Green Home Improvement Loan with Collateral for Green Upgrades

Mortgage/home Improvement loan for interventions to upgrade the energy performance of your property and save water. The interest rate varies with the Euribor 1M rate plus a fixed spread (3.95%) for the entire term of the loan.
INTEREST RATE
Variable
Euribor 1M + Law 128/1975 levy
LOAN TERM
Up to 25 years
LOAN AMOUNT
From €10,000
KEY ADVANTAGES
  • Low interest rate
  • Long repayment period
  • Zero loan approval fees
INTEREST RATE
Variable
Euribor 1M + Law 128/1975 levy
LOAN TERM
Up to 25 years
LOAN AMOUNT
From €10,000
KEY ADVANTAGES
  • Low interest rate
  • Long repayment period
  • Zero loan approval fees

4 more reasons to get a Green Home Improvement Loan

 1.  Lower interest rate

We actively support your green choices with a Green Home Improvement Loan at a very low interest rate and with zero loan approval fees.


 2.  Flexible procedures

We help you get easy and rapid financing to achieve your goals. Faced with critical decisions to this end, you will also get our support in terms of the necessary know-how.


 3.  Green services

Designed to address your needs, the green points of service at all branches in our network offer you useful services to complement or add value to your project.

Green services for Personal Banking


 4.  Energy and cash savings

Your home will save energy. This gets you both low overheads over the years to come and a fast amortisation of your investment.



Learn more:

Which interventions are financed

We issue the Green Home Improvement Loan with Collateral for Green Upgrades for interventions that improve the energy performance of your property and save you water. These include:


 1.    Interventions/upgrades to the building envelope

    • Install thermal insulation
    • Install thermal-insulating window frames (casing, windowpanes)
    • Install thermal-insulating roller shutters
    • Install sun-protection equipment - permanent exterior shades

 2.    Installation of electromechanical equipment

    • Replace an old burner/boiler with a new high-performance system or a heat pump
    • Install heat recovery units
    • Install an energy-efficient fireplace
    • Install thermal regulation systems (e.g. thermostats
    • Install a small biological sewage treatment unit (for 2 to 10 people)
    • Install a greywater reuse and rainwater harvesting system

 3.    Use of Renewable Energy Sources (RES)

    • Install a photovoltaic system for own consumption (net metering)
    • Install solar water heaters for hot water
    • Install an RES heating/cooling system (e.g. geothermal energy, solar collectors, biomass)
    • Install small heat & power cogeneration units
    • Install small wind turbines
    • Install fuel cells

Features

Loan amount

From €10,000 up to 100% of the budget for the upgrades + additional cash of 2,000€ (the percentage that can be financed, can't be more than to 80% of the estimated value of the pre-noted property as designated by the Bank’s engineer).



Interest rate

The interest rate varies with the Euribor 1M rate plus a fixed spread with a 0,15% discount, set indicatively within a range from 2,10% to 3,70% for the entire term of the loan.

For upgrades to business premises the spread is charged with an extra of 1%.
Loan’s rate spread, is calculated during the loan application assessment according to the Bank's current Credit Policy framework, taking into account factors such as credit history, type of collaterals, loan amount and loan tenor.

On top of Interest rates Levy of Law 128/1975 is charged, currently set at 0,12% for residential properties and at 0,60% for business premises.

The instalment amount may vary, according to the fluctuation of the interest rate of the loan.

In case of skipping Life & Permanent Total Disability Insurance, the above mentioned rates/spreads may be increased.
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.


INDICATIVE EXAMPLE

For a loan amount of € 100,000€, tenor 20 years, thus 240 monthly instalments, floating interest rate of Euribor 1M (-0,55% on 12/05/2021), plus margin of 3.35% (plus l. 128/75, 0.12% levy), Application Fee: 0€, Legal check Cost: 50€, Technical check Cost: 142.40€, the following apply:

Monthly Instalment: 550,70 €
Total Credit Amount: 100,000 €
Total Credit Cost: 32,370,33€ €
Total Amount to be paid: 132,370,33 €
APR: 2,98%

The APR is calculated based on the assumption that the floating rate will remain at current levels for the entire loan duration.

It is noted that the APR, the monthly instalment and the total repayment amount above are indicated only as an example and arise only if the data mentioned above exist.

Furhermore, the insurance of the pre-noted property against the risks of Fire / Earthquake is mandatory for insured capital equal to the value of reconstruction of the property. It is possible to join a group insurance policy offered by the Bank with an insurance company of its choice or bring an individual insurance policy by an insurance company of your choice, in accordance with the policies and procedures of the bank.

The above example does not include insurance policy costs for the pre-noted property against the risks of Fire / Earthquake and Life & Permanent Total Disability protection of the borrower


Loan term

2 to 25 years.

It is noted that the borrower at the end of the loan tenor cannot exceed the age 75 years old.



Disbursement

In instalments, depending on the quote/pro forma invoice from the contractor and the certifications by the Bank's engineer.



Repayment

In monthly instalments that repay interest, capital and insurance costs

Instalments are debited directly to your deposit account.



Each instalment is paid on the same date of each calendar month and its amount is calculated based on the current interest rate and the number of instalments. The interest is calculated on the basis of a calendar year of three hundred and sixty-five (365) days. The number of instalments is adjusted according to loan tenor selected by the customer.

Failure to fulfil obligations under the loan agreement may have legal or financial consequences for the borrower.

 


Early repayment

Full or partial early repayment option at any time, free of charge



Collateral

Collateral can either take the form of a mortgage lien on the property or a pledge of cash or securities.



Insurance coverage

  • Compulsory Fire-Earthquake Property Insurance for insured capital equal to the value of the property reconstructing
  • Life & Permanent Total Disability Insurance for one of the borrowers, for insured capital equal to the approved loan amount.
  • In case of your inclusion for the coverage against the above-mentioned risks in the group insurance policy offered by the Bank, the insurance costs are charged every month along with your loan instalment.

How to get it

Learn more about the Green Home Improvement Loan with Collateral for Green upgrades:

  • Visit a Piraeus Bank branch
Find a nearby branch


Our consultant will provide you with the General Information Document with all the required information and explanation on available products according to the law, containing details on the options and the process, as well as help you submit your application and monitor its progress.

Necessary documents for a Green Home Improvement Loan with Collateral for Green upgrades