“Exoikonomo-Anakainizo for Young”

The "Exoikonomo-Anakainizo for Young" program was designed for the purpose of supporting young people up to 39 years old to upgrade, energy-wise and aesthetically, of their residence. The program "Exoikonomo-Anakainizo for Young" operates under the framework of the National Recovery and Resilience Plan Greece 2.0 with funding from the European Union – NextGenerationEU and provides 50% co-financing to the loan funds of ‘‘Anakainizo’’.

The program consists of two parts:

  • The “Exoikonomo” part, which provides incentives for energy saving interventions in main residence
  • “Anakainizo” part, which provides incentive for aesthetic and functional renovation interventions of the residence, in addition to the above interventions. Therefore, for the participation in “Anakainizo” part is necessary the participation in “Exoikonomo” part.

In order to cover the costs of the required interventions, the possibility of combining grants, loans and/or own funds, is provided.

The following options are available to cover private participation :

  • For interventions related only to “Exoikonomo” part you can choose to proceed with equity and/or a loan
  • For interventions related to both parts of the program you can choose one of the following combinations:
    • Both parts with own funds
    • Both parts with loan
    • “Exoikonomo” part with a loan and “Anakainizo” part with own funds

Note: the loan option just for the “Anakainizo” part is not available.

INTEREST RATE
6,50% for energy saving interventions
(fixed rate 100% subsidized for the entire duration of the loan plus levy of L.128/75 (today set at 0.12%)

and

4,00% for aesthetic & functional renovation interventions
(fixed rate for the entire duration of the loan plus levy of L.128/75 (today set at 0.06%), relating to the Bank’s funds)
LOAN TERM











4, 5 or 6 years
LOAN AMOUNT
Up to €13.500 for energy saving interventions













Up to €7.000 for aesthetic & functional renovations
KEY ADVANTAGES
  • Grant for the cost of interventions
  • 100% subsidized loan rate for “Exoikonomo” and Greek State Guarantee for the 1st income category*
  • Low-interest loan for ‘’Anakainizo’’
  • No loan expenses
  • No collateral
  • No cost of partial or full repayment
INTEREST RATE
6,50% for energy saving interventions
(fixed rate 100% subsidized for the entire duration of the loan plus levy of L.128/75 (today set at 0.12%)

and

4,00% for aesthetic & functional renovation interventions
(fixed rate for the entire duration of the loan plus levy of L.128/75 (today set at 0.06%), relating to the Bank’s funds)
LOAN TERM











4, 5 or 6 years
LOAN AMOUNT
Up to €13.500 for energy saving interventions













Up to €7.000 for aesthetic & functional renovations
KEY ADVANTAGES
  • Grant for the cost of interventions
  • 100% subsidized loan rate for “Exoikonomo” and Greek State Guarantee for the 1st income category*
  • Low-interest loan for ‘’Anakainizo’’
  • No loan expenses
  • No collateral
  • No cost of partial or full repayment

Program brief description

The Program is funded from the resources of the Recovery and Resilience Fund and provides 50% co-financing to the loan funds of “Anakainizo” part. In charge of the implementation of the program is the Technical Chamber of Greece and the Financial Management is carried out by the Hellenic Development Bank S.A.

The basic criteria for a property to be eligible for the Program are the following:

  • Ιt should be used as a main residence by the applicant/or the tenant /or a person to whom the residence is donated
  • It should be legitimate (bears a building permit or other legitimate document).
  • It should be classified according to the Energy Efficiency Certificate (EEP) in a category less than or equal to C.
  • It must not be characterized as demolishable

Eligibility criteria for the applicant:

  1. You were born between 01/01/1984 and 31/12/2005 and you have ownership of the eligible property
  2. Fulfillment of the income criteria as defined by the program in the following link (https://exoikonomoneon.gov.gr)

Additional criteria for the applicant
For your inclusion in “Anakainizo” part, the following criteria also apply cumulatively:

  • you have to participate also to “Exoikonomo” part
  • to use the residence (home ownership)
  • to have right of full ownership/usufruct (fee is excluded) of at least 50% in an eligible residense
  • the total value of the real estate as well as that of your family members does not exceed €300,000 (according to ENFIA of 2022)
  • your individual or family income does not exceed €20,000

Notes:


 For “Exoikonomo” part:

  • In case of co-owners of the eligible residence:
    • only the owner who resides in the property has the right to participate in the Program
    • in the case that the eligible house is rented only the main owner has the right to participate in the Program, with the consent of the rest.
  • In the case that the eligible house is not used, only the main owner has the right to participate in the Program
  • Short-term rental residences are not eligible.

The maximum grant percentage for “Exoikonomo” part and for all categories of applications (individual apartment, detached house) as defined by the program, is available at the official web portal (https://exoikonomoneon.gov.gr).

  • For “Anakainizo” part the grant percentage is the same for all beneficiaries with individual or family income up to 20.000€ and set at 30%.

Note: to calculate the annual individual or family income is used the Total Declared Income, the Exempt and Independent Taxable Incomes as well as the Added Difference of Objective Expenses of all the members of the applicant’s family are used.

Grant for “Exoikonomo” part will be disbursed partially in two installments as follows:

Grant Advance: after the Decision issuance, 70% of the grant is deposited into a bank account you will have declared to the Information System. The amount is unrestricted and will be transferred to the suppliers according to the orders you enter in the program's Information System, after you first pay the suppliers from your own funds or the loan advance.

Final Grant disbursement: upon completion of the interventions, the 2nd energy inspection (2nd EEP), the check of the supporting documents that will be uploaded on the Information System and the approval by the Technical Chamber of Greece for the final disbursement, the remaining 30% of the grant will be credited to your account in order to pay the suppliers/contractors.

Grant for “Anakainizo” part will be disbursed once as follows:

For “Anakainizo” part grant advance is not provided and the whole grant amount is deposited to your account when “Exoikonomo” loan is finally disbursed.

  • The Eligible interventions, the Maximum eligible intervention budget and the Maximum eligible cost of other program costs are defined by the program, which is available at the official web portal (https://exoikonomoneon.gov.gr).

  • To cover the cost of the required interventions, there is the option to combine grant, borrowing and / or own funds.
  • The following options are available to cover private participation:
    • for interventions related only to “Exoikonomo” part you can choose to proceed with Equity and/or a loan
    • for interventions related to both parts of the program you can choose one of the following combinations:
      • Both parts with own funds
      • Both parts with loan
      • “Exoikonomo” with loan and “Anakainizo” with own funds

Note: the loan option just for “Anakainizo” part is not available

  • The minimum energy goal that must be achieved through the energy upgrade interventions for all categories of applications (individual apartment, detached house), is as follows: upgrade by three (3) energy categories, in relation to the existing classification in the 1st EEP, in order to ensure energy savings of more than 30%.

Detailed information about the program can be found on the program's website https://exoikonomoneon.gov.gr

Why should you participate in the “Exoikonomo Anakainizo for Young” Program

“Exoikonomo Anakainizo for Young” Program allows you to:

  • upgrade and renovate your main residence,
  • save energy and money,
  • contribute to the protection of the environment

In addition, you benefit from:

 1.  Loan with preferential terms

  • 100% subsidized* rate, for the entire loan duration and Guarantee of the Greek State** for the beneficiaries of the 1st category for the “Exoikonomo” loan
  • Low fixed interest rate for the entire duration of the “Anakainizo” loan
  • Full or partial early repayment of the loan, without penalty
  • No loan expenses
  • No collaterals

* The loan interest subsidy will be automatically be discontinued in case of late payment of 3 installments of your loan.

** Guarantee of the Greek State amounts to 100% in cases of owning the house and to 80% in case of rental/donation.

 2.  Grant

For the “Exoikonomo” part, depending on your family and income situation and the use of the eligible residence (owning/renting/donation), the subsidy on the cost of interventions amounts to up to 75%. For the “Anakainizo” part the subsidy amounts to 30% for all beneficiaries with individual or family income up to 20.000€
"Exoikonomo -Anakainizo” program provides the possibility of granting advance payment to suppliers from the grant, up to 70%, thus immediately paying off a large part of the total cost of the project. This option is activated after the Delegation Decision issuance and loan advance distribution.It is mentioned that this option it is not provided for the “Anakainizo” part.

 3.  Free Project Technical Consultant services

The submission of the application, the monitoring of its progress, the detailed recording of the required data and the posting of supporting documents on the Information System of the Program until the final disbursement can be assigned to a project technical consultant. The project consultant's fee is considered to be eligible expense, in accordance with the maximum limits mentioned in the Program Implementation Guide and is paid upon the total disbursement by the Bank, provided that the application is submitted, and the minimum energy goal of the program is met.

