Do you work from home and want more functional workspaces? Do you want to reduce your electricity bills for heating and air conditioning? Or maybe you just need a change? A good renovation will help you, in any case. But where to find installment home renovation?
There are some options to have a cheap home renovation, putting installments. Typically, you will achieve this with a mortgage, since most renovation companies do not put installments (much less without a down payment). So, let's see what you can do to renovate the bathroom, the kitchen and the whole house.
How do I do a home renovation with installments?
When you ask for home renovation quotes, you're likely to find a professional who has taken care of setting up an installment plan for the renovations.
But most professionals work in the traditional way and do not give you the option of installments, no matter how expensive or cheap your home renovation is.
And then, you have to turn to a bank for a home repair-renovation loan. Depending on the amount you will ask, it is decided whether or not a pre-notification of the property is needed.
Let's see in detail what the banks offer:
#1 Alpha Bank
Alpha Bank gives you the opportunity to receive financing from 5,000 to 40,000 euros for home renovation, depending on the extent of the work, through "Alpha Home Renovation".
- For small-scale works, it offers financing from 5,000 euros to 15,000 euros, without pre-notification of the property. The repayment period of the loan you will get can reach up to 20 years.
- For larger works, financing of up to 40,000 euros is offered. This time, however, a pre-notification of the property is needed, while the loan repayment period can reach 20 years here as well.
What features does the loan have?
For small-scale works and financing up to 15,000 euros, the interest rate of the "Alpha Home Renovation" housing program is variable based on the three-month Euribor rate plus a fixed margin of 7.00%.
For larger projects and financing up to 40,000 euros, the interest rate is variable based on the three-month Euribor rate plus a fixed margin of 4.00%.
With the "Alpha Home Renovation" program you can also choose a grace period of up to 6 months, during which you can only pay interest on the loan.
You also have the possibility to pay off your loan early (partially or in full) without any charge.
What installment will I pay for the renovation of my house?
Finally, you enjoy all the benefits of the "Adjust my Installment" program, through which you can determine the installment of the home renovation loan at any time, in the event that his income shows temporary changes.
📌 Also Read: Supermarket Price Comparison: A Complete Guide
#2 National Bank
National Bank offers the "ESTIA RENOVATION" program, intended for the repair or renovation of a privately owned residence. The maximum amount you can secure is 20,000 euros and does not require a mortgage pre-notification, while it gives you the possibility of early repayment without any charge.
Through "ESTIA RENOVATION" you can get a loan for the renovation of your home, covering 100% of the cost of repair or renovation work. The bank gives you an advance to start work immediately, as well as the possibility to repay the loan in up to 10 years.
What installment will I pay for the renovation of my house?
The home renovation loan is paid in installments in up to 3 installments:
- The first installment corresponds to up to 30% of the amount that is finalized after checking the reasonable cost of the work by an engineer cooperating with the bank.
- The second (intermediate) installment is optional and corresponds to up to 30% of the loan. It is paid after first checking that the works financed by the first tranche have been completed.
- The third and final installment is paid after the completion of all work on the financed residence and the inspection by a bank engineer.
The program offers payment flexibility and you can adjust the loan payment according to your needs. You choose either an initial interest-only payment period for the first 1 or 2 years, or skip paying one installment per year, from the 2nd year of loan repayment.
#3 Eurobank
Eurobank gives you the possibility to renovate your home even with a fixed interest rate for the entire duration of the loan, through its housing loans. Thus, you have the possibility to renovate or repair your home, accurately calculating your finances throughout the repayment period.
The amount you can get for the renovation of your home starts from 10,000 euros and is determined based on your credit rating as well as the cost of the work.
Eurobank finances, like the other banks, up to 100% of the cost of the respective works, while requesting some form of collateral which may be the pre-notification of the property or the pledging of cash (cash collateral) or securities.
Disbursement is made in installments and each amount disbursed keeps pace with the progress of construction, repair or renovation work.
What installment will I pay for the renovation of my house?
Because during the loan period you are likely to face temporary changes in your finances, Eurobank gives you the possibility to reduce the loan installment by up to 50% for up to 6 months each year.
Also, you can skip one installment every year and increase the loan installment by up to 100% for up to 6 months every year.
📌 Read also: Installments by Debit Card: Is it possible?
#4 Piraeus Bank
The amount of the mortgage loan granted by Piraeus Bank for the renovation/repair of a house starts from 20,000 euros and up to 80% of the estimated value of the listed property. The duration of the loan can vary between 3 and 20 years. The bank allows a grace period from 6 to 18 months.
The loan is disbursed in installments and based on the progress of the work, you can pay off the loan early (partially or in full) without any charge, while collateral is required with a real estate mortgage or cash collateral or securities.
What installment will I pay for the renovation of my house?
Piraeus Bank gives you the possibility to renovate or repair the kitchen, the bathroom or the whole house, with installments that will be determined either with a fixed interest rate for the entire repayment period or with a floating interest rate based on the monthly Euribor.
Renovating a home without a down payment?
It depends on the professional. When you get home improvement quotes, you should also ask what the down payment is. Also, it is very likely that the professional will not give you installments for the renovation himself.
So, what if you find someone with a good name in the market, who also offers you a relatively cheap home renovation, but without installments? In this case, the bank loan is one-way.
And now you know what options you have for home renovation with installments! If you want to fix the bathroom, the kitchen and all the areas, compare mortgage loans from the biggest banks and find the one that suits you, to fix your house!
0 Comments