What are the conditions for a renovation loan? What should you take into account when applying for a loan to carry out renovation and renovation work? You can read all that in this blog.
How does a renovation loan work?
Applying for a renovation loan is usually easier than looking for a mortgage loan. For example, you don’t have to go to a notary. You also do not have to give a house or apartment as collateral. Even the interest rates are much lower.
You do, for example, hear an expert report or a construction plan by presenting a professional with an estimate of the renovation costs. Moreover, most banks often use a minimum and maximum amount for a renovation loan.
What are the conditions for a renovation loan?
A credit institution will always take your (family) income into account in relation to the amount that you want to borrow. If you are unable to repay the loan amount, the bank will not run the risk of allocating the loan to you.
Moreover, the loan amount may only be used to finance the renovation works in your home. For example, you may not buy a car with it or pay for a trip with it. You must also take the following conditions into account:
You must be able to prove that you are the owner of the property.
You must justify the loan with a quote or building plan from an architect.
You should submit the invoices, specifications or order forms for the renovation work to the credit institution.
What are the options with a renovation loan?
With a renovation loan you can finance various matters that report to renovation, renovation and extension work in or on your home. Just think of:
Renovation work: a new bathroom, kitchen, electricity,
Expansion works: a porch, garage or carport,
Outside work: terrace, garden, swimming pool,
Energy-saving works: solar panels, double glazing, insulation,
Building material: tiles, parquet,
Are you looking for a renovation loan? We help you
Are you interested in a renovation loan? We work together with most financial institutions and banks, which gives us a perfect overview of the usual interest rates and personal loans.
Feel free to drop in. In a confidential conversation from person to person we together look at your financial situation, your needs and the possibilities that present themselves.