Which loan should I take out to fund my renovation work?

Which loan should I take out to fund my renovation work?

Option 1: renovation loan

Benefits

  • Ability to work out and apply for your loan online
  • Quick to arrange
  • No security required apart from an assignment of wages if you fail to pay
  • No notary-public required

Drawbacks

  • Often comes at a higher rate of interest than a mortgage loan
  • Online applications only possible for loans of 50,000 euros or less
 

Option 2: energy loan

Option 3: re-use your mortgage

Benefits

  • Attractive terms
  • No new mortgage: if sufficient equity has been released, you don't need to apply for a new mortgage and you won't pay any additional notary-public's fees, just a loan origination fee
  • Tax breaks: a renovation loan is a new mortgage loan. When renovating an investment property or holiday home, the principal repayments may qualify for tax relief under a long-term savings scheme and/or the interest for standard interest relief

Drawbacks

  • If you take out a new mortgage loan, you pay a loan origination fee

Option 4: garden loan

Option 5: loan for home interior improvements

Benefits

  • Ability to work out and apply for your loan online
  • Opportunity to spread the cost
  • Fixed repayment schedule (you know exactly how much you have to pay and for how long)
  • No invoice needed as proof

Drawbacks

  • Higher rate of interest

How much can I borrow?

We'll help you with a few guidelines.

Unexpected expenses for your home

Cancelling your holiday or raiding your savings account because you suddenly face unexpected expenses? A loan can help you cope much better with these costs.

Get our help to buy or build a home

Planning for a place of your own? Wondering whether to buy, renovate or build? See all the pros and cons at a glance.

Instalment loan financial protection insurance

With our instalment loan financial protection insurance, you or your loved ones won't have to continue paying off your loan if you become unfit for work or die. Check out the conditions.