Green Mortgage/Home Improvement Loan with Collateral for Photovoltaic Systems for own consumption (net metering)

A mortgage/home improvement loan for the purchase and installation of photovoltaic systems for own consumption (net metering). The interest rate varies with the Euribor 1M rate plus a fixed spread 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
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

4 more reasons to get a Green Loan for Photovoltaic Systems

 1.  Reduction of electricity consumption expenses

Installing a photovoltaic system for own consumption (net metering) you can lower electricity consumption expenses, you currently pay at home.


 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

Useful green services are offered that complement or add value to your project

Green services for individuals


 4.  Energy and money saving

Your home saves energy, which ensures lower operational costs for the coming years, as well as faster amortisation on your investment.




Learn more:

Features

Loan amount

From 10,000€ up to 100% of the quote/proforma invoice’s budget from the photovoltaic system supplier/fitter + 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.


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


Grace period


Option for a grace period up to 4 months..



Disbursement

Lump-sum or in instalments depending on the quote/pro forma invoice from the photovoltaic system supplier/fitter.



RepaymentRepayment

In monthly instalments that repay:

  • Interest, capital and insurance costs
  • Interest and insurance costs, in case of a grace period
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 Mortgage/Home Improvement Loan with Collateral to install for Photovoltaic Systems:
  • 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 Mortgage/ Home Improvement Loan with Collateral for Photovoltaic Systems