Financing extension with a Loan

 

Loan or mortgage for construction

Loan or mortgage for construction

A loan is often the best loan form to finance a renovation. If you borrow less than € 25,000, a loan for an extension is always cheaper than a second mortgage. Only if you borrow more than € 50,000 is an additional or increased mortgage cheaper. Which loan is best for you and how much you can borrow depends on your personal situation. Be well informed in advance about the possibilities.

Loan for extension: the options

Loan for extension: the options

You can borrow money for an extension with one of the following loan products:

  • Personal loan
  • Revolving credit

A Personal Loan is a credit with a fixed interest rate, a fixed term and a specific loan amount. A revolving credit has a variable interest rate and no fixed term. The Continuous Credit is the most flexible loan form.
Homeowners borrow at an extra low interest rate with their home as collateral.

Loan for construction deductible?

Loan for construction deductible?

Only a Personal Loan for an extension is tax deductible. The interest on a Revolving Credit is generally higher and not deductible.

Responsibly borrowing money for an extension

Responsibly borrowing money for an extension

A loan is usually the cheapest way to finance an extension. Do you want to take out a loan for an extension? Request a quote without obligation and receive our response within 24 hours.

Interest rates Personal Loan

Interest rates Personal Loan

The costs of a Personal Loan are based on your personal situation. The fixed interest rates for a Personal Loan from Creditomor are:

  • With a Personal Loan the minimum duration is 6 months and the maximum duration is 120 months.
  • The minimum interest rate is 3.9% and the maximum statutory interest rate is 14%.
  • There are no additional costs.

Interest Rates Ongoing Credit

Interest Rates Ongoing Credit

The costs of a Continuous Credit depend on the amount of the credit limit. The monthly repayment of the Revolving Credit is a percentage of the credit limit, 1 to 2%. The interest on the revolving credit is variable. You only pay interest on the outstanding balance. The variable interest rates for a Revolving Credit from Creditomor are:

  • With a Continuous Credit the minimum duration is 1 month. The maximum duration depends on the interest, extra repayments and extra withdrawals.
  • The minimum interest rate is 4.5% and the maximum statutory interest rate is 14%.
  • There are no additional costs.

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