 4.  Covering the cost of Energy Inspections

The program requires for two energy inspections to be carried out and the respective Energy Performance Certificates (1ST&2nd EPC) to be issued. The total cost of the two energy inspections is fully covered by the Program, in accordance with the maximum limits mentioned in the Program Implementation Guide, provided that the application is submitted, and the minimum energy goal of the program is achieved. It is mentioned that the cost of 1st EPC is eligible only if it has been issued by 01/02/2020. EPC that has been issued after 27/11/2017 can be used at the program but in this case their expenses are not covered by the Program.
For each energy inspection, you pay the inspectors' fee with your own money, and at the final disbursement of the program, inspectors fees are credited to your account, based on the receipts you enter in the Information System.
The inspector of the second energy inspection that will take place after the implementation of the interventions (2nd EPC), must be different from the inspector of the first energy inspection (A' PEA).
The selection process will be carried out under the responsibility and authority of the Technical Chamber of Greece (T.E.E.) following a public lottery, during which the relevant legislation on the incompatibility of Energy Inspectors will be observed.

 5.   Covering the costs for potential assessments / required approvals-licenses / Electronic Identity of the Building

Expenses for any licenses/approvals issued or assessments required by the current legislation on the implementation of interventions (such as fee for the approval of small-scale construction works, fee for the assessment of internal gas installation), as well as the fee for the Electronic Identity of the Building, are all covered by the Program and are paid upon the total disbursement of the loan. Especially for the Electronic Identity of the Building the amount remains in your account, as you should played it with your own money when it is issued.

 6.   Covering the managing cost of the loan

You are not charged with loan application expenses, as these are covered by the Program.

Loan Features

Loan amount

  • for “Exoikonomo” loan
    Up to 13.500€, depending on the responding category of the program.
  • for “Anakainizo” loan
    Up to 7.000€

Interest rate

  • for “Exoikonomo” loan
    The interest rate is fixed for the entire loan duration, set at 6,50%. In all categories, the interest rate is fully subsidized for the entire duration of the loan, except for the levy of Law 128 / 75.
    The levy today set at 0.12% and is paid by the borrower.
  • for “Anakainizo” loan
    The interest rate is fixed for the entire loan duration, set at 4,00%, plus levy of Law 128 / 75 for the 50% of total loan amount which concerns bank’s funds and set at 0,06% and is paid by the borrower.

Duration
4, 5 or 6 years for both parts of the program

Disbursement
The loan disbursement for both parts of the program takes place gradually, as below:
  • Advance payment: amounts to 70% of the loan
  • 2nd partial disbursement: the remaining amount of the loan (30%)

Notes:

  • After loan disbursement of advance payment of both loans to your account, for "Exoikonomo" loan the amount is directly transferred to the bank account of the suppliers/contractors in accordance with the orders you have entered in the Information System, while for "Anakainizo" loan you will have to transfer by yourself via banking system the amount to the contractors/suppliers of your choice.
  • The remaining amount of grand for “Exoikonomo”, the total amount of grand for “Anakainizo” and all other benefits of the program (interest already paid until the second partial disbursement for “Exoikono” loan, 1st & 2nd energy inspection fees, fee for any project consultant, fee for the Electronic Identity of the Building) will be disbursed in accordance. For 'Anakainizo' part the loan and grant amount for paid invoices, in case some or all suppliers/contractors have been paid, are deposited into your account.

Repayment
The loan is repaid in monthly interest-bearing installments.
For “Exoikonomo” loan from the first gradual disbursement of the loan until its final disbursement, all the interest is paid by the customer. Following the completion of the project and provided that the energy goal is achieved, and you are entitled to the benefits of the program, the interest you have paid is returned to your account and the interest rate is fully subsidized.
The loan interest subsidy will be automatically stopped in case of late payment of 3 installments of your loan.
Installments are paid automatically each month through your deposit account.



Early repayment option
Full or partial, free of charge for both parts of the program


Collateral
No collaterals are required

Guarantee of the Greek State is provided for the beneficiaries of the 1st category and amounts to 100% in cases of owning the house and to 80% in case of rental/donation


Expenses
  • No loan expenses
  • In case that your supplier/ contractor cooperates with a different financial institution, you will be charged with remittance costs, according to the Bank’s, Pricing Policy, upon paying the suppliers.

