Thursday 25 July 2019

Green mortgage: Energy efficient home buyers offered better interest rates

Homeowners in Spain will benefit from better interest rates and maturity periods as part of a new €300 million (£268m) green mortgage scheme.

The European Investment Bank (EIB) is providing €150 million (£134m) to Bankia, which is matching the amount, to promote the purchase of near zero energy buildings (NXEBs) in the country.

Householders must purchase new homes that are very energy efficient and low emission and they must meet sustainability requirements “above and beyond” current new housing market standards to be able to benefit from the green mortgage.

EIB Vice President Emma Navarro said: "Promoting sustainable and inclusive economic growth and climate action are priority objectives for the EU bank. We are therefore very pleased with the signing of this agreement, under which the EIB will help to provide green mortgages, supporting Bankia so that citizens wishing to buy a sustainable, low-emission home can benefit from the favourable conditions of our financing.”

The agreement is part of a programme of loans approved by the EIB to promote projects in Spain that contribute to climate change mitigation or adaptation, boosting investment in energy efficiency, the transition to renewable energy sources and cutting greenhouse gases.