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BOV Home Loans
At Bank of Valletta we know that whether you are a first time buyer or acquiring your second residence, the purchase of a new home requires careful consideration.
Green Options - BOV HomeEnergy Loan
The BOV HomeEnergy Loan helps you protect the environment and save energy with a fast and simple financial solution.
 
The BOV HomeEnergy Loan program offers discounted interest rates on energy efficiency projects. Let us help you help the environment and save energy with this fast and simple financial solution.

Click here to set an appointment today!
Overview
Benefits
Terms & Conditions
Apply Now
With a BOV HomeEnergy Loan, you can finance environmentally friendly upgrades for your home.

Here is an overview of main features: 
  • Amounts up to €100,000 can be borrowed – Customer contribution may be requested and may be between 10% and 30% of total amount according to the purpose of the property.
  • Repayments can span up to a maximum period of 25 (Category II Borrowers) to 40 years (Category I Borrowers) (subject to terms and conditions). The maximum term is dependent on the customer’s categorisation as laid out in Central Bank of Malta Directive No. 16 – Regulation of Borrower Based Measures
  • A low variable Interest rate of 0% above Home Loans Bank Base Rate, currently 2.15%;
  • For the first 10 years of the loan, the interest on the outstanding principal will be subsidised by Energy Efficiency and Renewable Energy Fund of Funds ("EERE Malta".), currently by 2.15% per annum in the event of an increase in the Home Loan Bank Base Rate, provided that the Loan satisfies all the requirements of the facility letter and the General Conditions therein;
  • Processing fees are being waived; 
  • No early repayment fees apply if HomeEnergy loan is paid off before the repayment period, 
  • This product will be secured by a Hypothec and privilege on residential immovable property.
The BOV HomeEnergy Loan may be availed to finance the purchase of: 

A) Investments related to the building envelope:
  1. Insulation. Investments in insulation materials (including water vapour barriers, weather membranes, measures to ensure air-tightness, measures to reduce the effects of thermal bridges and scaffolding) and products for application of the insulation to the building envelope (wall insulation, roof insulation, floor insulation, mechanical fixings, adhesive, etc.). 
  2. Windows and doors. Glazing and/or glazing enhancement, frame, gaskets and sealants and their installation costs (purchase of windows and doors, etc.). 
  3. Other building-envelope related measures with impact on thermal performance. This investment may include inter alia external shading devices, solar control systems, and passive systems.

B) Investments related to the building system

  1. Space heating.  Investments related to heat generation (e.g. boiler, heat generation controls), storage (e.g. storage tank), distribution (e.g. circulator, circuit valves, distribution controls) and dispersion (e.g. radiators, ceiling/floor heating, fan coils, controls).
  2. Domestic hot water. Investments related to hot water generation (e.g. solar thermal systems, boiler, heat controls), storage (e.g. storage tank), distribution (e.g. circulator, circuit valves/mixing valves, distribution controls, insulation of the system and pipes) and delivery (e.g. tap valves, shower heads). 
  3. Ventilation systems. Investments related to heat generation and recovery equipment (e.g. heat exchanger, pre-heater, heat recovery unit, heat generation controls), distribution (e.g. fans, circulators, valves, filters, distribution controls) and dispersion (e.g. ducts, outlets, controls). 
  4. Cooling. Investments related to cooling generation (e.g. air conditioning generators, heat-cold pump, compressors, generation controls), distribution (e.g. circulator, circuit valves, distribution controls) and dispersion (e.g. ceiling/floor/beams; fan coils, controls). 
  5. Lighting. Investments related to efficient light systems. 
  6. Building and Energy Management Systems. Investments related to building and energy management systems which introduce supervising functions, technical intelligence, smart meters and sub meters controls (e.g. centralised control of generation, distribution, emitters, circulators) and required communication hardware (e.g. wires, transmitters) and software. 
  7. Connection to energy supplies.   
  8. Investments related to the connection to energy grid or storage facilities (e.g. district heat, PV-system, energy storage system) and necessary related installations in the context of such investments. 
  9. Integrated renewable energy investment.  Investments related to the supply systems based on energy from renewable sources installed within the building site (including the ground belonging to the site), (e.g. solar panels). 
  10. Charging stations for electric vehicles. 
C) Investments related to renewable energies not connected to the buildings (e.g. Photovoltaic systems)
  
Representative Example 1 - 40 years CBM Directive Category I Borrowers

Representative example of a BOV HomeEnergy Loan (CBM Directive Category I borrowers) product based on a loan amount of €100,000 being made available at an interest rate 0% p.a. over the Bank's Home Loans Base Rate (currently at 2.15%) over a term of 40 years. 

