Idea Loan

You have an idea worth pursuing? Get a bargain or make an investment, fulfil your secret dream!

The Idea Loan may be used for any purpose you desire. Get a bargain or invest in your ventures. Fulfil your life-long dream! The Idea Loan will get you on the right track.

General conditions for the Idea Loan

• No previous customer relationship with Nordea Bank is required to apply for the loan
• The minimum amount of the loan is 3,200 EUR (50,069.12 EEK)
• The loan period is up to 20 years
• Loan payments may form up to 50% of the applicant’s verified monthly income
• The maximum loan amount is 66% of the market value of the object
• The loan must be secured by real estate, which can be mortgaged
• The collateral to the loan must be insured by an insurance company accepted by Nordea

Loan interest

• 6-month Euribor + margin or
• Nordea EUR Prime interest + margin

Documents required for an Idea Loan application

• The applicant’s passport
• Account statement for the past 6 months. No account statement is required if your income has been transferred to Nordea Bank over the past 6 months
• Valuation report on the proposed collateral
• The bank has the right to request additional documents and information considered necessary for the processing of the loan application

Loan-related expenses

• Contract fee
• Fees relating to the establishment of the collateral (notary fee and state fee)
• Valuation of the real estate
• Fee for insurance of the collateral

Repayment of the loan

• The loan will be repaid in monthly instalments
• Customers can choose between annuity and recessive payment schedule
• In the case of an annuity schedule, the monthly payment will consist mainly of the interest in the initial period of the loan
• In the case of recessive payments, the loan principal will be divided into equal parts during the loan period, to which interest will be added. The monthly loan burden will be continually reduced since the interest is calculated on the basis of the loan balance