What is a renovation loan?
A renovation loan is a loan intended for modernising a home. Modernisation involves renovation projects which significantly improve the standard of a home or a building. It is a major overhaul designed to improve the home’s infrastructure, such as the heating system or load-bearing structures.
Examples of modernisations:
- buying and installing solar panels
- repairing and upgrading electrical systems
- upgrading heating and ventilation systems
- upgrading the foundation and roof structures
- remodelling the entire sauna, kitchen or bathroom (ceilings, floors, walls etc.)
- installing more energy-efficient doors and windows
- constructing a carport or storage building on the plot
- installing balcony glazing
- repurposing a cold storage space into a sauna
- replacing and upgrading underground drains and rainwater harvesting systems
- constructing and upgrading indoor plumbing.
Are you planning an energy-efficient renovation?
Energy-efficient renovations are designed to improve your home’s energy efficiency. For instance, by replacing your oil heating system with thermal heat, you can reduce your home’s carbon footprint and monthly heating costs.
If you’re planning a renovation like this, apply for our renovation loan online. Let us know during the loan negotiations what type of energy-efficient renovation you’re planning. You can get a loan from us for energy-efficient renovations with a lower margin than for regular renovations.
Read more about energy-efficient renovations
How to apply for a renovation loan
A renovation loan always requires collateral. The home you’re renovating will usually serve as collateral, but you can also suggest an investment property or other real collateral.
You can apply for a renovation loan alone or together with another person.
To apply for a renovation loan, fill in the form below (the link will redirect you to Nordea Netbank). Select “Renovation” as the purpose of the loan on the form.
Apply for renovation loanOpens new window
Once you have submitted your application, we will contact you to discuss the loan in more detail.
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