Home improvement loan

Whether it is about redecoration or a larger renovation, we can offer you a suitable loan for the home improvement you have planned. Learn more about our options and fill in a loan application online easily.

Bank Loan

Secured one-off credit for a bigger home improvement or renovation.

Starting from 20,000 euros
You need collateral for the loan
Typical interest rate 3–5% + 12-month Euribor
For any bank's customers

OP Tailored Consumer Credit

Unsecured one-off credit on which you get a decision conveniently online.

2,000–30,000 euros
You don’t need collateral for your loan
Personal interest rate 3.5–10.95% margin + 3-month Euribor
Only for OP customers

Finance from our partner retailer

Unsecured loan from our partner retailer.

2,000–50,000 euros for home improvement
You don’t need collateral for your loan
Interest rate of 5–8% + OP-Prime
For any bank's customers

Compare between loans – what kind of a home improvement loan would suit you best?

You can apply either for a secured or an unsecured loan to finance a home improvement. You can also apply for home improvement finance from a number of our partner retailers.

Before you apply for a home improvement loan, weigh the amount of the loan you need and take your time to think of the various options. Our loan types differ in terms, for example, of their collateral, interest rate and maximum loan amount.

Bank Loan, or the home improvement loan, with collateral starting from 20,000 euros

You can apply for a secured Bank Loan for home improvement starting from 20,000 euros with no upper limit. You can apply for the loan alone or with another person irrespective of whether you are an OP customer.

The interest rate for a secured loan is typically lower than that for an unsecured loan because collateral helps secure loan repayment to the bank. The loan interest rate is determined separately for each customer – it is typically 3–5%.

For the Bank Loan, you need collateral accepted by the bank. In general, a residential property, such as an owner-occupied home, a buy-to-let home or a holiday home, is used as collateral. The home doesn’t need to be free from debt to be used as collateral for the loan. Other assets, such as forest, investments or savings, can also be used as collateral.

As an OP cooperative bank owner-customer, you earn OP bonuses on the secured Bank Loan.

Read more about a secured Bank Loan

OP Tailored Consumer Credit – home improvement loan of up to 30,000 euros without collateral

If you want to get loan without collateral and money into your account in one go, apply for OP Tailored Consumer Credit. You can apply for a home improvement loan without collateral up to 30,000 euros. The loan interest rate consists of a margin of 3,5–10,95 % + a 3-month Euribor.

Submit the credit application in the op.fi service or OP-mobile. You’ll get a credit decision within two banking days. After you have accepted the credit agreement, you’ll receive the money in your account.

Please note that only OP customers can apply for unsecured loans.

Read more about unsecured OP Tailored Consumer Credit

Home improvement financing directly from a retailer – for any bank’s customers

You can take out finance for home improvement directly from a retailer when you know from where you buy. You can apply for unsecured finance of up to 50,000 euros. Fill in a financing application for OP’s partner retailer online to receive a decision right away.

Read more about our partner retailers and home improvement financing

Use a credit card for purchases for your home

Apply for a credit card with a limit of 2,000–20,000 euros depending on what you need. On average, an OP credit card provides you with a 35-day interest-free repayment period.

Learn more about OP’s credit cards

Loan for renovation

Renovation means a more extensive repair. It includes work such as replacing the house’s heating, plumbing, ventilation and electric systems. For example, a secured consumer loan, or Bank Loan, can be used to finance renovation. If the renovation improves your home's energy efficiency, you can finance the renovation project with OP's Energy Efficiency Loan.

How to apply for a home improvement loan?

You can apply for OP Tailored Consumer Credit and Bank Loan in the op.fi service or on OP-mobile.

You'll get a credit decision on unsecured OP Tailored Consumer Credit within two banking days, at the latest. When you finish your application and accept the credit agreement, you’ll receive the money in your account.

You’ll commonly receive a secured Bank Loan decision within 1–3 days.

Why take out a home improvement loan?

A home improvement loan enables you to spread the home improvement costs over a longer period of time and makes it easier for you to plan your finances. In addition, instead of using your savings for a home improvement, you can, for example, invest them to receive a better return. Home improvement also adds value to your home and is an investment for the future.

Please remember that if your home improvement is performed by a professional, you can get some of the repair costs back by claiming tax credit for household expenses.

Read more about tax credit for household expenses on Finnish Tax Administration’s website at tax.fi

Flexibility to your home improvement loan according to your circumstances

You can anytime repay a larger amount than the agreed monthly repayment towards an unsecured or secured home improvement loan. You can also pay off the loan in full.

When applying for home improvement loan, you agree on the size and schedule of the repayments for paying back your loan. However, you can along the way change the payment amount and the loan’s maturity date or apply for a grace period or a repayment holiday on the op.fi service.

Example calculation for Bank Loan

A bank loan is one-off credit. If the 12-month Euribor is 2.356% (December 3, 2024) and the loan’s interest rate is a 3.9% margin plus the 12-month Euribor, the annual percentage rate of charge on a bank loan of 20,000 euros with a five-year loan term will be 7.1%. A monthly servicing fee of 2.50 euros per month will be charged. An origination fee of 120 euros will be payable when the loan is drawn down. The estimated total amount payable will be 23,661.66 euros.

