When you buy an apartment or a house, work is often required. A renovation loan will allow you to renovate or transform as you wish, without emptying your savings book. Discover the characteristics of this advantageous formula to make your accommodation a cozy nest.
Do you want to transform or renovate your apartment or house? Design a garden, have a kitchen installed, refresh the decoration? The renovation loan is for you. Whether small or large works, Lite Lending offers you the possibility of quickly taking out a renovation loan at an advantageous rate. This independent broker compares the offers of several credit companies and always presents the best. Do not postpone your renovation projects!
Why a renovation loan?
You can borrow for small jobs as for large sites, in order to have a comfortable budget without having to break your piggy bank. A renovation loan does not involve any administrative or notary fees. You reimburse the same amount each month with a fixed interest rate and thus spread the fees. You choose the duration and the amount of the monthly payments yourself. The interest rate is also lower than for other loans.
Other tax benefits
When the home improvement loan appeared on the market, it was fully tax deductible. This is no longer the case today.
Certain works, such as insulating the roof, remain nevertheless fiscally attractive since you can deduct a percentage of the cost of the works from your contributions. And at the same time, you will reduce your energy bill. A double advantage, therefore!
Are you investing in the security of your home and it’s over 10 years old? You get an additional benefit. You will only pay 6% VAT instead of 21%. These works are also tax deductible.
Conditions for obtaining a renovation loan
Any homeowner can take out a home improvement loan and take advantage of a low rate. However, you will have to prove that you are actually renovating using quotes, invoices and other official documents. A renovation loan can also be granted to you if you buy a new property whose finishes you want to carry out in several stages, or if you need capital in addition to your mortgage loan. Is your house over 10 years old? You benefit from the reduced rate of VAT, 6% instead of 21%, on the works.
The duration of your loan depends on the amount to borrow and the monthly payments that you are able to repay . Make an accurate estimate beforehand, because borrowing money also costs money .
Competition between banks and credit institutions
The home improvement loan remains very popular. Many financial institutions offer this formula, which generates competition between them. Credit agencies determine the interest rate for their loan themselves, there is no universal rate. Each also offers specific benefits. You must therefore carefully compare the different proposals and their advantages. An independent credit broker can advise you.
Compare and find the best home improvement loan
Lite Lending is a credit counselor who compares the offers of several credit institutions. We submit your request to them and present you with a fully tailor-made proposal.
A renovation loan from Lite Lending is therefore always the most advantageous for your situation. We take into account the amount to borrow, the monthly payments and the interest rate. Do you want to get an idea? Make a simulation for your renovation loan.