Home construction loan
Loan for construction and renovation
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Build and renovate flexibly
Saat tarpeisiisi sopivan rakennuslainan. Voit hakea lainaa oman talon, asunnon, mökin tai sijoitusasunnon rakentamiseen tai peruskorjaukseen.
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Pay only interest on the loan during construction
You can have a repayment holiday during construction: you pay only interest on the loan and start repayments when the building is completed.
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OP bonuses on your loans
If you are an OP cooperative bank's owner-customer, loans generate OP bonuses to you. For example, for home loan borrowers, the OP bonus benefit is often sizeable – up to hundreds of euros a year – and bonuses can be used for the payment of insurance premiums, among other things.
Apply for home construction loan
Cost calculator helps you to get an idea of your construction costs
It pays to begin preparing for a construction project, whether for building a single-family home or renovating a holiday home, by outlining a rough estimate of the construction costs.
An instant cost calculator helps you to get an idea of your construction costs. The calculator asks you to provide information on the building, such as the name of the town/city, the size of the building, the heating and ventilation solutions, and the proportion of the construction work that you will order from a professional.
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How can I obtain a home construction loan?
First get a cost estimate on the construction work from a professional and then send a loan application online. Contact us for financing as soon as your start planning so that our experts can tailor a home construction loan that suits your needs. At the same time, we will agree on the repayment method, and check that your insurance cover during construction is in order.
Home construction loan is not restricted to building a home for yourself. You can also apply for the loan for building and renovating a holiday home or a buy-to-let home. You can also apply for the loan for buying a plot, provided that construction work on the plot will begin within a certain time limit.
Applying for a home construction loan
- Home construction loan application online
- Preliminary loan offer
- Loan negotiation over the phone or online
- If you are an OP customer, you can handle the loan negotiations and signatures entirely online. Otherwise, we will ask you to visit an OP branch office for finalising the loan negotiations and signatures.
Example calculation: Home loan is a one-off loan. Let's look at a home loan where the loan amount is 170,000 euros. The loan term is 20 years. The loan margin is 1.00%. Calculating with the 12-month Euribor of 2.679% (valid on 17 Oct 2022), the effective interest rate of this home loan will be 3.871%. In addition, a loan servicing fee of 2.50 euros will be charged each month. When the loan is drawn down, a one-off origination fee of 680 euros will be charged. The estimated total cost of the loan is 242,835,33 euros.
In this calculation, we assumed that the entire loan was drawn down at once, that the loan interest rate, fees and charges stay the same throughout the loan term and that the loan is repaid in equal payments of 1010.71 euros every month. The home loan is granted by an OP cooperative bank.
The loan is granted by an OP cooperative bank.