on the basis of a lawyer's act.

What does this mean for you? The amount registered in favour of the bank is usually higher than the loan amount, because it also includes interest and costs. ELRA gives the example of a loan of 100,000 euros with agreed interest of 20,000 euros, registered as a secured debt of 120,000 euros. And once you finish paying, you need to arrange for the entry to be deleted from the registry. Without deletion, you will find it difficult to sell the property or to pledge it again.

6Mortgage interest rates in Greece: what to look at when comparing offers?

Instead of looking for an “average rate”, it is worth understanding the structure of the offer and its total cost. A mortgage from a Greek bank is in euros, and the interest can be variable, linked to Euribor plus the bank's margin, fixed, or fixed for an initial period and variable afterwards. When comparing offers, check:

• The total cost, not just the rate: file-opening fees, legal and technical review, valuation, insurance and registration of the security.
• What happens at the end of the fixed period, and by which index and margin the rate will be calculated from then on.
• Which insurance policies the bank requires, and whether you may buy them from another company.
• Early repayment terms and fees, if any.
• The repayment in shekels under several exchange-rate scenarios: when the shekel weakens against the euro, the repayment in shekels rises even if the rate does not move.

It is important to ask for the offer in writing, with all costs, before committing to the seller. An oral offer or a general “agreement in principle” is not enough to plan your own funds.

7What are the alternatives to a mortgage from a Greek bank?

The common alternatives are an all-purpose loan secured on a home in Israel, a payment plan with the developer in a new project, and full own funds. Several routes are sometimes combined, for example a developer payment plan during construction and a loan in Israel for the final payment.

In a payment plan with a developer, each payment should be tied to a construction stage that can be verified by a document, not by the developer's statement. Also check whether the land is pledged to the bank financing the developer, and what ensures that the charge will be removed from your unit before it is registered in your name, and consider security for the payments, such as a bank guarantee.

The financing structure also has implications for tax in Israel. Anyone who lets the property and chooses the 15% track on rental income from abroad deducts depreciation only, not interest. Under the track based on the tax brackets, expenses, including interest, can be deducted. The loan structure and the tax track are therefore chosen together, as we explained in our guide to the Israeli side of a property abroad.

8In what order should you act when financing a purchase in Greece?

The rule is that financing is secured before the commitment, not after it. This is the order we recommend:

1. Decide on the financing route before choosing a property: a Greek bank, a loan in Israel or a combination.
2. Obtain an AFM and open a bank account in Greece as early as possible.
3. Ask the Greek bank for a written agreement in principle: financing ratio, type of interest, costs and a list of documents, and check how it classifies you for the purposes of the central bank's caps.
4. Prepare the documents from Israel: translation, notarial certification and apostille take time.
5. Include in the preliminary agreement a condition allowing you to withdraw from the deal and recover the deposit if the financing is not approved or if the valuation is lower than the price.
6. Carry out your own due diligence, in parallel with the bank's review. We detailed the stages of the transaction itself in our guide to the property purchase process in Greece.
7. Coordinate with the bank the date of signing before the notary, so that the security is registered and the funds are released on time.

9Before signing: how we accompany the financing stage

We build the financing structure with the client before the preliminary agreement: we assess whether a Greek mortgage is realistic in their case, draft financing and exit conditions in the agreement, align the payment schedule with the bank's timetable, and in a new project make sure that every payment to the developer is backed by a document or a security. Vis-à-vis the bank, we accompany the legal review and the registration of the security, together with a local lawyer and notary. We are not mortgage advisers and do not recommend any particular bank or product.

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