The energy reform of the housing sector in Spain has turned into a massive business, supported by 3.8 billion euros in subsidies.
This is the amount that Europe is investing to promote the rehabilitation of buildings and homes in a process that, despite encountering an unexpected bottleneck in the processing of aid by the autonomous communities, is progressing steadily.
The evidence lies in the fact that energy reform is a constant topic at homeowner meetings, and the discussion is warranted: it is estimated that 50% of residential buildings in Spain were constructed before 1980, and 84% of the entire housing stock has a low or very low energy rating.
This is how Component 2 of the Recovery, Transformation, and Resilience Plan of the Government of Spain quantifies it.
With its €6.8 billion allocated for the period from 2021 to 2023, the PRTR serves as the major driving force behind this process.
Of this amount, 3.8 billion is allocated to residential buildings and tax aid for homeowners, while the remainder is designated for energy efficiency improvements in the public building stock.
The aim of the residential project is to decrease the consumption of non-renewable primary energy by at least 30%.
In this way, the amount of assistance will be greater the higher the efficiency achieved, covering between 40% and 80% of the expenses (100% in cases of economic vulnerability).
From the perspective of each resident, the amount per home ranges from 6,300 to 18,800 euros, with an additional possibility of 1,000 euros per home, or 12,000 euros per building, if asbestos is also removed.
Having established the playing field, it’s time to explore the proposals from the five leading Spanish financial institutions, which the majority refer to as ‘turnkey.’ This term exemplifies a flexibility aimed at addressing the specific needs of each homeowners’ association.
An intervention starts when the homeowners’ association receives approval for its Next Generation grant application from the competent regional authority. These are loans intended solely for the homeowners’ association as the exclusive beneficiary. Therefore, if any of the residents need additional financing, they must negotiate directly with the building’s financial provider or another source.
Santander
“In our case, it’s not just a financing offer; it’s a ‘turnkey’ solution where we support the community of homeowners throughout the process thanks to our collaboration with the National Association of Rehabilitation and Renovation Companies (ANERR),” explains Alejandro Barrenechea, director of Consumer Services at Santander Spain.
Barrenechea explains that this collaboration provides the community with “greater ease during the budgeting phase, as well as in advisory services, management of Next Generation funds, and in the execution phase of the reform.”
In addition to offering excellent financing terms of up to 10 years, there is a maximum grace period of 1 year for principal repayment.
This helpline will be available until November 30, 2025, or until the allocated ICO funds of 2.2 billion euros are exhausted.
Energy Efficiency Loan for Homeowner Associations in Santander

Fixed rate: 4.75% (fixed nominal annual interest)
APR: 4.85% (for a loan of €500,000 to be repaid over a maximum period of 10 years)
Plazo: hasta 10 años
Carencia de capital: 12 meses
Comisiones de apertura: 0%
Comisiones de cancelación: 0%

BBVA
States, “Beyond just providing financing, we have long recognized that financial institutions play a crucial role in the energy rehabilitation of homes and buildings.” Consequently, they have developed a comprehensive service for property communities, offering various solutions for the planning and execution of projects, as well as assistance in securing grants like the current European funds and financing options. BBVA also clarifies that this financing, with a maximum amount of 1 million euros, can be used for projects involving “facades, terraces, roofs, the installation of photovoltaic solar panels and individualized meters, the replacement of central boilers, the upgrade of lighting to LEDs, replacement of doors and windows, installation of charging points, improvement of broadband connections, and enhancing the accessibility of homes.” This program is known as the Energy Efficiency Loan for Property Communities from BBVA.

Nominal Interest Rate (TIN): 5.75% (fixed rate)
Plazo: hasta 10 años
Lack of capital: up to 10 years.
Comisiones de apertura: 1%
Cancellation fees: 0.50% if there are less than 12 months remaining until the loan payment, 1% if there are more than 12 months left.
The portion of the amortization resulting from the receipt of the subsidy is free of commissions.

