Friday, 27 November, 2020

Renovation loan : Renovate now at low interest.


Step 1: Identify financing needs

Step 1: Identify financing needs

In the first step, you should analyze the expected costs. This is particularly important if you want to take out a dedicated renovation loan. In this case, you have to provide the lending bank with a corresponding recovery plan. The list of the expected costs should be as precise as possible in order to cover all expenses on the one hand and not to raise too much capital on the other.

The easiest way to determine the expected costs is to obtain and add up the offers and estimates from the craftsmen. Banks often also require proof of this documentation before you agree to the loan agreement.

Do you have a concrete renovation project, but do you want to find out about possible costs and options first? Simply read our comprehensive financing guide on the following topics:

  • Exchange of old windows

  • Loft removal

  • Exchange of old heating system

  • Cultivation of a fireplace

  • Stair lifts

  • Cultivation of a winter garden

Step 2: compare providers

Step 2: compare providers

The best way to find the cheapest renovation loan is to do an online loan comparison. This saves you having to visit each bank individually and also benefits from more favorable conditions than in branches . To do this, simply enter the desired loan amount, the desired term and the purpose – in this case “renovation” – and start the comparison. Based on the annual percentage rate, you can see and compare all expected costs at a glance.

Step 3: Apply for the loan

Step 3: Apply for the loan

As soon as you have decided on an offer, you can easily fill out the contract online. We also recommend that you speak to one of our many credit experts who can help you find the right bank. Thanks to many years of experience in credit advice, our experts can provide you with the best individual offer. The cheapest interest rate is not always the decisive factor for a loan. Other credit conditions, such as free special repayment options, can also be decisive criteria.

As soon as you have decided on a bank, all you need to do is legitimate yourself by post or video identification and sign the loan agreement. You can now also carry out the signature online.

What documents do I need for the restructuring loan?

What documents do I need for the restructuring loan?

If you want to take out a loan, you have to provide the bank with various documents in advance. In comparison to a loan with free use, documents about the restructuring measures must be submitted in addition to the usual evidence.

  • Proof of salary: If you want to take out a loan, you have to prove your income to the bank. Lenders typically require proof of salary from the past three months. Pensioners submit their pension notices accordingly. In the case of the self-employed, banks usually require accounting, profit determination and income tax assessments. Many banks also only give credit to self-employed people who have been active for at least two years.

  • Proof of renovation : Some banks are satisfied with the written confirmation that the loan will be used for renovation measures. With higher loan amounts, however, you should assume that the banks are requesting evidence in the form of cost estimates or even inspections of the premises.

  • Copy of your identity card

  • Account statements (from the past three months)

  • Evidence of existing financing

  • Possibly evidence of collateral such as land register entries or life insurance

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