Take housing company’s loan in your own name

Big renovation being planned in your housing company?

Does the financial consideration you are paying to the housing company seem too high? If you take your share of the housing company’s renovation loan in your own name, you get two advantages: you can tailor the monthly payment more suitable to your finances and you get a tax benefit. You can manage your own loan in line with your financial situation.

Advantages of own loan

Usually when a housing company takes out a renovation loan the shareholders repay it gradually to the housing company as a part of the financial consideration. As an alternative, you can take out a personal loan from Nordea that better suits to your situation. With the loan you can repay your share of the company loan. A personal loan has many advantages compared to the housing company loan.

• We tailor the loan period and other terms in accordance with your needs. Compare: The terms of housing company loans are the same for everyone, and the financial consideration may rise too high to manage
• The interest of a personal loan taken out for home acquisition and renovation is tax deductible. Compare: You cannot deduct the interest of a housing company loan in your personal taxation
• • If your financial situation changes, you can change the repayment schedule by, for example, using instalment-free months. Compare: With a housing company loan a single shareholder’s situation cannot be catered to.

The house manager of your housing company will give you information on the terms of the housing company loan, the amount of your share and payment dates.