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

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