Canada Greener Homes Loan 2024: The government of Canada tries to find new ways every once in a while to help the residents of the country. A new initiative is called Canada Greener Homes Loan. Under this program, the authority is offering financial help to eligible beneficiaries which will make their homes more energy efficient and comfortable. The provided loan will help individuals finance eligible retrofits recommended by the respective energy advisors that have not yet been commenced. Beneficiaries who will fulfill all the eligibility conditions will get the $5,000-$40,000 Loan with interest-free.
Interested individuals must apply for it. Please note that the authority is currently not accepting applications as the provided funding has been fully committed. It is expected that the applications will be reopened soon. Readers living in Nova Scotia, Ontario and Quebec might have an active application process for the Canada Greener Homes $5,000-$40,000 Loan. So, they must contact the respective officials for more details. Read the following article and get updates on the eligibility criteria, loan details and more.
Canada Greener Homes Loan
Natural Resources Canada is contacting eligible homeowners who have not shown their progress on the application of grant form in the last 12 months or a year. Beneficiaries must check spam and junk email folders to see if there is any missed communication from the officials related to their applications. If the individuals still do not communicate back with Natural Resources Canada, the officials hold all right to deactivate their applications.
Although the officials are not accepting new applications, homeowners who are already a part of the program must process their retrofits so they can continue to get funding and support through the official portal of the Canada Greener Homes Loan.
Canada Greener Homes Grant Details
The officials are offering a maximum of one loan for each eligible property and homeowner. The Canada Greener Homes Loan is calculated considering the retrofits selected in the application form and the work’s quotes. The authority caps the loan amount based on the standards of the industry and the market norms. It must be noted that the offered loan amount might be less than the costs quoted by applicants.
In this scenario, beneficiaries will be responsible for funding the difference. Once, the application gets approved, a portion of the offered loan amount will be provided upfront to help the beneficiaries in paying the deposit mentioned by the contractor. The remaining amount will be provided after the completion of the retrofits and successful verification of the post-retrofit evaluation.
| Name of the Loan | Canada Greener Homes Loan |
| Beneficiaries | Eligible residents of Canada |
| Minimum Loan Amount | $5,000 |
| Maximum Loan Amount | $40,000 |
| Term of Repayment | 10 years |
| Type of the Loan | Unsecured personal loan on approved credit |
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Eligibility Criteria for Natural Resources Canada Greener Homes Loan
The following are the required eligibility conditions to get benefits of the Canada Greener Homes Grant:
- Applicants must be citizens of Canada, permanent residents or people who are non-permanent residents but have legal authorization to work in Canada.
- They must own a house and must be primary residents of that home.
- Mus have completed the pre-retrofit evaluation and has not had a post-retrofit evaluation.
- The evaluation of pre-retrofit must have been done on or after 1st April 2020.
- Individuals must not have commenced the retrofits for which they are applying for the loan.
- You must be a Canadian citizen, permanent resident, or non-permanent resident who is legally authorized to work in Canada.
- Individuals must have a good history of credit and must not be in:
- a proposal of consumer
- An Orderly amount of payment of the debt programme.
- Bankruptcy or insolvency proceeding.
How to apply for the Canada Greener Homes $5,000-$40,000 Loan?
Readers can understand the whole application process which can be used to apply for a Canada Greener Homes Loan under this paragraph. The following is the step-by-step guide to apply for the loan:
- First of all, individuals will have to find the nearest service organization and then schedule a pre-retrofit evaluation of their home for which they want to apply for a loan.
- After that, they must plan the retrofits carefully and also get quotes from the contractors.
- Now, you must click the application link available on the Government of Canada portal and the application form will open on the screen.
- Provide all the details on the application form correctly and attach the required documents.
- Complete the retrofits and keep the receipts and invoices copies along the way.
- Afterwards, get the evaluation of the post-retrofit, log into the official portal and tap the “Request Funding” option.
- Finally, the offered loan amount will be transferred into the account of the beneficiaries.
- Lastly, individuals will get detailed information on the Canada Greener Homes $5,000-$40,000 Loan repayment of loans over ten years.
Frequently Asked Questions
How much time will it take to get the Canada Greener Homes Loan amount?
Once, the officials approve the funding request raised by the beneficiaries, they will get the Canada Greener Homes Loan amount directly in their bank accounts around 10 days from the approval of the request.
How to resolve queries regarding the Canada Greener Homes Grant?
Individuals can use the contact details mentioned below to resolve queries related to the above-mentioned loan:
Grant inquiries: Phone: 1-833-674-8282, TTY: 1-800-465-7735 and Email: canadagreenerhomesgrant-subventionmaisonsvertes@nrcan-rncan.gc.ca. Loan inquiries: Phone: 1-866-292-9517 and Email: Questions@cghli.ca
Can I apply for a Canada Greener Homes Loan after starting the retrofit work?
If the applicants started the retrofit fit before submitting the application form, their loan applicant will be rejected by the concerned authority.
How do I apply for a loan?