A new interest-free loan programme, “Modernise my home”, worth 400 million euros, is expected to be launched in January.
According to Deputy Minister of Economy and Finance Nikos Papathanasis and Minister of Social Cohesion and Family Sofia Zacharaki, speaking at a joint press conference on 13/09/2024, the aim of the program is to improve the energy efficiency of about 20,000 households.
Earlier, in November, it is planned to launch… a new program “Modernization of my home”, with an increase in subsidies to 60% and a maximum limit of subsidized expenses of 13,330 euros.
The first measure concerns the provision of interest-free loans totalling 400 million euros, without income, age or property criteria.
Manual
It is worth noting that those who join the program must begin to cover any expenses energy modernization (frames, heating and cooling systems, etc.), without restrictions on upgrading the energy category provided by the ExoEconomy programs, will have a zero interest rate on loans up to 25,000 euros with a repayment period of up to 7 years. In essence, if someone gets the maximum loan amount of 25,000 euros, they will pay less than 300 euros per month for 7 years to repay this loan.
The programme is financed by the Recovery Fund (EUR 300 million) and banks (EUR 100 million), with the interest rate fully subsidised.
Subsidy
As for the funding of the “Renew My Home” program, 75% is from the Recovery Fund and 25% from banks. The program is open to all individuals who own housing (primary or secondary), and there are no income criteria.
Compared to the Economy program, this program will be simpler, since the loan can be used to make targeted improvements (for example, only air conditioners), and the owner will not have obligations to upgrade two energy consumption classes, as in the Economy program.
As for the “Renovate Rent” program, the subsidy increases to 60%, as does the permissible amount of repairs, which is just over 13,000 euros.
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