Home improvement and renovation loan

Can I take out a home improvement loan and a home loan?

We can discuss a home improvement loan when you’re set to buy a new home. Read our instructions for different situations:

First-time home buyer

Are you a first-time home buyer and have found a home that needs remodelling?

First fill in a home loan application online.

When we negotiate on a home loan with you, you can describe the renovations you’re planning. We will present you with a suggestion based on your renovation needs and the property.

Home buyer with an existing home loan

If you want to remodel your current home before selling it, you can apply for a home improvement loan in the form of unsecured FlexiCredit, a secured loan or a renovation loan.

If you want to renovate your future home, describe your renovation plans during our loan negotiations.

Can I combine a home improvement loan and my existing home loan?

If you’re planning to remodel your new home after buying it, you will need to apply for a separate home improvement loan.

We recommend that you finance any smaller refurbishments with unsecured FlexiCredit which is available from 2,000 euros to 50,000 euros.

For mid-sized and large renovations, you can apply for a secured loan against collateral. For instance, the home you’re renovating or an investment property can then serve as collateral. You can apply for a secured loan if you need 15,000 euros or more.

If you’re planning to modernise your home, such as replacing the heating and electrical systems and wiring, you can apply for a renovation loan. A renovation loan will also require collateral.

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 loan

Once you have submitted your application, we will contact you to discuss the loan in more detail.