Komerční banka and Modrá pyramida start to accept applications for subsidies under the Green for Savings scheme on 1 July 2009.

Komerční banka has launched an offer of EKO Loans

The subsidies are provided in support of the use of renewable energy sources and energy savings in households. The Green for Savings scheme allows owners of family houses and residential buildings to use the support for

  • saving energy for space heating in residential building,
  • the development of properties featuring a passive energy design,
  • using renewable energy sources for space and water heating (for the installation of solar thermal collectors, biomass boilers, and heat pumps), and
  • selected combinations of measures.

On 1 July, all of Komerční banka's branches start to collect and process applications, distribute the key information, and disburse subsidies to applicants. The bank also offers applicants special loans for the co-financing of their investment.

"Under none of these programmes will the subsidy cover the full amount of the investment and, moreover, subsidies are only disbursed following the completion of the project. Through Komerční banka's EKO Loans, applicants can significantly speed up their project and receive the subsidy much earlier," says Radko Belada, head of Retail Banking Marketing at KB.

Komerční banka offers the following special types of single-purpose loans to applicants for subsidies:

  • EKO Osobní úvěr [EKO Personal Loan] payable in up to six years
  • EKO Úvěr na nemovitost [EKO Property Loan] payable in up to ten years
  • EKO Hypoteční úvěr [EKO Mortgage Loan] payable in up to thirty years

"We provide all EKO Loans at more advantageous interest rates while charging no fees for loan processing. The more advantageous interest rate means a rate one per cent lower than for the standard loans in the case of EKO Personal Loan and EKO Property Loan, and 0.2 per cent lower than in the case of EKO Mortgage Loan. Moreover, EKO Personal Loan and EKO Property Loan offer the option of taking out loans from as little as CZK 30,000, the option to draw on unsecured loans of up to CZK 250,000, the option of early repayment without any penalties or charges, and also a payment protection insurance policy, which is granted free of charge," adds Radko Belada.

Komerční banka is currently also preparing a special offer for housing cooperatives and condominiums.

Modrá pyramida: Green for the Green for Savings scheme

From 1 July applicants for subsidies will also be able to file their application and obtain a loan at Modrá pyramida stavební spořitelna. A total of 176 advisory centres of Modrá pyramida and some 1,200 of its loan advisers will be involved in the Green for Savings scheme. "We want to leverage our mobile network of professional advisers. They will be actively operating in the field, visit clients at home to advise them, and organise informative meetings attended by energy savings experts. We can therefore play an important role in increasing the level of information, and we can, in combination with our products, help to increase the number of subsidy applicants," says Miroslav Hiršl, member of Modrá pyramida's Board of Directors.

"We are offering Modrá pyramida's traditional loan products for project financing, but under much more advantageous conditions. On 1 July we are launching a series of bespoke Green Loans. They include particularly the traditional and popular Hypoúvěr, a new product of last year, Rychloúvěr, and also the conventional bridging loans for financing flats and family houses. But our Renoúvěr Multi will also meet the demand coming from housing cooperatives and condominiums for funds to finance projects in residential buildings," adds Miroslav Hiršl.

Modrá pyramida will handle all Green Loans free of the arrangement fee. The basic precondition is only for the clients to prove that they will use at least 50% of the target amount of the loan in accordance with the Green for Savings rules.

  • Zelený Hypoúvěr [Green Mortgage Loan] is appropriate for investments in excess of CZK 300,000; it allows instalments to be spread over a period of up to 28 years; the interest rate is from 4.74% p.a.; a real property is required as collateral;
  • Zelený Rychloúvěr [Green Fast Loan] is appropriate for investments of up to CZK 300,000; it is mainly intended for Modrá pyramida's current clients, who can obtain a loan of up to CZK 300,000 without any guarantor and without having to document their income; the interest rate is from 6.39% p.a.;
  • Zelený Překlenovací úvěr [Green Bridging Loan] can be granted from as little as CZK 50,000; it is intended for clients who do not yet have any saving scheme with the building society; the interest rate is from 6.39% p.a.;
  • Zelený Renoúvěr Multi [Green Renovation Loan Multi] is intended for juristic persons (primarily housing cooperatives and condominiums); up to CZK 10 million can be provided without any security; the interest rate is from 4.89% p.a.

Komerční banka is one of the best run universal banks in Central Europe. It provides comprehensive services to clients in the areas of retail, corporate, and investment banking. The Komerční banka Group's 8,930 employees serve 1,632,000 clients, who can use an extensive network of 397 points of sale throughout the country. Komerční banka currently operates 679 ATMs and more than 958,000 of its clients use one of direct banking channels.

Komerční banka is part of the Société Générale Group, one of the largest banking groups in the euro zone (in terms of market capitalisation), whose 163,000 employees serve more than 30 million individual clients worldwide.