Reward program for performing borrowers

Find out about the favourable arrangements to your loan’s interest rate and monthly instalment.

Here at NBG we understand consumers’ needs and the challenges they face due to market conditions, and respond by designing tailored programs for our customers who hold housing and consumer loans. We've designed a broad Reward program for Performing Borrowers, which aims to reduce current floating interest rates for housing and consumer loans, secured by mortgage prenotation, including rescheduled loans, regardless of currency, as well as protect you from potential future increases in reference rates over the next 12 months. 

Through the Program:

  • you are protected against future increases in reference rates,
  • you enjoy a lower monthly instalment that remains unchanged for the entire term of the Program.

In brief:

  • Reduction of the reference rate in force on 31/03/2023 by 0.20%
  • Fixed monthly instalment with protection against future interest rate increases for 12 months 
  • Automatic inclusion in the Program if its conditions are met (loan disbursement by 31/12/2022 with no overdue debts, with a reference date of 28/04/2023)
 

Basic features of the Program

Who can join & How

The Program includes all performing holders of floating interest rate housing and consumer loans, secured by mortgage prenotation, including rescheduled loans (regardless of whether they have already joined or will join the Vulnerable Households Interest Rate Subsidy Program) whose loan was disbursed by 31 December 2022 at 1M Euribor, 3M Euribor, ECB base rate, 1M SARON and Consumer Credit Base Rate (CCBR). The said performing customers/holders of housing and consumer loans will automatically be included in the Reward Program, without requiring any action on the part of the customers.

Basic conditions

A condition for inclusion is that the loan is performing (0 days past due), i.e. not showing overdue debts, with a reference date of 28/4/2023. The loan must be paid on time for the 12 months of the privileged rate period to maintain prime pricing and a fixed instalment. 

Interest rate & Monthly instalment

The Reward Program provides, for a period of 12 months:

1) for application of the reference interest rate in force on 31/03/2023 reduced by 0.20% for loans in Euro,

2) absorption of future increases in reference interest rates that may occur within the next 12 months.

 
 

The following table shows in detail the reference interest rates and the new rates that will apply upon implementation of the Program:

Reference interest rate Interest rate on  31.03.2023 Reward program interest rate
Loans in Euro
1M Euribor 2,915% 2,715%
3M Euribor 3,038% 2,838%
ECB Rate 3,50% 3,30%
 

For loans in CHF, the floating reference rate (1M SARON) cap is set at 1.20% throughout the Program’s term.

The contractually provided interest rate margin and the levy under Law 128/75 will be added to the said reference rates.

The Reward Program in detail

Through NBG's Reward Program for Performing Borrowers, our aim is to contribute to the smooth financial planning of households and to relieve our customers from additional pressures and potential upward trends in interest rates. We are actively supporting our customers, consistently and responsibly, with the cost of the Reward Program covered exclusively by National Bank of Greece.

Floating interest rate Housing and Consumer loans, secured by mortgage prenotation, including also rescheduled loans, with a reference interest rate of 1M Euribor, 3M Euribor, ECB Rate, 1M SARON and Consumer Credit Base Rate (CCBR), are included in the Reward Program, while housing loans that are paid off at a different reference interest rate (such as loans at administratively fixed interest rate of Mortgage Lending or Greek Government Treasury Bills) are not. In the event that no interest rate cap applies to the loan, the Program’s interest rate cap shall apply only if the Program’s interest rate is more favorable than the applicable rate.

In this way, holders of floating interest rate loans will be able to enjoy the benefits of a fixed interest rate. Customers will be informed of the reduced interest rate of the loan and the respective reduced June instalment through May’s account statements. 

If during the program reference interest rates fall below the program interest rates, then the lower rates will apply, for the benefit of the customers. 

The loan must be paid on time for the 12 months of the privileged rate period to maintain prime pricing and a fixed instalment.

You can find out more on the terms and conditions of the Program by visiting your local NBG Branch.

 

You may also like

Find even more information that can help you meet your needs

Our customer service team is here for you

Our highly trained team is waiting to answer any questions you may have, in person or by phone.  
Close
Close
back-to-top