Spaargids.beGood insulation allows you to somewhat limit the impact of high energy prices. It also contributes to the efficiency of heat pumps and other forms of renewable energy. But (partially) insulating your home is often a big expense. Can you borrow insulation materials? And which loan is the cheapest? Spaargids.be find it out.
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By Kurt Deman, in collaboration with Spaargids.be
16-09-22, 08:31
Last update:
08:40
Just when isolation is proving more necessary than ever, the war in Ukraine has long been driving building prices. For those who cannot or do not want to pay that investment immediately, a restructuring loan can offer a solution. Spaargids.be lists the various options below.
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1. Loan for the renovation of the green
The bank grants favorable interest rates to those who borrow with a view to saving energy. Although in recent months, credit institutions have also significantly raised their rates. At BNP Paribas Fortis close a … today green loan against an annual percentage rate (APR) of 1.90 per cent. By way of comparison: at the beginning of this year this was still possible with an interest rate of 1.34%. You can borrow between 1,250 and 50,000 euros. If you borrow € 15,000 for a period of 36 months, you pay € 428.27 to the bank every month. At the end of the race you paid € 439.32 in interest.
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BNP Paribas Fortis stipulates that at least half of the invoice amount applies to energy-saving investments. With other lenders, that share amounts to 100 percent of the investment. Furthermore, the minimum and maximum amounts and durations also differ. Other conditions may also vary, such as any request for execution of the work by a recognized contractor.
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Are you going to isolate? Compare the rates of different energy loans here.
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2. Take back the home loan
You can also finance the purchase of renovations through a new mortgage loan. For this you pay the costs of practice at the credit institution and you also pay the costs of the notarial deed. This does not immediately make this loan the appropriate option for those who invest only in insulation.
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Those who have already partially or completely repaid an existing mortgage can opt for the resumption of the existing mortgage. If so, you borrow at the current interest rates of a mortgage loan, but only pay the filing costs at the bank. As mortgage interest rates have increased dramatically in recent weeks, the green renovation loan will in many cases still offer the cheapest option.
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Simulate here what a review of your mortgage loan means to you.
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3. Interest-Free Renovation Loan and My Renovation Loan
It interest-free loan from the Flemish government it is only for those who buy a house or apartment with a poor energy performance (EPC) and take the initiative to significantly increase that performance. The Flemish Energy and Climate Agency (VEKA) will then automatically repay the interest due to the bank.
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To be eligible for the interest-free renovation loan, you must have taken out a principal mortgage loan before purchasing the property. In addition, within five years you should increase the energy label of a single-family house from label E or F to A, B or C. An apartment involves the transition from D, E or F to label A or B. The amount that you can borrow depends on the expected EPC label. If you renovate a house from label E to label C, you can borrow € 30,000. If you renew on label A, that’s 60,000 euros.
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For purchases starting in 2023, the interest-free restructuring loan will be reformed into an interest subsidy. The more energy efficient you renovate your home, the greater the interest rate subsidy.
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Furthermore, the Flemish government was recently launched ‘My Renovation Loan’, which offers people with limited income up to 60,000 euros in credit at a 3% discount on the interest rate. Due to the still low interest rates, it means that today they can borrow without interest. At www.vlaanderen.be you can read more about ‘My Renovation Loan’ and the Flemish Government’s free restructuring loan.
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Spaargids.be is an independent comparator of banking products and searches for competitive prices and better interest rates.
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