At a branch or by email
Apply for a commercial mortgage at one of our branches or by email.
Alternatively, your proxy (lawyer) may come to one of our branches.
You may submit an application even if you have not found a property that interests you yet.
Find out the supporting documents to submit a loan application.
When you need a proxy
If you are not a Greek citizen or you are a Greek citizen but cannot stay in Greece until the commercial mortgage process is completed, you need a lawyer to act as your proxy.
The lawyer acting as your proxy should be:
- Registered at a Greek bar association.
- A Eurobank client.
In such case, your proxy (lawyer) submits your commercial mortgage application, represents you and proceeds with all other steps.
If you do not bank with Eurobank and cannot come to one of our branches, your proxy (lawyer) may submit both the required supporting documents to start a banking relationship with Eurobank and your commercial mortgage application.
For the onboarding of the legal entity, the entity’s Director must visit a Eurobank branch.
Find out the supporting documents when you need a proxy for your commercial mortgage.
Submitting an application
At the branch or by email, we issue your loan application. We help you or your proxy (lawyer) to correctly complete it.
Once or your proxy sign and submit your application, we check your documents and assess your application based on your creditworthiness.
Find out the supporting documents for submitting a loan application.
Pre-approval documents
You or your proxy (lawyer) receive:
- Pre-approval Certificate – It sets out all the conditions that must be met for final approval of your loan. Conditions may vary depending on the commercial value of the property and the type of collateral.
Then, one of our officers contacts you or your proxy (lawyer) about the next steps.
Pre-approval validity
The pre-approval of your commercial mortgage is valid for 120 days.
Past the 120 days, we reconfirm your financial details.
Once your commercial mortgage is pre-approved, you or your proxy (lawyer) submit the supporting documents for the final loan approval.
Find out the supporting documents for the due diligence on the property.
Legal due diligence
Our lawyers check the property on which the lien is placed on at the competent Land Registry and/or the National Cadastre & Mapping Agency.
Legal due diligence allows us to ensure that the property:
- Is legally owned and has been legally transferred for the last 20 years.
- Is free from all encumbrances and litigation for the last 20 years.
For us to proceed with the legal due diligence, you or your proxy (lawyer) need to submit certain documents to the branch.
Technical due diligence
Technical due diligence takes place on the property used as collateral or, in some cases, the financed property too (when different). It is conducted by an independent certified engineer / appraiser under Law 4438/2016.
Technical due diligence is conducted with a physical inspection of the property and determines the property value.
To set an inspection date, our engineer calls you or your proxy (lawyer). They inform you of the required documentation at this stage (photocopies).
The technical due diligence certifies that the property used as collateral:
- Is not an illegal construction and there are no planning irregularities (e.g. any semi-open space has been legalised).
- Complies with town planning regulations.
- Does not have any structural or static problems.
- Is constructible – if it is a land plot.
Fees for due diligence
You are charged with the fees for legal and technical due diligence (One-off Due Diligence Costs). They include the engineer’s and the lawyer's fee for inspecting the property and its legal status respectively.
If two properties are pledged as collaterals, we carry out a due diligence check on both. In this case, there is an additional cost (One-off Additional Collateral Cost).
You pay part of the cost for due diligence once your loan is pre-approved.
You pay the remaining amount as well as other loan costs after signing the agreement.
Find out the supporting documents for the final commercial mortgage approval
If the pre-approval is no longer valid
We inform you of the required documentation to renew the Pre-approval Certificate, upon your or your proxy’s request.
Documentation for conduction of contractual documents
After the final commercial mortgage approval, you or your proxy (lawyer) receive the:
- Template of PoA, which outlines the terms of the contractual agreement and authorizes your proxy to sign on your behalf.
- Welcome letter outlining the commercial mortgage repayment terms, the related fees (expenses) and the mortgage lien process.
Property insurance
If you are securing your loan with a mortgage lien on property, you must take out insurance on the property against fire, earthquake and weather conditions (flood, storm, squall, snow, hail and frost), as a minimum.
You may choose any insurance company that operates in Greece.
If you choose Eurolife FFH or Designia Brokers, you sign the Property Insurance Plan on the day you sign the commercial mortgage agreement.
If you choose some other insurance company, you must submit your insurance policy on the day you sign the agreement.
Linked bank account
Your commercial mortgage must be linked to a Eurobank account to facilitate repayment throughout the loan term.
Mortgage lien on property
A mortgage lien on property must be registered at the District Court. The following individuals must appear before the court, carrying their statement and written consent:
- The proxy lawyer of the legal entity owning the property used as collateral.
- The competent Eurobank lawyer.
Cash collateral or pledge on securities
You may secure your loan with cash collateral, securities (e.g. investment products) or time deposits you keep at Eurobank.
In this case, you or your proxy (lawyer) must sign a relevant pledge agreement.
Secured loan approval fees
If you use cash collateral or pledge on securities, you are charged with a One-off Loan Approval Fee. The amount is withheld when we disburse your loan.
When you buy a move-in ready property
We disburse the loan in one lump sum, as long as the property is finished.
With your authorisation, we issue a crossed cheque in the name of the seller of the property. However, if they already have a Eurobank account, we deposit the amount in their account.
When you build, or buy a property under construction
We disburse your loan in multiple instalments, based on the progress of the works. The disbursed amount is deposited in the Eurobank account that is linked to your loan.
Before every disbursement, our engineer performs an inspection to confirm the progress of the works.
Two years after the first disbursement, the full amount of the loan must be disbursed.
