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The renovation loan from Bank is not earmarked and can therefore be used as well as simple renovation work, as well as for refurbishment and modernization. But the scope of use is far from exhausted.
Definition: What is a renovation loan?
A renovation loan is a special loan that you may use to renovate or modernize an existing property. Basically, in this context, you can pay all the crafting costs with the loan, apart from maintenance costs. Whether the renovation takes place inside, outside or both as well, is irrelevant.
Typically, individuals take renovation loans just before moving into the object in question. In the commercial context, the loans are also suitable for luxury refurbishments to sell or rent the property at a profit.
For whom is a renovation loan suitable?
A renovation loan always makes sense for you if you want to upgrade a property. As an example, you have found a cheap old building for your family. But much has to be done before the move-in. For example, a new heating system is necessary. You also want to refurbish the building energetically. Now a modernization loan will help you. Renovation loans as landlords make sense for you if you want to turn a middle-class property into a luxury property, for example.
In principle, all adult real estate owners or real estate tenants living in Germany are able to apply for a renovation loan or modernization loan. The same applies to German companies that want to renovate or modernize an office, for example. However, whether you actually receive the credit for the renovation depends on your individual credit rating. The acceptance rate for Bank is very high. Even with a weaker credit repayment ability, you still have excellent opportunities to receive the urgently needed renovation loan.
Renovation loans for the self-employed
The self-employed can receive a renovation loan from Bank. This is made possible by our proven creditworthiness certificate. You only have to submit the last income tax returns in addition to the completed application.
Ideally, you can also submit a current business evaluation (BWA). As a self-employed person, you can apply for the renovation loan both privately and for your job. For example, if you want your office to shine to the full, so that you can receive your customers properly, the Bank Home Improvement Loan is an ideal option.
Are renovation loans tax deductible?
You can deduct at least part of the loan for tax purposes. If you need the renovation loan privately, you may sell the craftsman’s costs at the tax office. You get a tax reduction of 20 percent – but only up to a limit of 1200 euros.
If you take out the renovation loan for your business or for a property that you want to rent, you may sell the loan in full. The loan in this case falls under the category “advertising costs”. The coup for landlords: You do not even have to rent the property for this, but only specify your intention to lease.
Renovation Loans Online Compare
There are numerous loan offers in the market. It is therefore advisable that you compare the renovation loan comprehensively. The loan calculator by Bank is suitable for this purpose. Not only do you get a clear overview of all suitable offers within seconds. The request is also neutral. This means your score will not be affected by the General Collateral Association.
Advantages of a loan over Bank
In search of a renovation loan, Bank is your ideal partner to find the loan on the best terms. To prove this, we have built our service so that you can test us quickly, easily and without any harm.
1. Free loan calculator
You can use our free loan calculator to display a list of suitable loans within seconds. Of course, the conditions for the respective renovation loan are displayed transparently. You determine the amount of the loan and in what time you want to repay the loan.
2. Bank neutral loan inquiries
All credit inquiries at Bank are Bank neutral. Your scoring will not deteriorate. We believe in the fair play principle in interaction with our customers: only people who can pay a loan will get information from us. That’s why we do not penalize you if you only inquire with us – but on the contrary help you to the best of our ability.
3. Credit despite medium creditworthiness
Bank also calculates your credit rating in a different way than any other bank and also creates a personal credit certificate for you upon request. In addition to your information, for example, we rely on the thousands of experiences we have already gained through lending. You can also get a loan with medium credit rating.
4. Immediate disbursement of renovation loans
Fair play also means for Bank that you do not have to wait endlessly for your loan: You send the application and receive the notification within seconds. After 30 minutes the money for your renovation loan will be transferred if you choose our express option!
In addition, our very fast repayment options mean that you do not have to make a long commitment. If desired, you can repay your renovation loan, for example, within just 30 days. The credit costs are also very low.
- Real immediate payment
- no hidden costs
- Even very small loan amounts as 100 euros possible
- Also loans for persons with Bank score D to M possible
For this, renovation loans can be used
Unlike other lenders, Bank gives you the freedom to use the renovation loan. Would you like to put a new floor in your apartment? Do you need a transfer allowance? Do you need to refurbish a house energetically? Are you planning to modernize your office and work spaces? As this is easily possible. We want you to use the loan exactly where you need it!
You can use your renovation loan indirectly through an existing home savings contract. Loans that serve the repair, modernization or repair of a property may be redeemed through the funds of a home savings contract.
Fast loans for the renovation of Bank
The renovation loans from Bank are ideal if you want to be quick and stay cheap. You will not find any commissions, processing fees or preliminary costs with us. Since you can choose short maturities and credit lines for us, interest rates also remain very low.
What are the interest rates for renovation loans?
Of course, you are interested in what a modernization loan actually costs. Suppose you take out 500 euros of credit for a floor that you lay yourself. Thus, the annual percentage rate is 13.90 percent. If you repay the loan after one month, you have to transfer 505,80 Euro. Your credit costs are not even six euros.
How to apply for a renovation loan
You can apply for the Bank renovation loan in just three steps. The whole process costs hardly any time and is very simple.
1. Determine the loan amount First, select the loan amount in the loan calculator that interests you. Then set the desired term and see immediately which total amount you have to repay including interest. 2. Make application Click on the button “Apply now”. In the second step, complete the form and upload the required documents. Make sure you have all the details truthfully. 3. Verification With the VideoIdent procedure, you can be conveniently verified at home. Alternatively, you can also use the Postident procedure for this. So you just go to the nearest post office and have your identity confirmed here.
Requirements for residential loans
The conditions for residential loans at Bank are kept very low. You need a German residence, a bank account in the Federal Republic as well as a monthly income of at least 500 Euro. At least you have to have a medium credit rating. So you need:
The prerequisites for a renovation loan at a glance:
- An ID card confirming your German residence and age of majority
- Salary or earnings statements confirming that you can book at least € 500 per month as income
- A german bank account
- at least medium credit rating
Renovation loan without Bank
Many banks offer modernization loans “despite Bank”. This is a misleading term because it suggests that you would receive the loan without a credit check. No reputable financier will refrain from checking to see if you can repay the loan for your renovation. Therefore Bank goes another way: We check your creditworthiness, but do not use the Bank for this purpose. You can be so sure to get your renovation loan from a reputable lender.
Credit for the apartment with immediate payment
Especially people who earn little, often quickly need their small loan for the apartment. As an apprentice, for example, you have to move or the heating in your home breaks down and you have to repair them for your own account. Here we can help you. Within only 60 minutes, the money for your renovation is in your account and is then at your own disposal.