Frequently asked questions about loans and credits

Questions and answers about FlexiPayment and instalment-free periods

What loans does the instalment-free period offer cover? Can I get an instalment-free period on other loans relating to my home, such as renovation loans?

You can apply for an instalment-free period on a new or existing housing loan, renovation loan or consumer credit. You can get an instalment-free period through FlexiPayment or by applying for such a period separately. FlexiPayment is a feature of Nordea’s housing loans that is included automatically in most loans. Check whether your loan already has the FlexiPayment feature before applying for it. We apply normal credit-granting procedures to FlexiPayment and instalment-free periods, taking into account current exceptional circumstances.

What is the difference between FlexiPayment and an instalment-free period?

FlexiPayment is a free-of-charge feature included in Nordea’s loans with which you can reduce the amount of your loan instalment or skip it entirely. For example, you can halve the instalment, in which case you will continue to repay your loan, or alternatively pay only interest and fees.

FlexiPayment is more flexible than an instalment-free period, which is a one-off change to your agreed loan repayment schedule. You will have to agree with us on the duration of an instalment-free period, during which you will only pay interest and fees. The amount of your loan will not be reduced during an instalment-free period.

 

In both cases, the instalments you leave unpaid now will be postponed until the future, usually by extending your loan period.

I’m applying for FlexiPayment with my spouse. How can my spouse confirm the application?

The second applicant, i.e. your spouse, will receive a text message stating that a change of repayment schedule is awaiting their confirmation. They can confirm the application in the same place you applied for FlexiPayment, through the webpage www.nordea.fi/en/personal/our-services/loans/home-loans/housingloan. The second applicant should click on “Apply or confirm a change to your housing loan” and authenticate their identity in the service with the code app, code calculator or another bank’s online banking codes. The application can also be confirmed in the old Netbank, under the “Apply for a change” link. Once the application has been confirmed, it will be sent to Nordea for processing.

I already have FlexiPayment. Can I increase its amount?

The amount of the FlexiPayment feature can, in some cases, be raised. If this is not possible, you will often be able to obtain an instalment-free period of six months by changing your repayment schedule.

I already have FlexiPayment. Can I also obtain an instalment-free period?

If your loan has the FlexiPayment feature, then it is the primary and easiest way of obtaining flexibility for your loan repayments. If you still would like to apply for an instalment-free period (e.g. if you have used up the FlexiPayment feature), it is possible to do so and your application will be processed based on your specific case.

How long can I have a repayment holiday with FlexiPayment?

You can use FlexiPayment at any time during your loan period. The amount of the FlexiPayment available, however, will decrease every time you skip instalments. You can check the amount of your FlexiPayment in your loan details in mobile bank and in the old Netbank. With FlexiPayment you can leave an entire loan instalment unpaid or pay only a part of it. FlexiPayment usually amounts to 5–10% of your total loan amount, so when used as a repayment holiday, it will last from one to two years.

When will the instalment-free period I applied for become valid?

Your instalment-free period and FlexiPayment will become valid as of the next loan repayment. Please apply for the change well in advance of the due date on your next repayment to avoid potential delays in making the changes you have requested because of a temporary overload in our Customer Service.

If you have an existing FlexiPayment feature, please note that you must make the changes to your loan repayment before 23.00 on the day preceding the original due date. If the original due date of the repayment is on a Saturday and the debiting of the repayment is automatically postponed until Monday, you still need to make the change by 23.00 on Friday. If the original due date of the repayment is on a Sunday and it will be charged on Monday, you need to make the change by 23.00 on Saturday.

What should I do if, on the day preceding the due date, my loan repayment appears that it will be charged despite the fact that I made my application before the repayment appeared on my payments falling due?

 

If it appears that your monthly repayment will be charged from your account on the due date and you absolutely want the changes to take effect before this repayment, please call our Customer Service at 0200 70 000 (local rates apply), and we will process your application at once.

However, we kindly ask you to submit your application well in advance so as to avoid long queues in our Customer Service.

Will my instalment-free period take effect before the next loan repayment due date?

If your next loan repayment is not yet shown in your payments falling due, the changes will take effect before your next loan repayment. If your next repayment was already shown in your payments falling due at the time you submitted your application, the changes will take effect after your next repayment.

