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Payment holiday

Take a payment holiday for the construction period and only pay interest.

FlexiPayment

Adjust your monthly loan payment with our unique FlexiPayment feature.

Loyalty discounts

If you have a home loan from us, you can save hundreds of euros every year.

The most flexible construction loan on the market

Are you thinking about building a house or a holiday home? Start planning the financing well in advance and order a cost estimate from a construction expert first. This will allow you to assess how much financing you will need for your construction project. 

You can apply for a construction loan the same way as you would for a loan for buying a home that already exists. Start by filling in the loan application online. We will then book you an appointment for a loan negotiation where we will together design a construction loan to match your needs.

A construction loan has a flexible loan period and allows you to take a payment holiday for the duration of the construction period. You will agree with us on the length of the payment holiday you need. You will only need to pay interest during the payment holiday. 

When your construction project is finished, you can also add the unique FlexiPayment feature to your loan. It makes loan repayment more flexible, as it allows you to adjust your monthly payment in Nordea Mobile or Netbank whenever you want without asking us first.

How to move from loan application to your construction project

  • Cost estimate


    Find out your need for financing and order a cost estimate from a construction expert first. Cost overruns are not unusual, so remember to prepare for this.

  • Loan application


    Fill in the loan application online. Explain in the application whether you’re building a house or a holiday home.

    How to apply for a home loan

  • Loan negotiation


    We will book you an appointment for a loan negotiation where we will discuss a construction loan that suits you the best.

    Read more about loan negotiations

  • Construction project


    You will draw down the loan in instalments during the construction project based on the degree of completion.

Partial drawdowns in a construction loan

A construction loan will be drawn down in instalments as the construction project moves ahead. We will prepare a drawdown plan together with you and match it to the timeline of your construction project.

When you want to draw down a new loan instalment according to the plan, send us a request in Nordea Mobile or Netbank. Attach the required documents, such as the degree-of-completion certificate and invoice copies, to your request.

Collateral for a construction loan

The plot of land will serve as collateral for the loan if you own the plot. You may also need additional collateral during the construction period.

We will discuss collateral with you in more detail in the loan negotiations.

Read more about collateral for a home loan

Need a loan for buying a plot of land first?

Have you found a suitable plot of land but are not planning to build a house yet? You can also apply for a loan to buy a plot. 

If you later decide to build a house on the plot, we will make a separate decision on the loan you will need for your construction project.

Interest rate and margin
Loan costs
Terms and conditions

Construction loan interest rate and margin

The interest rate on a construction loan consists of the margin and the reference rate, such as the 12-month or 3-month Euribor.

The loan margin is determined for each customer individually in the loan negotiations. A construction loan often also includes other smaller expenses, including drawdown fees or repayment fees. The total of all these costs is expressed through the annual percentage rate of charge (APR). 

Read more about Euribor rates and other reference rates

Example of a loan and the annual percentage rate of charge (APR)

Example calculation: You take out a loan of 151,000 euros. The loan period is 23 years and the interest rate is 3.25% (October 2024). The APR is 3.4%, including an opening fee of 600 euros and a monthly fee of 2.50 euros for the automatic debiting of loan payments. The number of payments is 276. The total amount of the loan and loan costs is 216,956 euros. The monthly payment (annuity) is 781 euros. 

The amount of the loan, the loan period and the interest are a representative example for the home loans offered by Nordea. Please note that the example calculation above is indicative and does not necessarily correspond to the actual APR on the loan that you will be granted.

