Green loan, green credit, ecological loan, energy retrofit loan, confusion often reigns in the use of all these terms, and it is easy to get lost in the jungle of jargon. However, instalment loans that are intended to finance energy expenditure (however small) cannot be qualified as ecological or green.
This is why we prefer to use the term Energy Retrofit Loan since the objective of the loan is to reduce energy expenditure in the home!
"}},{"componentType":"sectionTitle","title":"Energy retrofit loans and zero interest rates: what’s the difference?"},{"componentType":"paragraph","richBody":{"value":"For some people, energy retrofit loans, green loans, ecological loans and 0% interest rates are one and the same thing. However, this is not the case.
The various regions in Belgium offer grants and other benefits such as interest-free loans for set amounts to help finance specific energy retrofit projects. Eligibility conditions are precise and clearly defined. If you are interested in this possibility, do not hesitate to consult our guide to financing energy retrofitting.
Lending agencies, for their part, offer energy retrofit loans which are instalment loans intended for energy retrofitting projects and which have more advantageous interest rates than “basic” home renovation loans.
The conditions required to be eligible for an energy retrofit loan at ING are simple:
The energy work eligible for the loan is as follows:
Installation or replacement of a more efficient condensing boiler / radiators (+ related work)
Heat pump (hybrid) and other geothermal systems
Pellet stove for central heating
Double glazing and high efficiency glazing
Installation or replacement of insulated doors or gates
Insulation of the roof, walls and floor (+ related work) - green roof
Ventilation - works / air tightness test
Energy-efficient hot water systems (heat pump boiler, solar boiler, etc.)
Water-saving filtration systems
Energy efficient lighting / home automation
Solar panels - domestic batteries - wind turbines
Charging station
Energy audits
Compared to a conventional home renovation loan, the interest rate on the energy savings loan is more attractive. In addition, since it is intended to reduce your energy consumption, it will enable you to reduce your energy bills, potentially increasing the value of your property on the market, but also to comply with current and future regional legislation.
In addition, it can be combined with the help offered by the regions, whether these be in the form of grants or 0% interest rates. Depending on the scale of your project, you can combine as many options as possible.
Finally, the advantage of an energy retrofit loan is that it does not involve mortgage costs since it is an instalment loan. Buying a house in “bad condition” at a lower price but with a lot of work required to renovate it and bring it up to high-performance energy standards, can therefore still be an attractive option rather than buying a newly built home.
The minimum amount for an energy loan is set at €1,300. The maximum amount depends on the size of the project and your ability to repay the loan. For example, a larger loan could be €100,000 repaid over a period of 120 months (10 years).
"}},{"componentType":"sectionTitle","title":"What is the interest rate on an energy retrofit loan? "},{"componentType":"paragraph","richBody":{"value":"The interest rate on your energy retrofit loan is determined by several factors, including your personal situation, the amount you want to borrow, and the duration of the loan. The APR, or Annual Percentage Rate, reflects the annual cost of your loan by including both interest and any fees associated with the loan.
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The amount that you are likely to be able to borrow, as stated in the advertising message, is communicated for information purposes only. Neither the granting of the loan nor the aforementioned amount are guaranteed by ING Belgium. To determine the amount thus simulated, we took into account a set of data currently known to ING, in particular: your financial situation (i.e. your income and any extra-legal benefits as well as your expenses on your ING accounts as well as your savings, loans and investments with ING), your personal and family situation known to ING (in particular, your age, your personal status, your dependents) and the fact of exercise an independent activity. On the other hand, it is not required to provide the following information (which will be requested and/or verified in the event of a credit application on your part), in particular: your professional situation, the type of residence you occupy, other expenses or income not known to ING or futures, your savings and investments with ING, as well as credit data with third parties consulted with the National Bank of Belgium.
This advertising message, which concerns an installment loan for private purposes subject to consumer credit legislation, does not constitute an offer of credit. It is intended exclusively for natural persons of legal age and any request for credit is made subject to prior acceptance of your file by ING Belgium and mutual agreement. The general conditions and rates for this loan are available from all ING branches and can be consulted on www.ing.be (section 'Rates and regulations'). Your request and the possible approval of your request by ING (after examination of your file by ING) in a branch or through the 'Consumer Loans Online' service on www.ing.be, do not commit either ING or yourself, as long as you have not signed a credit agreement at your ING branch or, in the case of an online request, as long as you have not returned the signed credit agreement (after prior approval of your file by ING) to ING, where it is checked beforehand whether the data provided in the request are accurate and complete (among other things, on the basis of the documents submitted or to be submitted).
Legal information related to the loan provider
Lender: ING Belgium SA/NV – Bank – Marnixlaan 24, B-1000 Brussels – RPR Brussels – VAT: BE 0403.200.393 – BIC: BBRUBEBB – IBAN: BE45 3109 1560 2789
"}}]}}}