The loan will be repayable in two phases:

Phase 1 - Repayable over the initial 10 years through 120 monthly repayments of €208.33 (two hundred and eight euro and thirty-three cents) each exclusive of interest, interest during this initial period of ten years will be paid monthly by the Energy Efficiency and Renewable Energy Fund of Funds (EERE Malta);

Phase 2 – Repayable over the subsequent 30 years through 360 monthly repayments of followed by 360 monthly repayments of €284.01 (two hundred and eighty-four euro and one cent) each inclusive of interest. 

The APRC will be 1.189% p.a. The APRC does not include the interest subsidy amount during the first 10 years in its calculation.

The total sum payable throughout the term of the loan, assuming the interest rate subsidy of 2.50% p.a. during the first 10 years of the loan and assuming the variable interest rate remains unchanged, will be €127,733.20 consisting of €100,000 capital, €27,243.20 interest and €490.00 charges.

Without the subsidy on interest during the first 10 years, the total sum payable throughout the term of the loan, assuming the variable interest rate remains unchanged will be €150,431.20 consisting of €100,000 capital, €49,941.20 interest and €490.00 charges. The subsidy on interest may therefore result in a savings of up to €22,698.00.

Applicable charges on this loan are as follows - no processing fee; legal fee of €270; no booking fee; updating of searches fee of €120 and a closing of account fee of €100. No early repayment fee applies.

Representative Example 2 - 25 years CBM Directive Category II Borrowers

Representative example of a BOV HomeEnergy Loan (CBM Directive Category II borrowers) product based on a loan amount of €100,000 being made available at an interest rate 0% p.a. over the Bank's Home Loans Base Rate (currently at 2.15%) over a term of 25 years. 

The loan will be repayable in two phases:

Phase 1 - Repayable over the initial 10 years through 120 monthly repayments of €333.33 (three hundred and thirty-three euro and thirty-three cents) each exclusive of interest, interest during this initial period of ten years will be paid monthly by the Energy Efficiency and Renewable Energy Fund of Funds (EERE Malta);

Phase 2 – Repayable over the subsequent 15 years through 180 monthly repayments of €391.10 (three hundred and ninety-one euro and ten cent) each inclusive of interest.

The APRC will be 0.775% p.a.  The APRC does not include the interest amount for the first 10 years as the interest rate will be fully subsidised by EERE Malta.

The total sum payable throughout the term of the loan, assuming the interest rate subsidy of 2.50% p.a. during the first 10 years of the loan and assuming the variable interest rate remains unchanged, will be €110,857.60 consisting of €100,000 capital, €10,397.60 interest and €460.00 charges.

Without the subsidy on interest during the first 10 years, the total sum payable throughout the term of the loan, assuming the variable interest rate remains unchanged will be €130,259.20 consisting of €100,000 capital, €29,799.20 interest and €460.00 charges. The subsidy on interest may therefore result in a savings of up to €19,401.60.

Applicable charges on this loan are as follows - no processing fee; legal fee of €270; no booking fee; updating of searches fee of €90 and a closing of account fee of €100. No early repayment fee applies.

Repayment Terms 

The loan is repayable by monthly instalments. 
  • The amount you pay every month is determined by the sum you borrow, the selected term and the applicable rate of interest. 
  • If you decide to repay the loan before the stipulated term, whether in one lump sum or by increasing your monthly instalments, no penalties or additional fees apply. 

The loan will be repayable over an agreed period of years, staggered in two phases

       i.         at first, 120 monthly repayments exclusive of interest, interest during this initial period of ten years will be paid monthly by the Energy Efficiency and Renewable Energy Fund of Funds (EERE Malta);

      ii.         followed by the remaining term in monthly repayments inclusive of interest. 

For the first 10 years of the loan, the interest rate will be subsidised by up to 2.50% per annum on the outstanding principal by Energy Efficiency and Renewable Energy Fund of Funds ("EERE Malta".)

Term Duration 

Repayments generally span up to a maximum period of 25 years or 40 years, subject to borrowing categorisation as laid out in CBM Directive No. 16.


Processing Fees 

Mortgages Processing Fees for the HomeEnergy loan are being waived. Other fees are applicable as per Bank Tariff of Charges and relative Sanction Letter.

Collateral

This home loan product is a credit agreement and may be secured by a hypothec and privilege on residential immovable property and/or by a right related to residential immovable property.

In order to obtain the credit, you will also be required to pledge, in favour of the Bank, a life assurance policy covering the loan amount being financed, and a buildings replacement policy, the cost of which cannot be determined in advance.


The BOV HomeEnergy loan benefits from the guarantee granted in the framework of the Energy Efficiency and Renewable Energy Fund of Funds (“EERE Malta”). The objective of this fund of funds and its first loss guarantee combined with an interest rate subsidy scheme is to support the access of the final recipients for their investments in energy efficiency and renewable energy measures.




EERE Malta is co-financed by the Republic of Malta, the European Union under the European Regional Development Fund. 

