Security for a housing loan

Security is a form of guarantee for the repayment of a housing loan to the bank. In general, the standard security value is enough to secure 75% of the value of the home.

You may need further security for the rest of your loan:

  • For the remaining part (maximum 10%, first-time home buyer 20 %) of a housing loan you can buy Nordea Own Gurantee. For the remaining 5% you need your own savings or other security.
  • You can take out a partial state guarantee for a maximum of 10% of the housing loan, so besides that you need other security or own funds.
  • The price of an OwnGuarantee and partial state guarantee depends on the amount of the guarantee. When you use your own funds to finance a home, the required additional security is smaller and the expense is lower. 
  • Real estate, flats, securities and other liquid assets can serve as additional security. In some cases a personal guarantee is possible.
  • A free state guarantee is included in an ASP interest-subsidised loan up to 90%, i.e. once you have saved 10% of the price of the home, you will need no other security.

In cases where the bank cannot make a security appraisal of the home, the bank will agree with the customer on a separate appraisal and charge the cost for it from customer.

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Most common fees on securityPrices
Certificate of mortgages and encumbrances on a property or other certificate from the National Land Survey of Finland20,00 €
Printout of information on a unit in a housing company (osakehuoneistotuloste) from the National Land Survey of Finland20,00 €
Certificate of pledge (RS-5, certificate given to the pledge holder) incl. VAT 24 %100,00 €
Change of security *)200,00 €
Secondary pledge agreement100,00 €
Safe custody for the seller and buyer of certificates of shares in a housing company and mortgage bonds given as security, and supervision of fulfillment of a contractual term concerning the deposit or pledge of the shares, minimum
50,00 €
Fee charged for monitoring the trading in a securities portfolio pledged as collateral, per trade transaction incl. VAT 24 %40,00 €
Fee charged for the delivery of share certificates serving as security for a loan to another bank for making notes (fee covers labour costs and liability for loss), per delivery, incl. VAT 24 %50,00 €

*) A change of guarantor is also considered a change of security. 

Fees are charged in accordance with the Consumer Protection Act 38/1978, sections 17a of Chapter 7, where applicable, and taking into account the contractual payment that will cover part of the costs.

Legal assignments related to security

The practice related to the security for a basic renovation loan is described under "Security for consumer credit".

Security for consumer credit

Consumer credit includes HomeFlex, loans for basic renovation and refurbishment, car loans, and boat loans.  

You can get the mortgage on real estate required to secure your loan from the National Land Survey of Finland or acquire the house manager's certificate required for your housing shares right after you have obtained our credit decision.

In cases where the bank cannot make a security appraisal of the home, the bank will agree with the customer on separate appraisal and charge the costs for it from the customer.

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