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Loan deal for heat-proofing roofs

A special loan deal for heat-proofing roofs of up to €10,000 at 3 per cent interest is to be offered by the Co-operative Central Bank in collaboration with the employers’ association (OEV).

heat-proofing Cyprus roofsTHE CO-OPERATIVE Central Bank will offer loans for heat-proofing roofs at favourable terms, in collaboration with the employers’ association (OEV), it was announced on Monday.

At a joint news conference, a scheme was unveiled offering loans of up to €10,000 at 3 per cent interest, with no assets as collateral, for a maximum repayment period of seven years, and with charge-free early repayment.

In a statement, CCB director Nicolas Hadjiyiannis said that “the Co-operative Central Bank, being the largest retail bank and clearly locally focused, today inaugurates a broader collaboration with OEV, as well as its entry to the field of microlending”.

“The goal is to address Cypriots’ needs on issues relating to green energy, which significantly contribute to environmental protection and economic growth,” Hadjiyiannis said.

According to the statement, it is an “innovative scheme developed with the support of the Ministry of Energy, Commerce, Industry, and Tourism, aiming at promoting energy-efficiency in households, cost savings, and improving living conditions, while safeguarding high-quality heat-proofing services”.

In order to safeguard the evaluation criteria for the quality of heat-proofing services, OEV has created a voluntary Heat-proofing Technicians’ Registry, in which “legal entities can apply to be registered to” and which will be available to the general public.

“This voluntary registry will be taken into account by the Co-operative Central Bank in assessing applications for a low-interest heat-proofing loan,” Hadjiyiannis said.

The scheme is available to individuals who are permanent residents of Cyprus.

“It offers an attractive interest rate of 3 per cent, without asset collateral, for a maximum €10,000, with a maximum repayment period of seven years, and no-charge early repayment,” the CCB’s director said.

“No contribution is required of the customer, as the scheme covers up to 100 per cent of the cost of heat-proofing, and no administrative cost is incurred other than a €10 fee to assess the calculations of thermal permeability submitted by the applicant.”

What is required, he added, is one creditworthy guarantor, as well as a written tender by a company found in OEV’s registry, and a study calculating thermal permeability by an expert.

More information on the scheme (in Greek) is available at: Χρηματοδότηση για εγκατάσταση Θερμομόνωσης Οροφής σε Οικίες.

Editors note

Non-Greek speakers may use the in-built translator in the Google Chrome web browser.

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