Banks reduced interest rates to meet the new limit prescribed by the State Environmental Fund. He co-finances preferential loans and sets the maximum annual percentage rate (APR) for the given loan. Apart from the interest rate, the APR also includes other loan costs. Since January, the limit has been 3.04 percent instead of the original 3.5 percent.
Banks and building societies that provide loans believe that lower interest rates will bring them more clients. “The interest was high last year and the dynamics from the second half of last year entitles us to optimism for this year as well. We expect increased interest even with regard to the lower rate for the next period,” said Martina Kotasová, spokeswoman for Raiffeisen stavební spořitelna.
Discounted loans have been offered by financial houses since last March. Four building societies and one bank participated in the program. In addition to the mentioned Raiffeisen stavební spořitelna, also ČSOB Stavební spořitelna, Modrá pyramida and Stavební spořitelna České spořitelna, known as Buřinka. UniCredit Bank joined them.
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Banks confirm that people are interested in subsidies from the program and preferential loans. “Out of eight thousand meetings regarding subsidy consultancy, between March and November, approximately 3,100 were dedicated to this subsidy title,” stated Monika Hořínková, spokeswoman for ČSOB.
In the mentioned period from March to November, financial houses provided a total of 829 preferential loans with a volume exceeding 1.1 billion crowns. On average, clients borrowed 1.4 million crowns.
“We see that people are increasingly aware of the importance of energy-saving measures. We expect that this trend will continue, especially with the growing awareness of the benefits of energy savings and with the expansion of subsidy programs,” said Monika Kopřivová, spokeswoman for Buřinka.
Most often, clients ask for money for insulation, the purchase of photovoltaics and heat pumps, or sustainable management of rainwater.
The importance of the program will increase
The Ministry of the Environment subsidizes a maximum of half of the costs of ecological renovations within the framework of the Grandma’s House Repair program. People can get the rest through a preferential loan. In addition to a lower rate, they can also take advantage of a longer maturity period of 20 to 25 years.
Low interest rates are subsidized by the State Environmental Fund. It provides them with half of the necessary resources. A total of five billion crowns has been reserved for these purposes.
The importance of the subsidy program will increase from February. The Ministry will make it the main tool for supporting the so-called complex renovation of houses. That is, those that include building insulation and other modifications.
In practice, this means that more applicants will be able to get money in advance, in the form of advances. In the previous New Green Savings program, the standard in which people used up their last free funds at the end of the year, the state provided subsidies retroactively.
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