For seniors, funding new insulation in the home can improve living comfort in cold weather, but also in hot weather. Back to the 2019 version of the eco-PTZ, which is a zero-rate loan specializing in the financing of energy saving and thermal insulation works.
How to finance your work in retirement with a zero rate loan?
If it is possible to believe that the eco-PTZ is inaccessible upon retirement, there is in reality no age restriction in the conditions of eligibility. For seniors, this is excellent news since they can take advantage of the advantages of this most accommodating credit to finance their energy renovation works. It would indeed be harmful to finance them by using consumer credit when the cost of crediting a PTZ is zero. Indeed, it is the State which is responsible for paying the interest directly to the banking establishment.
Be careful, organizations can however request the subscription of a loan insurance to guarantee the repayment of the credit. Subject to a higher risk of premature death, the monthly cost of the insurance premium may be higher for seniors compared to what is charged to younger borrowers.
Applying for an eco-PTZ that will result in a financing agreement requires respecting several conditions. Already, the loan must be used to carry out work only in a main residence, which means that second homes are excluded. It can also not exceed a sum greater than 30,000 USD and it can be reimbursed over a period capped at 15 years, or 180 monthly payments. Finally, all works whose nature is not properly ecological are not accepted. These must be the subject of an ordinary loan or even a loan buy-back with a new work project.
An eco-PTZ much easier to access in 2019 with an extension for recent housing
On July 1, 2019, the eco-PTZ will see its application extend to dwellings at least 2 years old. Before that date, the work had to be carried out in a dwelling which dated before 1990, which considerably reduced the number of renovations.
Since March 1 this year, a first step in easing the criteria was initiated with the late “work packages”. In this case, it was necessary to finance two different works, ie two bouquets, for a bank to formulate an agreement. A rule which has now been deleted because the eco-PTZ is granted from the first project. Of course, the latter must be related to the insulation of the building, individual sanitation or the installation of equipment that ensures energy savings such as a new boiler, solar panels, etc … Also, it is necessary to resort to recognized environmental guarantor (RGE) professionals to carry out the works.