Program "Exoikonomisi Kat’ Oikon II"
With yellow Reward Program

The new program “Exoikonomisi Kat’ Oikon II” was designed for energy-saving (green) interventions in the residential building sector and is addressed to property owners whose main residence is at a low energy gradation.

The program provides financial incentives to beneficiaries in the form of a grant and subsidized interest rate. This enables making significant interventions, which will improve the energy performance of their property.

The loans are co-funded at a ratio of 1:2 (ETEAN SA/ Bank). The part of the funds provided by ETEAN SA is interest-free and is exempt from the levy of Law 128/75. The interest rate of the loan provided by the Bank is 100% subsidized by ETEAN SA. The levy of Law 128/75 is 0.08% and is paid by the beneficiary.

INTEREST RATE
4,00%
(100% subsidized for the entire duration of the loan + Law 128/1975 levy)
LOAN TERM
4, 5 or 6 years
LOAN AMOUNT
Up to €25.000
KEY ADVANTAGES
  • 100% subsidized interest rate
  • Up to 70% of the cost of interventions subsidized
  • Special offer from Piraeus Bank:
      1. 10.000 yellows as a reward with the loan’s disbursement
      2. Additional funding, if necessary, for additional repairs on preferential terms
INTEREST RATE
4,00%
(100% subsidized for the entire duration of the loan + Law 128/1975 levy)
LOAN TERM
4, 5 or 6 years
LOAN AMOUNT
Up to €25.000
KEY ADVANTAGES
  • 100% subsidized interest rate
  • Up to 70% of the cost of interventions subsidized
  • Special offer from Piraeus Bank:
      1. 10.000 yellows as a reward with the loan’s disbursement
      2. Additional funding, if necessary, for additional repairs on preferential terms

Description of the Program

The Program is funded by the Operational Program "Competitiveness, Entrepreneurship, Innovation" and the Regional Operational Programs of the Regions of Epirus, Ionian Islands, Western Greece, Sterea Ellada, Attica, Peloponnese, North Aegean, South Aegean and Crete, ESPA 2014-2020", with benefactor of the program ETEAN SA .

The basic conditions in order to integrate a residence into the Program are the following:

  • It has to be used as the main residence.
  • It is legitimately present (existence of a building permit or other legitimate document).
  • It is classified according to the Energy Efficiency Certificate (EEP), issued after 26/11/2017, in a category less than or equal to D.
  • It has not been considered demolishable.

In order to participate to the program, you should:

  1. Retain the right of ownership * (full or sparse) or usufruct in an eligible home..
  2. Meet the income criteria of the categories as defined by the program to the following link (https://exoikonomisi.ypen.gr).

*In case the eligible residence is rented, only the owner (100% property ownership) or the usufructuary of the property have the right to participate to the program.

The eligible interventions under the Program are the following:

 1.  Window frames replacement

 2.  Thermal insulation installation/upgrade

 3.  Heating/cooling system upgrade

 4.  Water heating installation with Renewable Energy Sources


The eligible budget per application may not exceed 250 € / sq.m., with a maximum cost of €25,000, including VAT.

It is however possible to combine a grant, funding and / or equity to cover the cost of the required interventions.

Additional reasons to participate to the Program

With “Exoikonomisi Kat’ Oikon II”, you:
    • Upgrade your main residence,
    • Save energy and money
    • Participate in protecting the environment

You also enjoy:

 1.  Beneficial loan terms:
    • 100% subsidized interest rate, for the entire duration of the loan
    • Possibility of full or partial prepayment without charge
    • No loan expenses
    • Without collaterals

 2.  Up to 70% grant

Depending on family and income status, the grant for the cost of the interventions is up to 70%.

 3.  Free Consultant Project Services

Submitting the application form, following up its progress, analyzing the required data and submitting supporting documents to the Program's Information System until the final disbursement, can be assigned to a project consultant. The consultant’s fee is an eligible cost of the program in accordance with the Program Implementation Guide and is paid upon the total disbursement, by the Bank, once the application is included to the Program and the minimum energy target has been achieved.

 4.  No energy inspection costs

Within the program, two energy inspections are carried out and the corresponding Energy Efficiency Certificates (EPEs) are issued. The total cost of the two energy inspections is an eligible cost of the program in accordance with the Program Implementation Guide and is paid upon the total disbursement, by the Bank, once the application has been included to the Program and the minimum energy target has been achieved.

 5.  Refundable costs for any studies / required approvals

Expenditure on studies and approvals (eg fees for approval of small scale works, fees for internal gas installation, etc.) that may be required for the implementation of the required interventions are paid by the Program upon the total disbursement.

 6.  Cover the cost of managing the loan file
You are not charged with expenses for the examination of the loan application, as it is covered by the program.

