A special credit deal for heat-protection roofs worth up to 10,000 euros with an interest rate of 3 percent must be offered by the Cooperative Central Bank in cooperation with the employers’ association (OEV).
The COBERATIVE Central Bank will provide loans for thermal protection roofs on favorable terms in cooperation with the employers’ association (OEV), this was announced on Monday. At a press conference, a scheme was announced promising loans of up to 10,000 euros at 3% per annum without any assets as collateral, a maximum repayment term of seven years and early repayment of debt. In his statement, CCB Director Nicolas Hadjiannis said that “the Central Cooperative Bank, being the largest retail bank and clearly oriented to local specifics, is now opening up wider cooperation with OEV, as well as its entry into the sphere of micro-crediting.” “The goal is to meet the needs of the Cypriots on issues related to green energy, which significantly contribute to environmental protection and economic growth,” Hadjiannis said. According to the statement, this “innovative scheme, developed with the support of the Ministry of Energy, Trade, Industry and Tourism, aimed at improving energy efficiency in households, reducing costs and improving living conditions while providing high quality insulation.”
In order to provide criteria for assessing the quality of thermal insulation services, OEV has created a voluntary register of technical heat protection specialists, to which “legal entities can apply for registration” and which will be made available to the general public. “This voluntary register will be taken into account by the Cooperative Central Bank when assessing applications for a loan with a low interest rate,” Hadjiannis said. This scheme is available to individuals who are permanent residents of Cyprus. “It offers an attractive interest rate of 3%, without an asset pledge, a maximum of 10,000 euros, with a maximum repayment period of 7 years and free of charge early repayment,” said the director of the Central Design Bureau. “The customer does not need any contribution, since the scheme covers up to 100 percent of the cost of thermal insulation, and no administrative costs are incurred, with the exception of a fee of 10 euros to assess the calculations of thermal permeability submitted by the applicant. “It requires,” he added, “one creditworthy guarantor, as well as a written offer from the company found in the OEV registry, and a study in which the expert calculates thermal permeability.