|
You have the ideas, we have the Renovation loan
|
You can use the Renovation loan for just giving your home a facelift or more serious reconstructions. Change the roof, doors or windows or renovate your bathroom. Its up to you.
General conditions of Renovation loan
- You don't have to be a Nordea customer to apply for the loan
- The minimum loan amount is 3200 EUR (50 069.12 EEK)
- Loan period is up to 20 years
- You can apply alone or with a co-applicant
- Loan payments may generally form up to 40% of the verified monthly income of applicant(s)
- Loan amount can be max 66% of the collateral's market value
- Loan security will be any real estate that can be mortgaged.
- Collateral has to be insured in an insurance company accepted by Nordea.
Interest
- 6-month Euribor or
- Nordea Estonia EUR Prime rate + margin
Documents required for applying
- Passport of the applicant(s)
- Bank account statement of the applicant(s) for the previous 6 months. If the income of that period has been paid to Nordea Bank, submission of account statement will not be necessary.
- The bank has the right to ask for the evaluation of the object proposed as the loan security if needed.
- In case an addition is being built or larger renovation works are planned, a calculation of the renovation or construction works is necessary.
- The bank can ask additional documents and information necessary for processing the loan application
Expences for the loan applicant
- Contract fee
- Notary and state fees
- Real estate appraisal if necessary
Loan repayment
- Loan will be repaid on a monthly basis
- You can choose between equal (annuity) and recessive monthly payment schedules
- In case of an annuity schedule, the monthly payment will consist mainly of the interest in the starting period of the loan.
- In case of recessive monthly payments, the loan principal will be divided into equal parts during the loan period, to which interest will be added. The sum being paid will continually be reduced since the interest is calculated on the basis of the loan balance.