Construction loans are subject to the same costs as regular home loans

Common fees on home loans

ItemPrice

Arrangement fee*

0,4% but at least 300 €
Increased arrangement fee for a loan with a third-party pledge or guarantee
The increase is not applied to interest-subsidised ASP loans		100,00 €
Partial drawdown30,00 €
Automatic debiting of repayments of loans drawn down before 1 February 2021, per debit2,30 €
Automatic debiting of repayments of loans drawn down after 31 January 2021, per debit
2,50 €

Adding FlexiPayment to a home loan in Nordea Mobile or Netbank
(Adding FlexiPayment to an existing home loan always requires automatic debiting of loan payments, which is subject to a fee set in our tariff)

0,00 €

Adding FlexiPayment to a new home loan by an employee at a branch or by phone/with a message through Nordea Customer Service

0,00 €
Adding FlexiPayment to an existing home loan by an employee at a branch or by phone/with a message through Nordea Customer Service
(Adding FlexiPayment to an existing home loan always requires automatic debiting of loan payments, which is subject to a fee set in our tariff)
250,00 €
Advance notice of loan debiting by letter or through Netbank0,00 €
Loan payment, paper invoice4,10 €
Payment reminder to the borrower, guarantor or third-party pledger (per reminder)5,00 €
Change to repayment schedule in Nordea Mobile or Netbank150,00 € 
Change to repayment schedule by an employee at a branch or by phone/with a message through Nordea Customer Service250,00 €
Change to due date or loan servicing account in Nordea Mobile or Netbank (minor change to repayment schedule)
0,00 €
Change to due date or loan servicing account at a branch or by phone/with a message through Nordea Customer Service (minor change to repayment schedule)
50,00 €
Change of borrower or a situation where one of the borrowers assumes liability for the loan alone. **200,00 €
Change to interest rate in Nordea Mobile or Netbank250,00 €
Change to interest rate by an employee at a branch or by phone/with a message through Nordea Customer Service300,00 €
Change to the margin by an employee at a branch or by phone/with a message through Nordea Customer Service250,00 €
Obtaining a guarantor’s or pledge owner’s consent to change the loan terms and conditions, such as the repayment schedule or reference rate35,00 €
Transfer of a loan to another bank upon the customer’s request. Charged to the receiving bank. **150,00 €
Sending loan documents. Charge from the borrower for sending a loan document to another bank for obtaining a guarantee or a signature, per sending (incl. VAT 24%). Does not apply to loans intermediated from government funds.30,00 €
Sending collateral to another bank 50,00 €
Certificate requested by the customer stating the amount of debt and paid interest10,00 €

Charges related to unsecured home loans drawn down after 1 September 2019

ItemPrice
Payment reminder to the borrower, guarantor or third-party pledger (per reminder)5,00 €
Transfer of a loan to another bank upon the customer’s request. Charged to the receiving bank. **150,00 €
Certificate requested by the customer stating the amount of debt and paid interest10,00 €
*) An arrangement fee is charged in connection with the first drawdown and with a raise or renewal of a loan. 
**) Does not apply to loans intermediated from government funds.

Foreign currency credit

Consumers are not granted loans in any other currency than euro.

A housing loan is considered to be currency credit if the loan is granted in a foreign currency other than that of the EU Members State or the state of belonging to the European Economic Area where the consumer resides. Furthermore, a housing loan is considered to be foreign currency credit if the consumer receives his or her income in another currency of a state of the European Economic Area or in currency of a state of European Economic Area. 

A foreign exchange risk occurs when the borrower's income or assets to be used to repay the credit are not in the same currency as the credit or the credit is not in the currency of borrower's country of residence. A foreign exchange risk refers to the change in price of one currency in relation to another. During the loan period, the value of the credit or the monthly payment may increase in relation to the borrower's income or assets or the currency of the borrower's country of residence. 

If the foreign currency of the borrower's country of residence, income or assets falls by 20 per cent in relation to the euro, the borrower receives a warning that the borrower's loan amount will increase in borrower's national currency.

Apply for a construction loan online

Go to the home loan application

Frequently asked questions about construction loans

Changes to the repayment schedule for secured loans

Add flexibility to your daily finances by applying online to change the amount or due date of your monthly loan payment or the repayment method or reference rate of your loan.

Apply for changes to your loan repayment schedule

The most flexible home loan on the market

Apply for a home loan from us and get flexibility when you need it. The FlexiPayment feature allows you to adjust your monthly payment whenever you want.

Read more about our home loan

Mökki saaristossa

Holiday home loan

You can apply for a flexible holiday home loan with our home loan application if you select holiday home as the purpose of the loan.

Read more about holiday home loans

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