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 up to 30% of total amount
- Repayments can span up to a maximum period of 25 to 40 years (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 3 years of the loan, the interest rate will be subsidised by 2% per annum on the outstanding principal by Energy Efficiency and Renewable Energy Fund of Funds ("EERE Malta".), 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,
The BOV HomeEnergy Loan may be availed to finance the purchase of:
A) Investments related to the building envelope:
- 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.).
- Windows and doors. Glazing and/or glazing enhancement, frame, gaskets and sealants and their installation costs (purchase of windows and doors, etc.).
- 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
- 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).
- 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).
- 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).
- 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).
- Lighting. Investments related to efficient light systems.
- 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.
- Connection to energy supplies.
- 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.
- 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).
- Charging stations for electric vehicles.
C) Investments related to renewable energies not connected to the buildings (e.g. Photovoltaic systems)
Representative Example
Representative example of a BOV HomeEnergy Loan 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. For the first 3 years of the loan, the interest rate will be subsidised by 2% per annum on the outstanding principal by Energy Efficiency and Renewable Energy Fund of Funds ("EERE Malta".), provided that the Loan satisfies all the requirements of the facility letter and the General Conditions therein. The APRC will be 2.23% p.a. The loan will be repayable in 480 equal monthly instalments of €312.37 over a term of 40 years. Applicable charges on this loan are as follows - no processing fee; legal fee of €250; no booking fee; updating of searches fee of €20 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.
Term Duration
Repayments generally span up to a maximum period of 40 years. Subject to Customer categorisation as laid out in CBM Directive No. 16
Processing Fees
Processing fees are being waived.
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.