Loan amount
From €10,000 up to 100% of the budget for the quote/pro forma invoice from the photovoltaic system supplier/fitter + additional cash of €2,000.
Interest rate
The interest rate varies with the
Euribor 1M rate plus a spread of 3.95% that remains fixed for the entire term of the loan.
To buy and install a photovoltaic system on the roof of business premises, the spread is 4.95%.
Interest rates are also subject to the Law 128/1975 levy. Today it stands at 0.12% for homes and 0.6% for business premises.
Loan term
2 to 25 years.
Disbursement
Lump-sum or in instalments depending on the quote/pro forma invoice from the photovoltaic system supplier/fitter.
Grace period
We can offer grace periods for
4 to 6 months
Repayment
In monthly instalments that repay:
- Interest, capital and premiums
- Interest and premiums only if there is a grace period
Instalments are paid automatically from your deposit account.
Early repayment option
You can repay all or part of the sum early at any time.
If you plan to pay off the entire amount, an administration fee is payable in line with the Bank’s pricelist.
Collateral
Collateral can either take the form of a mortgage lien on the property or a pledge of cash or securities.
Mandatory insurance coverage
- Fire and Earthquake Insurance for the property for an insured capital equal to the cost of building the property
- Life and permanent total disability insurance for one of the borrowers, for an insured capital equal to the approved loan limit
- Premiums are payable each month along with the loan instalment
Insurance options
The Payment Protection Plan comes as an option. This form of insurance coverage provides compensation for:
- Dismissal or temporary disability due to accident or illness, for full-time, private sector employees with a contract
- Hospital treatment and temporary disability due to accident or illness for freelance professionals, civil servants and part-time private sector employees with a contract
The compensation guarantees that:
- Your mortgage loan instalments will continue to be paid as normal for a set period
- Your insurance coverage will apply for the remainder of the plan, if you opt to continue it, even though you have fully or partially repaid the loan