Reasons for choosing Piraeus Bank among others

By choosing Piraeus Bank for funding, you get:
  • 10,000 yellows* by the total disbursement of your subsidized loan
  • Additional funding, if necessary, for additional repairs on preferential terms

  • More specific:

    Green Loan Consumer for energy-saving (green) interventions::

    • Financing up to € 20,000 without mortgaging
    • Preferential floating rate reduced by 2.35 points from the Basic Consumer Interest Rate (MEC) to 8.75%,
    • Long repayment term up to 10 years

    Green Repair Loan with Securing for energy-saving (green) repairs:

    • high rate of funding
    • floating Euribor rate, plus a margin of 3.95%,
    • repayment term for up to 25 years,
    • free loan application costs

*only for the registered members of the Yellow reward Program

Loan Features

Loan amount
Up to € 25,000, depending on the income criteria of the program. The loan is co-financed by the Bank and ETEAN SA with a 1: 2 ratio (ETEAN SA / Bank).

Interest rate
The interest rate is fixed for the entire duration of the loan and stands at 4.00%. For all categories of incentives, the interest rate is fully subsidized for the entire duration of the loan except from the contribution of Law 128/75. The contribution currently amounts to 0.12% of the loan amount attributable to the Bank's capital, 0.08%.

Duration
4 or 5 or 6 years

Disbursement
Possibility to choose one-time or gradual disbursement (deposit), with direct credit to the bank account of the suppliers / contractors:

  • Lump sum - the loan, grant and other benefits of the program are disbursed upon completion of the audit of the invoices on credits and other supporting documents by the benefactor of the program (ETEAN SA).
  • Gradually,in 2 disbursements

    Down payment: represents 70% of the loan amount
    - 2nd gradual disbursement: refers to the remaining amount of the loan, the grant and the benefits attributed to the benefactor of the program (ETEAN SA) upon completion of the audit of the invoices on credits and other supporting documents.

Repayment

The loan is repaid in monthly interest-rate installments.
In the event of a down payment, you will normally pay all interest. Once the project has been completed and the energy goal has been achieved, interest is returned to your account and the interest rate is fully subsidized for the remaining duration of the loan. In case of a single disbursement, the interest rate is fully subsidized for the entire duration of the loan, except from the contribution of Law 128/75 corresponding to the Bank's capital, 0.08%. Payment of installments is automatically made from your deposit account.


Ability to pay early Full or partial, without any charge

Collaterals
No collaterals.


Expenses
No loan costs
In the event that your supplier / contractor cooperates with a different Bank, you will be charged with the cost of the remittance, according to the Bank's Invoice.

Supporting documents for financial pre approval for Exoikonomisi Kat’ Oikon II

 1.  For citizens of the EU member-states:

Current passport or ID card from your country of origin (in Latin characters)

For other types of economic migrants:

    • Current residence permit.
    • Current passport from your country of origin or Special ID Card for Aliens of Greek Descent or Alien’s ID Card (if you are not of Greek descent).

 2.  Proof of income documentation:

For salaried employees/pensioners:

    • Latest income tax return form
    • Latest income tax statement (E1 form)
    • For salaried employees we also require the last payroll slip or an official (not handwritten) annual income certificate from your employer’s accounting office. The certificate must include all your income details (recruitment date, gross and net earnings, social security contributions and tax)
    • For pensioners, we also require the latest quarterly pension statement or the latest pension payment slip
    • In case of property income, latest tax statement (E2 form)

For freelance professionals/entrepreneurs / farmers:

    • Last 2 income tax return forms
    • Latest income tax statement (E1 form)
    • Documents for the last 2 financial years proving the turnover of the sole proprietorship, general partnership, limited company, etc. (E3 or N form)
    • Certificate of dividend yield, if you are part of a company
    • In case of property income, latest tax statement (E2 form)

 3.  Supporting documents for the property
    • Last EN.F.I.A. or E9 (whichever is the most recent)
    • Acquisition title (purchase contract) in case of recent acquisition of the financed property

How to participate in the Program

The application for participation in the Program is submitted only digitally and it is obligatory to be through the Information System of the official web portal of the program https://exoikonomisi.ypen.gr

To learn more about the Program, please visit:

To find out more about the funding under the Program (loan) through Piraeus Bank:

    • Visit a branch of the Bank
    Find a nearby store

    • Contact the Bank's telephone service at 18 28 38 or 210.3288000

Procedure for Participation in the ProgramProcedure for Participation in the Program

 1.  Online application form on the official web portal of the Program https://exoikonomisi.ypen.gr

 2.  Registration of income and property data in the Program's Information System, eligibility check and selection of a Cooperation Bank.

 3.  1stEnergy Inspection, registration of property data & data review by the Information System

 4.  Completion of required loan application fields & attachment of financial approval documents to the Information System (if loan is selected)

 5.  Assessment of loan application and financial approval (if loan is selected)

 6.  Issuance of a Delegation Decision to the Program by benefactor (ETEAN SA) and its acceptance in the Information System

 7.  Signing a loan agreement

 8.  Disbursement of down payment (if selected in the Information System) and payment of suppliers / contractors

 9.  Choice of disbursement to the Information System, advance/down payment (if loan is selected) or one-off disbursement

10.  Completion of interventions & 2nd Energy Inspection

11.  Attachment of supporting documents to the Information System & checking file by the benefactor (ETEAN SA).

12.  Approval of the project by the benefactor (ETEAN SA) and total loan disbursement (if selected) / grant / benefits & payment of suppliers