 

We are processing an unusually large number of applications due to great demand at the moment, so it may be possible that, after you have submitted your application, your next repayment will be shown as falling due in the same amount as it was before the changes. However, once we have processed your application, we will remove the instalment (i.e. repayment of loan capital) from this repayment.

 

The instalment-free period will move your instalments until a future date, so you only have to pay interest and fees.

 

Frequently asked questions about housing loans

How do I apply for a housing loan?

You can apply for a housing loan by filling in an online applicationOpens new window.

Do I need to have savings of my own when applying for a housing loan?

In general, 75% of the home value is considered to be the security value of a housing loan. You can finance the remaining 25% with your own savings. If you need a bigger loan that covers more than 75% of the current value of the home, you must provide additional security for the loan. 

Read more about security for a housing loan.

How can I change the monthly repayment of my loan?

With FlexiPayment you can either reduce or increase your monthly repayment in mobile bank or Netbank. If you do not yet have FlexiPayment attached to your housing loan, you can apply for it hereOpens new window. If you wish to make an extra amortisation as an immediate debit, our Customer Service will help you. Please call 0200 70 000 and identify yourself for quicker service at the beginning of your call.

How can I make changes to my current housing loan?

You can change the features of your loan by applying for a change to the repayment schedule. You can apply for a change to the loan’s due date, monthly payment amount, repayment method, management account or reference rate. You can also apply for FlexiPayment or a payment holiday. You can apply for changes during your loan period hereOpens new window.

How can the second applicant confirm a loan application?

You can confirm the application hereOpens new window.

Frequently asked questions about consumer credit

How can I apply for a loan for unexpected expenses or larger purchases, such as home furnishing, refurbishment or travelling?

With FlexiCredit you can easily realise your dreams or make purchases. You can have credit from 2,000 euros to 50,000 euros. You can easily apply for FlexiCredit on our website. Fill in the application by choosing Our services > Loans and consumer credit > FlexiCredit > Apply for FlexiCredit online.  

The FlexiCredit calculator helps you plan just the right FlexiCredit amount for you. 

Our loan calculator lets you choose the FlexiCredit amount and monthly payment that will suit you best. It also tells you the repayment period for the chosen loan amount. You can also submit a loan application to us once you have found a suitable combination. Please note that the loan calculator only gives an indicative calculation. 

How long does it take to process my loan application?

Credit applications will be processed in the order of arrival. In general, the application will be processed in 3 banking days. If you have submitted a housing loan application, we will contact you once the application has been processed. If you have applied for a card or FlexiCredit, we will send you our credit decision in a message via Netbank and mobile bank usually on the following day after you submitted your application. You can find our decision in Netbank or mobile bank under ‘Contact us’.   

What are the criteria for granting credit?

You must have sufficient regular income to cover your loan repayments, you have repaid your previous loans on time and you have a good credit record. In general, regular income includes salary and pension income.

We will make a decision on the basis of your application. When we make a credit decision, we take into account all information you have given in your application and use them for an overall assessment.  

How can I make changes to my consumer credit and get an instalment-free month or repay my credit, for example?

You can make changes to your FlexiCredit, add an instalment-free month or repay the outstanding credit by sending us a message via Netbank or by contacting Nordea Customer Service through chat or by phone. 

Changes you can make: 

– Adding an instalment-free period (free of charge) 

– Changing the instalment percentage (fee in accordance with our tariff if the loan period is extended by at least 14 days) 

– Changing the due date (free of charge) 

 You can repay the outstanding credit in full or partially by using the reference number and account number on your last invoice. In such a case, you will receive one last invoice with the final interest/fees. 

How can I raise my consumer credit amount?

You can apply for a FlexiCredit raise in Netbank or by contacting Nordea Customer Service if a link ‘Raise your credit amount’ is shown in Netbank. If this is not the case, apply for a new FlexiCredit. 

How can I repay the outstanding consumer credit in full?

 You can repay the outstanding credit in full or partially by using the reference number and account number on your last invoice. In such a case, you will receive one last invoice with the final interest/fees.