This calculation is based on the assumption that the entire loan has been drawn down, the loan interest rate, fees and charges are constant throughout the loan term, and the loan is repaid in equal instalments of 389,86 euros each month. The bank loan is granted by an OP cooperative bank.

Example calculation for OP Tailored Consumer Credit

Example calculation for a loan of 10 000 euros:

Loan with a personal margin of 3,5 per cent + a 3-month Euribor (2,92 %, 2.12.2024)

OP Tailored Consumer Credit is a one-off loan. Its effective interest rate for a loan of 10 000 euros with a 5-year payback period would be 7,71 % if the personal margin were 3,5 % and the loan servicing fee 6 euros per month.

The estimated total amount payable would be 11 974,57 euros. This calculation is based on the assumption that the loan is drawn down in a lump sum and the loan interest and charges and fees remain unchanged throughout the loan term. It further assumes that the loan is repaid in monthly instalments of 210 euros up to and including the final instalment.

Loan with a personal margin of 6,5 per cent + a 3-month Euribor (2,92 %, 2.12.2024)

OP Tailored Consumer Credit is a one-off loan. Its effective interest rate for a loan of 10 000 euros with a 5-year payback period would be 10,79 % if the personal margin were 6,5 % and the loan servicing fee 6 euros per month.

The estimated total amount payable would be 12 773,50 euros. This calculation is based on the assumption that the loan is drawn down in a lump sum and the loan interest and charges and fees remain unchanged throughout the loan term. It further assumes that the loan is repaid in monthly instalments of 225 euros up to and including the final instalment.

Loan with a personal margin of 10,95 per cent + a 3-month Euribor (2,92 %, 2.12.2024)

OP Tailored Consumer Credit is a one-off loan. Its effective interest rate for a loan of 10 000 euros with a 5-year payback period would be 15,48 % if the personal margin were 10,95 % and the loan servicing fee 6 euros per month.

The estimated total amount payable would be 14 079,16 euros. This calculation is based on the assumption that the loan is drawn down in a lump sum and the loan interest and charges and fees remain unchanged throughout the loan term. It further assumes that the loan is repaid in monthly instalments of 245 euros up to and including the final instalment.

The loan is granted by OP Retail Customers Plc.

Example calculations of OP’s credit cards

Example calculation for credit of OP Visa cards:

The effective interest rate calculated for used credit of 2,000 euros is 19,04% (10/2024). The calculation does not take into account the owner-customer's or other discounts. This calculation is based on the assumption that the card’s monthly charge is 2.95 euros and the monthly account service charge 3.50 euros, free of charge e-invoicing is in use, that the credit interest rate, fees and charges remain constant throughout the credit period, and the credit is repaid in 12 identical monthly instalments. The estimated total amount payable is 2,186.80 euros.

Example calculation for credit of OP Duo credit card:

The effective interest rate calculated for used credit of 2,000 euros is 20,40% (10/2024). The calculation does not take into account the owner-customer's or other discounts. This calculation is based on the assumption that the card’s monthly charge is 4 euros and the monthly account service charge 3.50 euros, free of charge e-invoicing is in use, that the credit interest rate, fees and charges remain constant throughout the credit period, and the credit is repaid in 12 identical monthly instalments. The estimated total amount payable is 2,199.40 euros.

Example calculation for credit of K-Plussa Maksuaika credit card:

The effective interest rate calculated for used credit of 1,500 euros is 21.00% (10/2024).
This calculation is based on the assumption that the card’s monthly charge is 0.00 euros and the monthly account service charge 5.00 euros, that the credit interest rate, fees and charges remain constant throughout the credit period, and the credit is repaid in 12 identical monthly instalments. The estimated total amount payable is 1 652,99 euros.

The cards are granted by OP Retail Customers Plc.

I have applied for finance for home improvement from an OP partner retailer. Where can I see the details of my financing?

If you have a one-off loan or Overdraft Facility, you can see the details of your financing in the online service of OP Financing. Through the service, you can also apply for a change in the amount of the monthly repayment or the due date of your bill.

https://rahoitus.op.fi/

Owner-customer's OP bonuses and benefits from banking services

As an OP cooperative bank owner-customer, you get OP bonuses that decrease your banking and insurance service charges. As an OP cooperative bank owner-customer, you get 40% more OP bonuses compared to the normal level of 2022. We will continue the familiar benefit until the end of 2025.

OP bonuses come from

funds in savings accounts
home loans, student loans and secured bank loans
mutual fund units and unit-linked insurance
paid insurance premiums, such as home and motor vehicle insurance and continuous travel insurance.

OP bonuses are tax-free. Because of that they are automatically used for loan service and origination fees and insurance premiums, among other things.

What kind of loan do you need?

Manage your personal finances in a smart way and apply for a loan with OP. Learn more about all OP loan options!