Savings at Home II Program
Exploit the benefits and the favorable terms of the program and apply to participate in the new round of the “Savings at Home II” program. Take advantage of the incentives granted and make significant interventions to your house and improve its energy efficiency.
The co-financed program of the Ministry of Environment, Energy and Climate Change has been designed aiming at energy upgrades of houses and is targeted to owners whose main residence belongs to a low energy class.
By participating in the program, you benefit from:
- Capital subsidy of up to 70% of the eligible budget.
- 100% interest subsidy.
- Cover of expenditure for energy inspectors and, potentially, of designs and project consultants.
Basic requirements that must be met in order for a house to participate in the Program:
- It must be used as the main residence.
- It must be lawful, namely a building permit must have been issued or another legalization document must exist.
- It has been classified at a D energy class or lower on the basis of an Energy Efficiency Certificate (EEC), issued later than 26/11/2017.
- It has not been deemed demolishable.
Below you can find the types of subsidized works that you can select for the energy upgrade of your house:
- Replacement of windows.
- Installation of shading systems.
- Installation of insulation at the building’s shell (including the roof and the pilotis).
- Upgrade of the heating/cooling and hot water system.
Maximum eligible budget
Up to the amount of €25,000, including VAT, depending on your program participation category.
Details
The loans are co-financed at a 1:2 capital ratio (Hellenic Development Bank SA (HDB)/Bank). The part of the funds provided by the HDB is interest-free and is exempted from the levy under Law 128/75. The interest rate of the capital provided by the Bank is 100% subsidized by the HDB. The levy under Law 128/75 amounts to 0.08% and is paid by the Beneficiary.
Everyone meeting the following conditions is eligible to participate:
- Holds (full or bare) ownership* or usufruct over an eligible residence.
- Meets the income criteria of the following categories:
| Category | Individual “Income subject to the imposition of solidarity levy” | Family “Income subject to the imposition of solidarity levy” | Basic Subsidy Rate | Subsidy Increase per dependent child | Maximum Subsidy Rate |
|---|---|---|---|---|---|
| 1 | Up to 10.000 | Up to 20.000 | 60% | 5% | 70% |
| 2 | > 10.000 up to 15.000 | > 20.000 up to 25.000 | 50% | 5% | 70% |
| 3 | > 15.000 up to 20.000 | > 25.000 up to 30.000 | 40% | 5% | 70% |
| 4 | > 20.000 up to 25.000 | > 30.000 up to 35.000 | 35% | 5% | 70% |
| 5 | > 25.000 up to 30.000 | > 35.000 up to 40.000 | 30% | 5% | 50% |
| 6 | > 30.000 up to 35.000 | > 40.000 up to 45.000 | 25% | 5% | 50% |
| 7 | > 35.000 up to 40.000 | > 45.000 up to 50.000 | 0% | 0% | 0% |
* Where the eligible residence is rented, then only persons holding full ownership and usufruct over the property, namely the owner and the usufructuary, are eligible to participate.
Note: Ownership is, primarily, full. Namely, the owner enjoys the right to use and benefit from the property, in the case at hand, the residence. Sometimes, however, ownership is deprived of these elements and is limited to the owner’s right to dispose of the property (power of disposal). In such case, the ownership is classified as “bare” and the right of use and benefit from the house (namely the property) is termed usufruct.
Income means the “levy imposition income” of part C2 “Clearance of Special Solidarity Levy” of the Income Tax Clearance Note.
The eligible budget of interventions per application may not exceed €250/sq. m., at a maximum cost of €25,000, including VAT.
The option of a combination of the subsidy, a loan and/or own funds in order to cover the cost of the required interventions is available.
Loan Features
Loan Amount
Up to the amount of €25,000, including VAT, depending on your program participation category.
Interest rate
The interest rate remains fixed throughout the term of the loan and amounts to 4%.
Notes:
- For all incentives categories, the interest rate is fully subsidized throughout the term of the loan, with the exception of the levy under Law 128/75.
- The levy currently amounts to 0.12% of the loan amount and concerns only the part of the amount corresponding to the Bank funds, namely to 0.08%.
Term
The maximum term of the loan is 4, 5 or 6 years, with interest eligibility expiring on 31 December 2023.
Disbursement
Beneficiaries may choose between lump-sum or gradual disbursement (advance payment), with credited directly to the bank account of the suppliers/contractors:
- Lump-sum – The amounts of the loan, the subsidy and the other benefits of the program are disbursed upon completion of the review of the on-credit invoices and other required supporting documentation of the program Beneficiary (HDB SA).
- Gradually, in 2 installments
- 1st installment: Advance payment. Corresponding to 70% of the loan amount.
- 2nd Installment: Gradually. It concerns the remaining amount of the loan, the subsidy and the benefits, which are disbursed upon completion of the review of the on-credit invoices and other required supporting documentation of the program Beneficiary (HDB SA).
Repayment
The loan is repaid in monthly principal-interest installments.
In case of advance payment, the interest is repaid in full. Subsequently, upon completion of the project - if it is deemed that the energy target has been achieved and the applicant is entitled to the program benefits - the interest is reimbursed to their account and the interest rate is fully subsidized. In case of lump-sum disbursement, the interest rate is fully subsidized from the beginning and throughout the term of the loan, with the exception of the levy under Law 128/75 corresponding to the Bank funds, namely 0.08%, which is borne by the final beneficiary.
The installments are paid automatically from the linked deposit account.
Early repayment option
In whole or in part, without charge.
Collateral
Without collateral.
Fees
Without loan fees.
Where the supplier/contractor cooperates with a different financial institution, the beneficiary shall be charged with the remittance costs, in accordance with the Bank Pricelist.
Main Steps for participation in the Program
- Electronic submission of application at the official portal of the Program exoikonomisi.ypen.gr – registration of financial information of the interest party and property details.
- Registration of income and property details in the Program Information System, review of eligibility in principle and selection of cooperating Bank.
- First Energy Inspection, registration of property details & review by the Information System.
- Completion of the loan application required fields & upload of supporting documentation on the Information System for provisional financial approval (if a loan has been requested).
- Assessment of loan application and grant of provisional financial approval (if a loan has been requested).
- Issue of the Decision on the Beneficiary’s Participation in the Program (HDB SA) and acceptance thereof in the Information System.
- Signature of loan agreement at the Bank.
- Selection of advance payment (if a loan has been requested) or lump-sum disbursement in the Information System.
- Advance payment disbursement (if selected in the Information System) and payment to suppliers/contractors.
- Implementation of interventions and performance of 2nd Energy Inspection.
- Upload of supporting documentation for expenditure and other supporting documentation on the Information System & review of dossier by the Beneficiary (HDB SA).
- Approval of the project by the Beneficiary (HDB SA) and full disbursement of the loan (if a loan has been requested)/subsidy/benefits & payment to suppliers.
For detailed information on the “Saving at Home II” program please call our customer service number +30 26510-59000.