Holiday home loanFulfil your dream of a summer cabin or a second home
Apply for holiday home loan online
You can apply for a holiday home loan already at the planning stage. You can complete a holiday home loan application easily online – wherever and whenever!
Flexible loan servicing throughout the loan term
Our holiday home loan is flexible. You can have a loan repayment holiday or protect your ability to repay loans in a manner suitable for you during the loan repayment period.
OP bonuses for owner-customers
As an OP cooperative bank owner-customer, your holiday home loan will contribute towards your OP bonuses that can be used, for example, to pay for bank service charges and insurance bills.
Holiday home loan or financing for a second home
Spending time at a holiday cabin is part of traditional Finnish holidaymaking. At a holiday cabin, there’s time to enjoy the summer and nature as well as go swimming and have a sauna. Some dream of a simple holiday cabin life, others look for a well-equipped second home where they could live even year-round. It’s a good idea to apply for a holiday home loan as soon as you start thinking about buying a holiday home even if you hadn’t found the villa of your dreams just yet.
As an owner-customer, your holiday home loan will contribute towards your OP bonuses that can be used to pay holiday home insurance premiums, among others. You can also enjoy the other owner-customer benefits and discounts on banking and insurance services.
How to apply for holiday home loan
Apply for a holiday home loan online:
- Log into the op.fi service (in Finnish) using your online service user ID
- Complete the home loan application and select Holiday home as the purpose of the loan.
- Check and send your loan application.
- You’ll receive our holiday home loan offer. Together, we’ll have a loan negotiation during which the loan collateral is checked.
- Close the deal on the summer cabin of your dreams!
Having a summer cabin built or carrying out basic renovation
Do you dream of having a holiday cabin built or is it time for basic renovation? If so, complete the home loan application. If you plan on doing some light redecoration in your holiday cabin, apply for a home improvement loan.
How much do I need to save to buy a holiday home?
The amount of savings required to buy a holiday home depends on the statutory maximum loan-to-value ratio and the collateral value of the holiday home to be purchased. In most cases, you must cover 40 per cent of the holiday home’s price with either savings or other collateral.
The holiday home loan interest rate comprises a reference interest rate and the margin
The reference rate and margin make up the holiday home loan’s total interest rate. The total cost of the holiday home loan consists of this sum combined with the charges related to loan payments. The interest rate for a holiday home loan varies – you can find out the interest rate for your own loan by completing a loan application. Before applying for holiday home loan, you can use the loan calculator to check how much the monthly repayment rises when interest rates rise or the loan term changes.
Still looking for a holiday home?
OP Koti offers a wide range of holiday homes across Finland. OP Koti’s real estate agent helps you find a suitable holiday home, including properties that are not yet on the market. Contact the real estate agent and arrange a showing – on location or as a remote showing. Once you have found the holiday home of your dreams, the transaction can be handled completely digitally.
The home loan is provided by OP cooperative bank. OP Koti real estate agent services are available throughout Finland.
Example calculation: Home loan is a one-off loan. The effective interest rate for the loan of 170,000 euros with a 20-year loan term is 1.10%, when the loan interest rate is a 12-month Euribor + 1.00% (1.00% February/2022), the monthly loan servicing fee is 2.50 euros and the one-off origination fee charged at the loan drawdown is 680 euros. The estimated total amount payable would 189,175,11 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 782.90 euros every month. The loan is granted by an OP cooperative bank.
Take a look at the terms and conditions governing loans, pledges and guarantees, and forms. You will accept the terms and conditions of the loan and collateral agreement at the time of signature.