Young Specialist Loan

Purpose of the loan

• Purchase and/or construction of a residence
• Renovation of the existing residence

Target group

• Citizen of the Republic of Estonia (up to and including 35 years of age) or a person who holds a permanent residence permit in Estonia;
• Higher or vocational secondary education;
• The applicant has an effective employment or service contract, while the probationary period is over;
• A sole proprietor must have been in business as such for at least 1 year.

Loan

• Minimum self-financing: 10% of the value of the immovable security.
• Loan can be applied for a maximum of 40 years.

Security

• Up to 24% of the value of immovable security (not exceeding 19 200 EUR (300 414.72 EEK)).
• Security fee is 3% of the maximum responsibility of the person who secures the loan.
• The immovable must not be encumbered with real rights or obligations (mortgage, personal right of use, servitude, right of superficies, tenancy contract, etc.), except for encumbrances provided by the law of property or the law of obligations;
• The valuation report must not be older than 6 months.

Notes

• In addition to these terms and conditions, the general terms of Nordea Estonia housing loan must be met;
• The security fee is a single fee paid by the Borrower to the Securer (KredEx). The fee is calculated on the basis of the secured sum.