green home loan
Save Money with the APS Green Home Loan
What if we told you that you could benefit from discounted interest rates just by opting for a more sustainably designed home? We’re here to reward your commitment to sustainability with our APS Green Home Loan.
With our APS Green Home Loan, you stand to benefit from a discounted fixed interest rate of just 1.50% for the first 5 years of the home loan. How? Simply invest in a home that is highly energy efficient. After the first 5 years, a variable interest rate is applicable for the remainder of the loan’s repayment period.
Are you eligible for the APS Green Home Loan?
Provide a valid and low scoring Energy Performance Certificate (EPC) rating and benefit from our APS Green Home Loan. To be eligible, the Energy Use rating on your residence’s EPC should be below or equal to 25, while the Carbon Dioxide Emissions rating should be below or equal to 6 (A and A+ equivalent).
The APS Green Home Loan is available for your main and primary residence, with a maximum loan amount of €500,000. It is limited to one loan account per customer (including loans held jointly).
Switch to APS Green Home Loan from another bank
If your home has an eligible EPC rating, you can shift your home loan to APS and benefit from the discounted rate.
Contact us to set an appointment and we will confirm whether your EPC rating and loan application is eligible for the APS Green Home Loan.
A Representative Example of the APS Green Home Loan
On a fully utilised APS Green Home Loan of €150,000 at a fixed borrowing interest rate of 1.50% p.a. for the first 60 months and a variable borrowing interest rate of 2.90% p.a. for the remaining 420 months, the Annual Percentage Rate of Charge (APRC) will be 2.55%* p.a.
The loan will be repayable in 60 equal monthly instalments of €417.32. Followed by 420 equal monthly instalments of €518.28 over a term of 40 years. Therefore, the total sum payable throughout the term of the loan will be €242,866.80 being:
- €150,000 capital
- €92,716.80 interest
- €150 booking fee
The total sum payable throughout the term of the loan if the fixed rate was not available would be €255,428.40. Therefore, you will save up to €12,711.60 in interest with our APS Green Home Loan solution.
Assumptions in the APRC calculation
The assumptions in the above APRC calculation are based on the following:
- The consumer lending bank base rate (currently at 2.25%) remains unchanged during the variable borrowing interest period of the loan.
- No loan prepayments are done during the first 60 months. The loan is repaid as scheduled for the full duration of the facility.
- The facility is utilised in full within the first 3 months after being sanctioned.
- A processing fee (0.25% of the loan amount) will be collected at the time of issuing the sanction letter. This will be refunded in full at the time of signing the contract.
- Bank legal fees (0.325% of the loan amount + VAT) will be waived for first time home buyers.
- The credit agreement is to remain valid for the period agreed between the Bank and the consumer, and that both parties will fulfil their obligations under the term and by the dates specified in the credit agreement.
- The APRC calculation is based on the total cost of the credit to the consumer, expressed as an annual percentage of the total amount of credit.
The worked example does not include the following items since such costs cannot be determined in advance:
- A life assurance policy covering the amount of the facility and a building replacement policy which are to be pledged in favour of the Bank.
- Periodic updating of searches since such fees would incur Public Registry and Lands Registry fees.
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Life and property insurance are obligatory in order to obtain the loan. The loan is to be secured by a first ranking general and special hypothec and special privilege over the property being financed in Malta, 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 end-financed. In the event of non-observance of the terms and conditions, including non-adherence to the loan repayments, the bank may take steps to sell the property financed, following legal proceedings, and you may lose the property.
APS Bank plc is regulated by the Malta Financial Services Authority as a Credit Institution under the Banking Act 1994 and to carry out Investment Services activities under the Investment Services Act 1994. The Bank is a participant in the Depositor Compensation Scheme established under the laws of Malta. Applications are subject to the Bank’s lending criteria. Terms and conditions apply and are available on request.
