Take housing company’s loan in your own name

Renovation coming up 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 loan in your own name, you get two advantages: you can tailor the monthly payment to suit your finances and you get a tax benefit.

Housing company loan in your own name

  • Charge for the financing costs or a loan of your own?
  • Usually when a housing company takes out a renovation loan, the shareholders will repay it gradually to the housing company as a part of the financial consideration.
  • The terms and conditions for a housing company loan, however, are the same for all shareholders, and therefore you cannot influence the amount of financial consideration that you will eventually have to pay. 
  • By taking out a personal loan from Nordea for paying off your share of the housing company loan, you can decide on a loan repayment schedule that best suits your situation.

Features

A personal loan has many advantages compared to the housing company loan.

  • We tailor the loan period and interest and other terms and conditions in accordance with your needs. Compare: The terms and conditions of housing company loans are the same for everyone, and the financial consideration may become too high to manage for some shareholders.
  • The interest on 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.

There are several options for converting a housing company loan into a personal loan. The property management company will give you information on the terms of the housing company loan, the amount of your share and the payment dates.

Prices

Home loan – prices

Common fees on home loans
BreakdownPrice
Arrangement fee*0,4 % kuitenkin vähintään 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 before 31 January 2021, per debit
2,50 €

Adding FlexiPayment to a home loan as a self-service in Netbank or mobile bank
(Adding FlexiPayment to an existing home loan always requires automatic debiting of loan payments, which is subject to a fee in accordance with the bank's 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 in accordance with the bank's tariff)
250,00 €
Advance notice of loan debiting by letter or through Netbank0,00 €
Loan payment, paper invoice4,10 €
Payment reminder to borrower, guarantor or third-party pledger (per reminder)5,00 €
Change to repayment schedule as a self-service in Netbank or mobile bank150,00 € 
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 as a self-service in Netbank or mobile bank (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 as a self-service in Netbank or mobile bank200,00 €
Change to interest rate by an employee at a branch or by phone/with a message through Nordea Customer Service250,00 €
Change to 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 amend the loan terms and conditions, such as the repayment schedule or reference rate35,00 €
Transfer of a loan to another bank upon customer’s request. Charged to the receiving bank. **120,00 €
Sending credit documents. When a credit document is sent to another bank for obtaining a guarantee or a signature, the borrower is charged EUR xx, per sending (incl. VAT 24%). Does not apply to loans intermediated from government funds.30,00 €
Sending security documents to another bank 20,00 €
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

Payment reminder to borrower, guarantor or third-party pledger (per reminder)5,00 €
Transfer of a loan to another bank upon customer’s request. Charged to the receiving bank. **120,00 €
Certificate requested by the customer stating the amount of debt and paid interest10,00 €
*) 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

Home loan – prices

Common fees on home loans
BreakdownPrice
Arrangement fee*0,4 % kuitenkin vähintään 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 before 31 January 2021, per debit
2,50 €

Adding FlexiPayment to a home loan as a self-service in Netbank or mobile bank
(Adding FlexiPayment to an existing home loan always requires automatic debiting of loan payments, which is subject to a fee in accordance with the bank's 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 in accordance with the bank's tariff)
250,00 €
Advance notice of loan debiting by letter or through Netbank0,00 €
Loan payment, paper invoice4,10 €
Payment reminder to borrower, guarantor or third-party pledger (per reminder)5,00 €
Change to repayment schedule as a self-service in Netbank or mobile bank150,00 € 
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 as a self-service in Netbank or mobile bank (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 as a self-service in Netbank or mobile bank200,00 €
Change to interest rate by an employee at a branch or by phone/with a message through Nordea Customer Service250,00 €
Change to 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 amend the loan terms and conditions, such as the repayment schedule or reference rate35,00 €
Transfer of a loan to another bank upon customer’s request. Charged to the receiving bank. **120,00 €
Sending credit documents. When a credit document is sent to another bank for obtaining a guarantee or a signature, the borrower is charged EUR xx, per sending (incl. VAT 24%). Does not apply to loans intermediated from government funds.30,00 €
Sending security documents to another bank 20,00 €
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

Payment reminder to borrower, guarantor or third-party pledger (per reminder)5,00 €
Transfer of a loan to another bank upon customer’s request. Charged to the receiving bank. **120,00 €
Certificate requested by the customer stating the amount of debt and paid interest10,00 €
*) 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.

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