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Housing company loan in your own name

  • Charge for the financing costs or a loan of your own?
  • Usually when a housing company takes out a renovation loan, the shareholders will repay it gradually to the housing company as a part of the financial consideration.
  • The terms and conditions for a housing company loan, however, are the same for all shareholders, and therefore you cannot influence the amount of financial consideration that you will eventually have to pay. 
  • By taking out a personal loan from Nordea for paying off your share of the housing company loan, you can decide on a loan repayment schedule that best suits your situation.

Loan calculator

Make a preliminary loan calculation and apply for a housing loan

Features

A personal loan has many advantages compared to the housing company loan.

  • We tailor the loan period and interest and other terms and conditions in accordance with your needs. Compare: The terms and conditions of housing company loans are the same for everyone, and the financial consideration may become too high to manage for some shareholders.
  • The interest on a personal loan taken out for home acquisition and renovation is tax deductible. Compare: You cannot deduct the interest of a housing company loan in your personal taxation.
  • If your financial situation changes, you can change the repayment schedule by, for example, using instalment-free months. Compare: With a housing company loan a single shareholder’s situation cannot be catered to.

There are several options for converting a housing company loan into a personal loan. The property management company will give you information on the terms of the housing company loan, the amount of your share and the payment dates.

Prices
Terms and conditions
Foreign currency credit

Most common prices for housing loans

ItemisationPrice
Arrangement fee *
Arrangement fee, Check-in Customer *

Increased arrangement fee when a loan is secured by a third-party pledge or a guarantee
The increase does not apply to interest-subsidised ASP loans

Partial drawdown
Automatic debiting of a loan payment / per withdraw
FlexiPayment for a housing loan. Including in FlexiPayment to an existing housing loan always requires automatic debiting of loan payments, which is subject to a fee in accordance with the bank's tariff.
Advance notice of loan debiting by letter or through Netbank
Loan payment, paper invoice, from 1.9.2019 4,10€
Payment reminder to borrower, guarantor or third-party pledger (per reminder)

Change in repayment schedule

  
Change of the due date or loan servicing account (Minor change of the repayment schedule)
Change of debtor or one of the debtors assumes liability for the loan alone**
Change of the applied interest or margin
Obtaining a guarantor’s or pledge owner’s consent to amend the loan terms, such as the repayment schedule or reference rate
Transfer of a loan to another bank upon customer’s request. Charged to the receiving bank**
When a credit document is sent to another bank for getting a guarantee or a signature, the debtor is charged, per sending. Does not apply to loans intermediated from government funds. 
Certificates requested by the customer stating the amount of debt and paid interest (incl. postage)
Charges related to unsecured housing loans drawn down after 1 September 2019
Payment reminder to borrower, guarantor or third-party pledger (per reminder)
Transfer of a loan to another bank upon customer’s request. Charged to the receiving bank**
Certificates requested by the customer stating the amount of debt and paid interest (incl. postage)
*) Arrangement fee is charged in connection with the first drawdown and with a raise or renewal of a loan. 
**) Does not apply to loans intermediated from government funds.

Foreign currency credit

Consumers are not granted loans in any other currency than euro.

A housing loan is considered to be currency credit if the loan is granted in a foreign currency other than that of the EU Members State or the state of belonging to the European Economic Area where the consumer resides. Furthermore, a housing loan is considered to be foreign currency credit if the consumer receives his or her income in another currency of a state of the European Economic Area or in currency of a state of European Economic Area. 

A foreign exchange risk occurs when the borrower's income or assets to be used to repay the credit are not in the same currency as the credit or the credit is not in the currency of borrower's country of residence. A foreign exchange risk refers to the change in price of one currency in relation to another. During the loan period, the value of the credit or the monthly payment may increase in relation to the borrower's income or assets or the currency of the borrower's country of residence. 

If the foreign currency of the borrower's country of residence, income or assets falls by 20 per cent in relation to the euro, the borrower receives a warning that the borrower's loan amount will increase in borrower's national currency.

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