Loan repayment term | Green HomeFirst - Maximum term of up to 40 years, or up to official retirement age, whichever comes first.
Green HomePlus - Maximum term of up to 25 years, or up to official retirement age, whichever comes first.
The term of the loan is to be calculated in accordance with the expiry of the Promise of Sale Agreement. |
Expenses | - A flat legal fee of €200 (for loans up to €250,000) or €250 (for loans between €250,001 and €500,000), plus out of pocket expenses*. For loans over €500,000 legal fees apply as per Bank's Tariff of Charges
- * €20 per contracting party for updating of searches, €20 for land registry fees (where applicable) and €50 for conservation of special privilege (in case of loan for completion)
- Updating of searches (every 8 years) - €30
- Closing of account fee - €100
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Representative example | Green Home First Loan:
Representative example of a Green Home First product based on a loan amount of €455,000 being made available to a first time buyer, at a fixed interest rate of 1.00% p.a. for the first 60 months, followed by a variable interest rate of 2.80% p.a. for the remaining 360 months.
The Annual Percentage Rate of Charge (APRC**) is 2.30% p.a.
The loan is repayable over a term of 35 years and will be amortised as follows:
• 60 equal monthly instalments of €1,284.40 during the fixed rate period; and
• 360 equal monthly instalments of €1,640.82 during the variable rate period.
The total amount payable over the full term of the loan, assuming the variable interest rate remains unchanged, will be €668,249.20. If the fixed interest rate were not available, the total amount payable throughout the term of the loan would be €714,746.60. The fixed interest rate may therefore result in savings of up to €46,497.40. The fixed interest rate is applicable for 60 months and will not change during this period.
Applicable Charges
The following charges apply to this loan:
- Processing fee: €1,365 (fully refundable)
- Legal fee: €250 (flat fee)
- Booking fee: None
- Out of pocket expenses: €20 per contracting party
- Updating of searches fee: €120
- Closing of account fee: €100
**Note: The APRC is based on the following assumptions:
• that the total amount of credit is withdrawn immediately and in full at the start of the credit agreement;
• that the fully drawn amount of credit is repaid by monthly instalments inclusive of interest over the agreed term;
• that the interest rate remains unchanged during the term of the loan for the purposes of this representative example; and
• that the introduction or revision of any charges may affect the APRC.
Interest will be charged on an Actual/365-day basis. Each instalment will first settle the interest, and the remaining amount will be applied to reduce the loan amount.
Green Home Plus
Representative example of a Green Home First product based on a loan amount of €460,000 being made available to a first time buyer, at a fixed interest rate of 1.00% p.a. for the first 60 months, followed by a variable interest rate of 2.80% p.a. for the remaining 240 months.
The Annual Percentage Rate of Charge (APRC**) is 2.14% p.a.
The loan is repayable over a term of 25 years and will be amortised as follows:
• 60 equal monthly instalments of €1,766.61 during the fixed rate period; and
• 240 equal monthly instalments of €2,053.07 during the variable rate period.
The total amount payable over the full term of the loan, assuming the variable interest rate remains unchanged, will be €640,606.00. If the fixed interest rate were not available, the total amount payable throughout the term of the loan would be €597,213.40. The fixed interest rate may therefore result in savings of up to €43,392.60. The fixed interest rate is applicable for 60 months and will not change during this period.
Applicable Charges
The following charges apply to this loan:
- Processing fee: €1,380 (fully refundable)
- Legal fee: €250 (flat fee)
- Booking fee: None
- Out of pocket expenses: €20 per contracting party
- Updating of searches fee: €90
- Closing of account fee: €100
**Note: The APRC is based on the following assumptions:
• that the total amount of credit is withdrawn immediately and in full at the start of the credit agreement;
• that the fully drawn amount of credit is repaid by monthly instalments inclusive of interest over the agreed term;
• that the interest rate remains unchanged during the term of the loan for the purposes of this representative example; and
• that the introduction or revision of any charges may affect the APRC.
Interest will be charged on an Actual/365-day basis. Each instalment will first settle the interest, and the remaining amount will be applied to reduce the loan amount. |
Note | The Fixed Interest Rate utilisation period is 18 months from date of Facility Letter. The maximum drawdown expiry date is still however 12 months from date of Facility Letter in line with the validity period of the Facility Letter. Therefore, in such cases, the facility is to be reviewed upon the expiry of the 12-month Facility Letter validity period, against fresh evidence of income, and drawdown extended for a maximum of 6 months, if the fixed interest rate is to be retained, at the applicable commitment fee. The variable interest rate quoted in the Facility Letter will apply for extensions beyond 18 months. The Fixed Interest Rate does not apply where the expiry of the Promise of Sale exceeds 18 months.
All loans are subject to normal bank lending criteria, credit approval by the bank and a credit agreement. Security may be requested including mortgage or other comparable security. The loan is to be secured by a first ranking hypothec and special privilege over the property being financed, a first ranking pledge over a life assurance policy covering the whole loan amount and a buildings insurance policy for the replacement cost of the property being financed. If repayments are not maintained, the bank may take steps to sell the property financed following legal proceedings and the borrower may lose the property. Further terms and conditions apply and are available under the downloadable resources section.
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