Do you have plans for an adjustment in the home? But just not the financial resources? Then a renovation loan can be a good solution for you.
It is generally best to take out a renovation loan in the form of a personal loan . This is because you then meet the conditions for making the interest tax deductible.
Apply for a renovation loan
Applying for a renovation loan works the same as applying for a personal loan or a revolving credit. You complete the application form and we will process the application for you as soon as possible. Within a few hours we know what the options are for you for an affordable loan . Because a renovation loan can certainly be advantageous. Provided you can submit the receipts for the renovation. You can deduct the interest to be paid for tax purposes if you meet the conditions . In that case, you can state the interest to be paid, and you will get a part of it back.
Is a renovation loan cheaper?
We noticed that on the internet many providers indicate that a renovation loan is much cheaper than other forms of borrowing money.
It is then insinuated that the interest is much lower, etc. However, this is not the case. The interest with this form of borrowing money is just as low as with a regular personal loan. For example, with a loan of $ 20,000 , you have an interest rate of 4.4%. This is equal to the interest of a regular personal loan.
The only advantage is that you can get part of the interest paid back from the tax authorities. And that is actually the big advantage.
Can a renovation loan also be used with a rental property?
If you want to take out a renovation loan, this is not only possible with an owner-occupied home. Even if you have a rental home, you can take out a renovation loan. With the amount that is released, you can immediately get started to have your dream renovation carried out.