Multi-Apartment House Modernisation Programme

Annually increasing heating prices and deteriorating condition of old buildings are those reasons which should encourage You to apply for a credit for multi-apartment house modernization.

Šiaulių Bankas is a long-time partner of renovation in Lithuania. The Bank's activity in the area of renovation started in 1999 after signing a collaboration agreement with the Housing and Urban Development Agency. In 2002 many schools, kindergartens and hospital were renovated in cooperation with the Central Project Management Agency. Having gained valuable experience in the area of ​​renovation, the Bank continued considering the programme as its priority area and successfully implemented the subsequent programmes as well.

In 2005 Šiaulių Bankas and the Mortgage Loan Insurance signed a collaboration agreement according to which 13 multi-apartment residential houses were renovated. The successfully implemented renovation programme was changed into a new one further implemented by the Bank. 23 multi-apartment houses were renovated under a collaboration agreement signed with INVEGA in 2009.

In 2010 Šiaulių bankas was the first bank in Lithuania which started cooperating with the European Investment Bank (JESSICA Holding Fund). The cooperation allowed to attracte EUR 28 million to finance 54 projects.

The collaboration agreement was revised in 2013 traditionally assigning 40 million euros   for renovation of multi-apartment houses throughout Lithuania.

The managers/administrators of objects of a common use can address Šiaulių Bankas regarding a preferential credit for renovation of houses under the JESSICA programme.

04/02/2014 Šiaulių Bankas, taking into account the proposals regarding a multi-apartment credit agreement prepared and concluded with Šiaulių Bankas  provided by  the Lithuanian Chamber of Housing Management and Maintenance which represents the administrators and pursuing a goal to ensure the on-going financing to renovation works, revised the issues and proposals  submitted by the Chamber of Housing and made adjustments in a typical credit agreement.

At the end of 2014 a cooperation agreement with the European Investment Banks was revised.

1005 preliminary endorsements regarding signature of credit agreements (amounting to EUR 257 million)  are submitted in compliance with the new programme of administrators' financing and 490 of them have already been signed (amounting to EUR 98 million).

The following works can be implemented under the new renovation model of multi-apartment houses:
The major requirements for renovation of a multi-apartment house
The key stages of the renovation
  • insulate roof and walls;
  • replace windows in apartments and staircases (which are unchanged), and the front door;
  • glaze balconies according to the single project;
  • modernize heating systems, equip with balancing valves and insulated pipes (where not fixed).
  • a multi-apartment house is built under the construction permits issued before 1993;
  • investment plan foresees to achieve at least D building energy performance class and reduces previous computational thermal energy consumption by at least 20 per cent;
  • not less than 60 per cent  of the house inhabitants agrees to take a credit for renovation;
  • the number of apartment owners that are past due with their obligations exceeding 173,77 EUR for more than 60 days to at least one company rendering utility services or to the manager of the premises of common use (pas due payments are calculated by summing them up) should be less than 10 per cent of all the apartment owners in the house. 
  • Initiation of house renovation.
  • Drawing up of an investment plan.
  • Public discussion of the investment plan.
  • Coordination of the investment plan.
  • Approval of the investment plan.
  • Application to the bank.
  • Approval of the bank.
  • Selection of a contractor.
  • Signature of  a credit agreement.
  • Renovation of a house.
  • Disbursement of a credit.
  • Assignment of the state aids.
  • Disbursement of the state aids.
  • Payment of interest and principal.
The documents that should be provided by the project administrator in order to receive the credit for renovation of a multi-apartment house
Major conditions for financing
Documents required
  1. An application for a multi -apartment house renovation (modernization) credit in a form established by the bank
  2. Minutes of the meeting of the owners of flats in the multi-apartment house or other premises or written voting with the annexes in a set form.
  3. Energy efficiency certificate and investment plan coordinated with the competent authorities.
  4. An extract from the real estate register about the owners of the  flats of the multi-apartment houses and premises in the multi-apartment house.
  5. Valid by-laws and registration certificate of the administrator.
  6. Agreement of assignment ( if the administration of the project is delegated to the administrator for implementation Municipal programme.).
  7. Resolution passed by the Municipality or its person in charge stating who is assigned to implement the multi-apartment house renovation (modernization) programme approved by municipality. 
  8. Document proving an identity and basis of representation of a natural person acting on behalf of the administrator.
  9. Certificates from the utility suppliers (heat, electricity, water, gas and companies rendering waste transportation services ) and  from the manager of the objects of common use about the community's / apartment owners past due payments, their amounts and the terms specifying the beginning and amount of the past due payment of each indebted owner.
  10. Certificate from Hosing Energy Saving Agency about possible size of de minimis aid  to the persons who carry out economic activities in theri flat or other premises.


3 per cent fixed interest

Loan maturity

Up to 20 years

Loan purpose

Settlement of construction works


15 per cent to measures increasing energy efficiency defined by the Government of the Republic of Lithuania if the previously  calculated heating energy consumption is reduced by at least 20 percent.

 Additional state support

Up to 25 per cent to measures increasing energy efficiency defined by the Government of the Republic of Lithuania if the previously  calculated heating energy consumption is reduced by at least 40 percent.

Credit Recipient

An administrator of a project * who signed a credit agreement on his behalf acting in favour of inhabitants.

Period of Grace

Repayment of a credit and credit and interest can be subject to grace period up to 30 months from the day of the disbursement of the first portion.

Disbursement of the Credit

The funds of the credit are paid directly to contractors for the finished works.


Not subject to charges applicable to document analysis, credit  administration, commitment , amendment of agreement conditions and early repayment of the credit. 

Credit currency

Credit is granted in euros.

Credit repayment approach

Credit is repaid in a linear method - the instalment is reducing each months.

Early repayment of the credit

Inhabitants will be able to repay a credit or its portion prior to its maturity without any additional charges or penalties.

* Project Administrator - administrator of implementation of municipality programme or manager of the objects of common use  of the multi-apartment  house.

Application for credit using the funds of the holding fund under JESSICA initiative

Sample form of roll-call votes bulletin on making decision regarding renovation (modernization) of a multi-apartment house.

Sample form of minutes on decision regarding renovation (modernization) of a multi-apartment house made by owners of  flats or other premises.

Sample form of assignment agreement to organize preparation, (or) implementation and (or) financing  of a multi-apartment house renovation (modernization).

Renovation partners

Loan Administration Partners:

Increasing heating prices should result in modernization of houses!