Financial Loan Pre-approval Documents «Exoikonomo Anakainizo for Young» program

 1.  For citizens of the EU member-states:

Valid passport or ID card from your country of origin (in Latin characters). It is required for all loan participants

For non-EU citizens:

    • Valid residence permit, for all loan participants
    • o Valid passport from your country of origin or Special ID Card for Aliens of Greek Descent or Alien’s ID Card (if you are not of Greek descent) for all loan participants.

 2.  Proof of income documentation:

For employees/pensioners:

    • Income tax return form of last year for Greek citizens and of the last three years for EU and non-EU citizens
    • Income tax statement (E1 form) of the last fiscal year
    • For employees, last payroll slip or an official annual income certificate from the employer’s accounting office. The certificate must include all income details (recruitment date, gross and net earnings, social security contributions and tax)
    • For pensioners, latest quarterly pension statement or the latest pension payment slip

For freelance professionals/ entrepreneurs / farmers:

    • Income tax return forms of the last two years for Greek citizens and of the last three years for EU and non-EU citizens
    • Income tax statement (E1 form) of the last fiscal year
    • Documents for the last two years proving the turnover of the sole proprietorship, general partnership, limited company, etc. (E3 or N form) for Greek citizens and of the last three years for EU and non-EU citizens
    • Certificate of dividend yield if you are shareholder in a company.

If you are a Piraeus Bank customer, it is possible that the identification documents that you provided to the Bank in the past may be outdated. In this case, you will need to provide updated documents.

How to participate

The application is submitted only digitally through the Information System of the official web portal of the program https://exoikonomoneon.gov.gr.
Αpplications for joining the program can be submitted from 18/05/2023 to 15/11/2023.

For further information on the program, please visit:

For further information on how to get loan through Piraeus Bank through the “Exoikonomo Anakainizo for Young” Program:


Brief Program Procedure

 1.  Online application at the program’s official site https://exoikonomoneon.gov.gr

 2.  Registration of income and property data in the Program's Information System, conducting automated electronic eligibility checks, recording the required supporting documents, receiving the energy data of the 1st EPC, and submitting a proposal with the costs of interventions and other expenses.

 3.  Submission of the application to the Program and receipt of a unique protocol number.

 4.  The total score of the application is automatically calculated based on the evaluation criteria of the Program and ranking provisional lists per region with "eligible" and “runners-up" applications for “Exoikonomo” part are drafted. For “Anakainizo” part criteria check is carried out.

 5.  Submission of Electronic Identity of the building, only for the “eligible" applications, within an exclusive deadline of one hundred and fifty (150) days.

 6.  After the evaluation of the applications and the issuance of Provisional Lists of Eligible / Runners-up / Rejected applications per region, the right to appeals is given within an exclusive deadline of ten (10) days.

 7.   Final Lists of Approved / Runners-up / Rejected applications per P.E. are issued and budget is committed

 8.  Choice of funding scheme (own funds or loan) for both parts of the program.

 9.  If loan option has been selected: completion of required loan application fields & posting of financial pre-approval documents in the Information System, loan evaluation and financial pre-approval.

10.  Delegation Decision issuance in the Program by the implementer of the Program (Technical Chamber of Greece)

11.  Declaration of a bank account in the Information System for crediting the grant only for “Exoikonomo” part of the program.

12.  Deposition of the grant advance to the declared bank account only for “Exoikonomo” part of the program.

13.  Attendance at the bank & loan agreement signing within an exclusive deadline of 90 days from the Delegation Decision issuance (If loan option has been selected).

14.  Down payment loan disbursement (If loan option has been selected) and suppliers/contractors’ payment, using loan amount or own funds through bank account. for "Exoikonomo" part the amount is directly transferred to the bank account of the suppliers/contractors in accordance with the orders you have entered in the program’s Information System, while for "Anakainizo" loan you will have to transfer by yourself via banking system the amount to the contractors/suppliers accounts.

15.  Implementation of the interventions within 12 months from the issuance of the Delegation Decision (with the possibility of extension up to ninety 90 days) & carrying out a 2nd Energy inspection.

16.  Attachment of documentary expenses & other supporting documents in the Information System & file control by the Technical Chamber of Greece.

17.  Approval of the project by the Beneficiary (Hellenic Development Bank) total loan disbursement (if loan has been selected) / grant / benefits & repayment of suppliers.

*Guarantee of the Greek State amounts to 100% in cases of owning the house and to 80% in case of rental/donation.