Administrators can also apply to Šiaulių Bankas for renovation of multi-apartment buildings

2013-06-13

This February, Šiaulių Bankas and EIB signed an agreement and extended their cooperation on the Programme for Renovation (Modernisation) of Multi-Apartment Buildings under the JESSICA financing model. For this purpose, Šiaulių Bankas has been allocated another EUR 12 million (LTL 41.4 million).
The main strength of the financing model lies in the fact that from now on preferential loans for housing modernisation will be granted not only to owners of apartments/premises, but also to managers of the facilities of common use, i.e. administrators (homeowners’ associations or administrating companies, public establishments and other persons appointed by municipalities for the implementation of projects).
Šiaulių Bankas will finance the renovation of multi-apartment buildings under the renewed agreement with EIB and will offer very favourable conditions: loans are granted for up to 20 years with a 3% fixed annual interest rate, no mortgage or insurance is required, no fees for document analysis, loan administration, changes in obligations or the terms and conditions of the contract, early repayment. Those who aim at a rational use of energy resources and are implementing modernisation projects of multi-apartment buildings will receive state support through the compensation of some of the investments.
More flexible terms and conditions of the agreement between Šiaulių Bankas and EIB also bring new opportunities for municipalities to take an active part in the borrowing process. Municipalities will enjoy favourable conditions for implementing complex modernisation and infrastructure projects for buildings and districts, which, in addition to considerable energy savings, will also improve the environment and the image of cities.

More information about the new JESSICA financing model.