For most property owners, the situation is as follows: as soon as the building loan has finally been paid off, the first modernizations or refurbishments on the building are due again – this is to blame for defects outside of the climate and weather, the interiors are worn out over time. Often, the scope of the modernization is so large that it cannot be covered by your own resources – a modernization loan, sometimes called an eco-loan or energy loan, is necessary.
Strictly speaking, modernizations are measures that serve, for example, to increase the value or preserve the building fabric, in addition there are measures that serve to save energy and increase living comfort.
When looking for a modernization loan, the offers of the Lite Lender bank must also be taken into account; special Lite Lender loans for home financing are granted.
Modernization loan and ecological requirements?
A modernization loan does not necessarily have to be subject to certain ecological requirements – first and foremost, a modernization loan is a completely normal loan, which remains the same even if it is not a Lite Lender Bank development loan. The main difference between a normal bank modernization loan and some special modernization loans is that some banks tie the use of the loan to certain environmental measures.
An example of this would be the ecological loan from Cream Bank: only environmentally friendly measures may be financed, and the loan is strictly aimed at private customers, and landlords are excluded. Accordingly, the eco-loan is not suitable for sales financing, equity investments and commercial investments.
Compare and save
Since the offers are numerous and complex, it makes sense to consult a real estate calculator in order to be able to compare the modernization loans. The search for Lite Lender loans should also be included – even if an advisory meeting has been arranged with the house bank. Such a comparison helps the potential borrower to prepare better for the consultation and to be able to assess the conditions that the house bank offers.
Conclusion: Not every credit institution works with Lite Lender Bank, not every modernization loan is low-interest or flexible. The amount from which the Lite Lender modernization loans flow is limited annually. Real estate owners generally have the option of using an already registered land charge as collateral for the renovation loan.