A BOV HomeEnergy Loan means all this: 

  • a fast and flexible solution to obtain financing for your environmentally friendly home improvements
  • a loan of up to €100,000 with the benefit of discounted interest rates, no fees plus benefit from easy monthly repayment terms;
  • you may pay off the loan at any time with no early repayment fee;
  • administer and monitor your account by means of BOV 24X7 Services.

Apply now and you’ll benefit from:

  • Loan term up to a maximum of 25 years or 40 years. Subject to Customer categorisation as laid out in CBM Directive No. 16
  • Discounted Interest Rate (currently 2.15% fully subsidised by EERE Malta)
  • Interest of up to a maximum of 2.5% subsidised by EERE Malta
  • Nil Processing Fee
  • No Early Repayment Fee

The BOV HomeEnergy loan benefits from the guarantee granted in the framework of the Energy Efficiency and Renewable Energy Fund of Funds (“EERE Malta”). The objective of this fund of funds and its first loss guarantee combined with an interest rate subsidy scheme is to support the access of the final recipients for their investments in energy efficiency and renewable energy measures.



EERE Malta is co-financed by the Republic of Malta, the European Union under the European Regional Development Fund. 
Loan Repayment
The HomeEnergy Loan is repayable by monthly instalments. The amount you pay every month is to be in line with your income and is determined by: 
  • the sum you borrow, 
  • the applicable rate of interest.
  • Repayments term (for a maximum of 40 or 25 years as applicable, and up to retirement age, whichever comes first).

If you decide to repay the loan before the stipulated term, whether in one lump sum or by increasing your monthly instalments, no penalties or additional fees apply. 

Other Terms & Conditions 
  • The BOV HomeEnergy loan benefits from the guarantee granted in the framework of the Energy Efficiency and Renewable Energy Fund of Funds (“EERE Malta”). The objective of this fund of funds and its first loss guarantee combined with an interest rate subsidy scheme is to support the access of the final recipients for their investments in energy efficiency and renewable energy measures.
  • The total loan amount depends on the value of the property upon completion/upgrade. 
  • Loans are subject to normal Bank lending criteria and final approval from your BOV Branch. 
  • Direct Credit of Salary or Income to BOV account is required. 
  • Discounted rates and/or special conditions offered by the Bank under this product are always subject to the account being operated properly and the repayments effected regularly as agreed. Terms and conditions apply. 
The Home Loans Bank Base Rate, (HLBBR) is the basis, established by the bank from time to time, on which the rate of interest payable generally on all bank consumer lending is determined. 
Click here for the current Bank Base Rate.

The BOV HomeEnergy loan benefits from the guarantee granted in the framework of the Energy Efficiency and Renewable Energy Fund of Funds (“EERE Malta”). The objective of this fund of funds and its first loss guarantee combined with an interest rate subsidy scheme is to support the access of the final recipients for their investments in energy efficiency and renewable energy measures.



EERE Malta is co-financed by the Republic of Malta, the European Union under the European Regional Development Fund. 
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Qualifying for the loan 

To apply for BOV Home Energy Loan, you are required to: 
  • be 18 years of age or over
  • be in regular full-time employment.
  • provide us with formal confirmation of income and expenditure. As evidence of income, it will be useful to have your recent payslips together with your FS3s or Profit & Loss Accounts together with the Inland Revenue income and self-assessment form submitted to the Inland Revenue. 
Your proof of identity is always necessary when contacting the Bank. 

To set an appointment, follow THIS LINK>>  or call our Customer Service Centre on 2131 2020.

For a better understanding of potential savings in energy costs and carbon dioxide reductions, the European Investment Bank has developed a web-based tool called ‘CliMalta’ which can be accessed via https://climalta.eu/.  

The BOV HomeEnergy loan benefits from the guarantee granted in the framework of the Energy Efficiency and Renewable Energy Fund of Funds (“EERE Malta”). The objective of this fund of funds and its first loss guarantee combined with an interest rate subsidy scheme is to support the access of the final recipients for their investments in energy efficiency and renewable energy measures.

All loans are subject to normal bank lending criteria and final approval from the Bank. The term of the loan must not go beyond retirement age. Bank of Valletta p.l.c. is a public limited company regulated by the MFSA and is licensed to carry out the business of banking in terms of the Banking Act (Cap. 371 of the Laws of Malta). Issued by Bank of Valletta p.l.c., 58, Triq San Żakkarija, Il-Belt Valletta VLT 1130.”



EERE Malta is co-financed by the Republic of Malta, the European Union under the European Regional Development Fund. 
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Bank of Valletta p.l.c. is a public limited company regulated by the MFSA and is licensed to carry out the business of banking and investment services in terms of the Banking Act (Cap. 371 of the Laws of Malta) and the Investment Services Act (Cap.370. of the Laws of Malta).