Construction - Lower interest rates on loans in NRW for climate-friendly construction
Following the much-criticized suspension of the nationwide funding programme for climate-friendly new builds, North Rhine-Westphalia is stepping into the breach. From now on, private individuals who want to build or renovate sustainably can receive a funding program from the state-owned NRW.Bank at a significantly lower interest rate. This was announced by NRW Building Minister Ina Scharrenbach (CDU) on Thursday in Düsseldorf.
NRW.Bank is now offering an interest rate in its "Sustainable Living" program that is around three percent lower than current market conditions. For a loan of 250,000 euros, the interest savings would be around 600 euros per month, depending on the term. The adjustment applies in principle until the federal program is resumed - but until the end of March 2024 at the latest.
The NRW program is available to private individuals of all income brackets who are building, purchasing or renovating residential property for their own use and who comply with sustainable building standards. According to the Ministry of Construction, the increase in energy efficiency and resilience to environmental disasters, the use of recyclable raw materials and barrier-free living space are all eligible for funding.
The funding can be used to finance up to 100 percent of the investment costs for renovation and up to 50 percent of the costs for new construction. The program is applied for via the house bank.
Last week, the Federal Building Ministry's announcement that the state development bank KfW's pot for climate-friendly new builds was empty caused outrage in the construction and housing industry.
Scharrenbach criticized that the full brake was causing massive uncertainty among those willing to build. "However, uncertainty is the enemy of investment." The federal government's funding chaos is seriously damaging housing construction and energy efficiency."North Rhine-Westphalia is taking countermeasures." Thanks to the state initiative, citizens in NRW who are willing to build in the short term can now fulfill their dream of owning a sustainable home after all.
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- The suspension of the nationwide funding program for climate-friendly new builds has been criticized heavily, leading North Rhine-Westphalia (NRW) to introduce a new funding program for sustainable construction.
- Private individuals in NRW seeking to build or renovate sustainably can now benefit from lower interest rates through the state-owned NRW.Bank's "Sustainable Living" program.
- Ina Scharrenbach, NRW's Building Minister (CDU), announced these changes in Düsseldorf, stating that the lower interest rate on loans, around 3% lower than market conditions, could save up to 600 euros per month for a 250,000 euro loan.
- The NRW program applies to private individuals across all income brackets who are building, purchasing, or renovating residential properties for their own use and adhere to sustainable building standards.
- Funding can cover up to 100% of renovation costs and up to 50% of new construction costs, and applications are made via the house bank.
- Scharrenbach condemned the federal government's funding chaos, which has caused significant uncertainty in the construction and housing industry, and pointed out how North Rhine-Westphalia's initiative is supporting citizens in NRW by allowing them to build sustainable homes, despite the federal program suspension.
Source: www.stern.de