CaixaBank provides a range of financial solutions, all of which come with no opening fees.
Three products that can be used on elements such as façades and roofs, elevators, air-to-water heat pumps, improvements in facility sanitation, photovoltaic installations, electrical renovations or accessibility, boiler replacement, and energy charging points. Sustainable Loan from CaixaBank, in partnership with the European Investment Bank (EIB).

TIN: 5,50%
TAE: 5,641%
Financing: up to 80% of the project (with a maximum of 500,000 euros).
Plazo: hasta 8 años
Carencia de capital: no admite
Comisiones de apertura: 0%
Cancellation fees: 0.50% if there are less than 12 months remaining until the loan payment, and 1% if there are more than 12 months remaining.

Sustainable Next Gen Loan from CaixaBank

TIN: 5,50%
TAE: 5,641%
Financing can go up to 100% for projects that receive a grant ranging from 40% to 80%.
Plazo: hasta 10 años
Carencia de capital: hasta 24 meses
Comisiones de apertura: 0%
Comisiones de cancelación: 0%

CaixaBank’s Préstamo Universo.

TIN: 5,75%
TAE: 5,904%
Financiación: hasta el 80%
Plazo: hasta 8 años
Carencia de capital: no admite
Comisiones de apertura: 0%
Cancellation fees: 0.50% if there are less than 12 months left until the loan payment, 1% if there are more than 12 months remaining.
Sabadell

Sabadell’s offer is also marketed as tailored for each community, “adjusting to each investment project,” and it is specified that the improvements to the building “should be aimed at energy savings, enhancing energy efficiency, and conservation, as well as the improvement or regeneration of the building.”
The funding is exclusively aimed at the property owner communities, which are the sole beneficiaries. The Catalan entity distinguishes between two phases of the rehabilitation project, with property owner communities always being the only beneficiaries. In this context, it outlines the Initial Project Loan for Property Owner Communities, which is intended to cover the costs incurred prior to the grant application (such as the project, white paper, and necessary construction permits).
Secondly, the Community Owners Rehabilitation Loan is designed to finance projects aimed at enhancing energy savings and efficiency, as well as preserving, improving, or regenerating the community building. This is part of the Initial Project Loan for Community Owners offered by Sabadell.

TIN: 5%
TAE: between 7.03% and 12.33% (varies depending on the term and amount requested)
Funding: up to a maximum of 35,000 euros.
Plazo: hasta 3 años
Carencia de capital: hasta 18 meses
Comisiones de apertura: 2%

Sustainable Loan for Homeowners’ Associations from Sabadell.

TIN: 6,00%
TAE: de 7,06 a 8,94%%
Financing: up to 80% (with a maximum of 35,000 euros for the Initial Project Loan)
Plazo: hasta 10 años
Carencia de capital: hasta 24 meses
Comisiones de apertura: 2,5%
Cancellation fees: 0.50% if there are less than 12 months remaining until the loan payment, and 1% if there are more than 12 months remaining.
The portion of the repayment resulting from the receipt of the subsidy is exempt from commissions.

Bankinter

With a credit approval rate exceeding 90% for applications, Javier Ron, the Director of Consumer Business at Bankinter, explains that “this is a product fully tailored to this service, covering 100% of the amount with a long repayment term of up to 12 years and a 24-month grace period to make it less burdensome at the start.” He also highlights advantages such as “flexibility, transparency, and the absence of any required ties to the institution, such as a checking account or insurance linked to the bank, with the community always acting as the guarantor of the loan, meaning we do not involve the individual homeowners.” Ron advises property communities to “choose a reliable and serious rehabilitation agent who can clearly outline the savings provided by energy improvements and the associated costs.”
Before making the decision: “We shouldn’t hesitate to proceed; this is a historic opportunity. Sooner or later, we will have to undertake these improvements, so let’s do it now while we can receive part of the investment funding.” Financing for Homeowner Associations, from Bankinter.

Tipo fijo: de 5,90% a 6,40%
Financing: up to 100% with no limit on the amount.
Financing terms: up to 12 years.
Carencia de capital: 24 meses
Comisiones de apertura: 1%
Comisiones de cancelación: 1%