• Structure and contacts
  • Structure
  • Contacts
  • Managment
• Activities
  • Directions of activity
  • Raports
• Services
  • Issuance of Guarantees
    • Issuance Conditions
  • Partial Financing of Loan Interest
  • Soft loans
    • Administration of small loans
    • Administration of Microcredits
    • Open Credit Fund
    • Entrepreneurship Promotion Fund
  • Guarantees for the modernisation of multi-dwelling buildings
  • Export Credit Guarantees
• Links
  • Banks of the Republic of Lithuania
  • Public Authorities
  • Interest rate, currency/exchange rate
  • Foreign partners

Until 31 December 2010 INVEGA issues up to 80% guarantees to credit institutions for loans taken for the modernisation of multi-dwelling buildings. INVEGA guarantees will be issued to those credit institutions which will conclude cooperation agreements with INVEGA. By issuing a guarantee INVEGA guarantees to the credit institution the repayment of the guaranteed loan amount.

Throughout the entire period of the issuance of guarantees INVEGA may issue guarantees to credit institutions for the amount not exceeding LTL 70m. The maximum amount of INVEGA guarantee for one loan should not exceed LTL 1.5m. Loans guaranteed by INVEGA may be denominated in litas or euro.

Guarantee fee and interest under this instrument are not eligible for refund.

Conditions of issuance of INVEGA guarantees

INVEGA guarantees will be issued only for the loans which are aimed at the modernisation of multi-dwelling buildings according to the multi-dwelling buildings modernisation projects for the implementation of which the agreement on state aid was signed with the Housing and Urban Development Agency before 1 September 2009. This agreement is based on the Regulations for the granting of state aid for modernisation of multi-dwelling buildings and determining energy performance of buildings approved by Resolution No 1213 of the Government of the Republic of Lithuania of 23 September 2004. Furthermore, the issuance of INVEGA guarantees for loans aimed at modernisation of multi-dwelling buildings will be conditional upon satisfying the following conditions:

1. The borrower is the association set up by owners of multi-dwelling building apartments and other premises registered for unlimited period, or the owners of multi-dwelling building apartments and other premises operating on the basis of joint activity agreement concluded for unlimited term.
2. The borrower is the association set up by owners of multi-dwelling building apartments and other premises which does not have any obligations overdue for more than 30 days (debts to utility companies, banks, leasing companies, suppliers, contractors, state tax inspectorate and other entities) of the value exceeding LTL 2 000, and owners of the multi-dwelling building apartments and other premises who have obligations overdue for more than 30 days exceeding LTL 300 to at least one utility company, to the association of the owners of multi-dwelling building apartments and other premises or to the administrator of shared objects of the  multi-dwelling building account for less than 10% of all owners of the multi-dwelling building apartments and other premises.
3. The owners of the particular multi-dwelling building apartments and other premises who have obligations overdue for more than 30 days exceeding LTL 300 to at least one utility company or to the administrator of shared objects of the multi-dwelling building account for less than 10% of all owners of the multi-dwelling building apartments and other premises.
4. The credit institution has provided a copy of its decision to grant the loan and other documents established in the cooperation agreement for obtaining INVEGA guarantee and the Housing and Urban Development Agency provided the copies of multi-dwelling building investment project, agreement on state aid and of the documents related with co-financing of the s multi-dwelling building modernisation project costs.
5. Underlying loan amount does not exceed the difference between the value of expenses provided for in the multi-dwelling building modernisation project and amount of aid to be granted under the agreement on state aid.
6. The level of the borrower’s crediting and loan guarantee risks according to the assessment of NVEGA is acceptable.

Guarantee fee

The borrower shall pay a one-time guarantee fee for INVEGA guarantee until its issuance. A one-time guarantee fee shall be paid as a lump sum for the entire guarantee validity period. A one-time guarantee fee shall be calculated multiplying the sum of the amounts of outstanding part of the underlying loan guaranteed by INVEGA by the respective rate of the guarantee fee.

The sum of the amounts of outstanding part of the underlying loan guaranteed by INVEGA shall be calculated summing up the guarantee amount specified in the written guarantee of INVEGA and balances of the part of the underlying loan guaranteed by INVEGA at the beginning of each calendar year throughout the entire period of validity of INVEGA guarantee in observance of the loan repayment schedule specified in the loan agreement.

The rate of the guarantee fee shall depend upon the number of all owners of the apartments and other premises of the given multi-dwelling building who have agreed with the implementation of the multi-dwelling building modernisation project and with taking a loan from the credit institution as follows:

1. If the share of owners of the apartments and other premises of the given multi-dwelling building who have agreed with the implementation of the multi-dwelling building modernisation project and with taking a loan from the credit institution is from 50% + 1 vote (inclusive) to 60%, the guarantee fee shall be 0.55%.
2. If the share of owners of the apartments and other premises of the given multi-dwelling building who have agreed with the implementation of the multi-dwelling building modernisation project and with taking a loan from the credit institution is from 60% (inclusive) to 70%, the guarantee fee shall be 0.47%.
3. If the share of owners of the apartments and other premises of the given multi-dwelling building who have agreed with the implementation of the multi-dwelling building modernisation project and with taking a loan from the credit institution exceeds 70% (inclusive), the guarantee fee shall be 0.4%.

Fulfilment of obligations under the guarantee issued by INVEGA

Obligations of INVEGA under the issued guarantee are limited to the amount of INVEGA guarantee.

If a loan granted by a credit institution grants to the borrower is smaller than the loan amount specified in the guarantee of INVEGA, the share of loan guaranteed by INVEG and the amount of INVEGA guarantee shall reduce proportionately to the limit of liability of INVEGA. When the borrower repays part of the loan according to the loan repayment schedule or repays part of the loan earlier than the established deadline, the share of loan guaranteed by INVEG and the amount of INVEGA guarantee shall reduce proportionately to the limit of liability of INVEGA.

INVEGA shall disburse the guarantee payment only when the borrower, after being repeatedly warned by the credit institution, defaults on the obligation established in the loan agreement to repay the underlying amount of the loan or a respective part thereof within the established time limit no shorter than the time limit provided for in the cooperation agreement.

The amount of INVEGA guarantee payment shall be determined on the basis of the loan repayment schedule established under the loan agreement and the sum of outstanding loan amounts not repaid by the borrower and specified in the application of the credit union for payment of the guarantee. The guarantee amount may not exceed the amount of respective parts of the loan (repayable in instalments) proportionate to the limit of liability of INVEGA.

Upon expiration of loan maturity or premature termination of loan agreement by the credit institution and the borrower defaults on full repayment of loan balance guaranteed by INVEGA within the established time limit, the credit institution shall be entitled to apply to INVEGA for disbursement of the respective guarantee payment after levying the debt recovery on the owners of the multi-dwelling building apartments or other premises defaulting on repayment of the respective part of the underlying loan. In this case the guarantee amount paid by INVEGA may not exceed the amount of INVEGA guarantee.

Guarantees on loans granted for modernisation of multi-dwelling buildings shall be issued to the following banks: