What are home improvement loans?
A home improvement loan is designed to help you get more from your property, whether you're buying a new kitchen, fixing a leaky garage, or giving your property a new lease of life.
What are home improvement loans?
Lenders issue Home improvement loans to homeowners who need money to make home repairs, improvements, or remodel their homes. A homeowner can either take an unsecured loan or use the equity in the home as collateral.
A home improvement loan from residents who have a source of income, are at least 18 years of age and have an Estonian bank account:
- Loan amounts typically vary from €500 to €25,000
- It can be paid back in monthly repayments ranging from 1 month to 6 years.
What are home improvement loans used for?
There are all types of uses for home improvement loans; whatever you need to do on your property is what these loans are designed for:
- Fixing a leaky roof
- Fitting out a new kitchen
- Adding on a conservatory or extension
- Home improvements and maintenance
- Remodelling the property
Whatever the reason for taking out a home improvement loan, most loan providers require applicants to have a steady monthly income to avoid our customers falling into financial difficulty when they repay. Should their customers experience difficulties with their repayments, they should contact the lender immediately so they can find a solution together.
Home repair loans in Estonia
Most home repair loans are unsecured, meaning that they do not require to provide equity as collateral.
If you meet the lending criteria then it’s quick and easy to apply for a home repair loan, and, should your loan application is approved and you’ve signed the loan agreement online, the money is usually transferred to desgineated current account.
MoneyHub experts advise:
- Think carefully about whether you can afford to repay the money you want to borrow and to be open in your dealings with lenders.
- Take care of any online login details and other security information to help prevent fraud and help protect your data.
- Please carefully check your balance statements to ensure they are accurate. If anything isn’t right, please contact us.
Paying off your home improvement loan
Multiple repayment options make it easier for borrowers to repay their home improvement loans and never miss a repayment.
Either borrowers can have funds deducted directly from their debit card each month as a payment request, or they can create a standing order for scheduled monthly payments to repay the loan and interest.
Multiple repayment options allow borrowers to repay their loans or other existing lines of credit in several payments. Borrowers have up to 6 years to repay their loan or they can pay back in a shorter period.