Anyone who has already fulfilled his dream of the house but still has to invest money in the renovation of the property can apply to banks for a renovation loan. This loan is a special form of real estate loan and is usually assigned earmarked. Thus, a renovation loan, which may also be referred to as a facility loan, may only be used to renovate one’s own property, as evidenced by appropriate invoices for materials and, if necessary, craftsmen. If you want to take a renovation loan, it used to be mostly to renew floors, walls or ceilings, meanwhile, the furnishing credit is increasingly used for modernization, because the topic of energy saving is currently very important. In particular, owners of older properties usually do not get around to a modernization of their property, but then a renovation loan is used. A facility loan usually finances energy-saving windows, as well as insulation systems. If real estate owners want to refurbish their property energetically, they can even rely on government support, because state subsidies are often possible, so that a lower loan amount for the renovation loan can be applied for.
Beautify your own 4 walls with the renovation loan!
A facility loan is an installment loan that can be applied for at a bank, regardless of whether it is a branch bank or an online bank. Prerequisites for obtaining a renovation loan are evidence of a regular income and a permanent employment relationship that has been in existence for at least six months. In addition, as with any other loan , the Schufa of the borrower is also checked in the furnishing loan , because this provides information on creditworthiness and creditworthiness. Sums of 500 to even 250,000 euros can be applied for, as required. The higher of the sum depends of course on the expected costs for the modernization of the property, so you should rather calculate the costs generous, because that saves real estate owners from having to refinance if the requested sum of the renovation loan is not sufficient for all costs incurred. The credit terms for a home loan often depend on the creditworthiness of the borrower, which means that the better the creditworthiness of the customer, the cheaper the bank offers him. For this reason, you should always request a personal loan offer in order to be able to compare offers for the renovation loan better and more effectively.