Several banks offer special loans for home renovation or modernization. We can find personal loans around 15 percent interest rate, 6-7 percent mortgage loans, but the competition is won by the 4.9 percent interest rate Fundamenta Modernization loan, which can be taken by existing clients.
Financing an energy efficiency renovation is a good deal for credit institutions, as the family can easily save on the investment by paying off installments. Therefore, the bank is also less exposed to risk than many other loans and is therefore willing to offer an interest rate discount.
Thus, for example, OniCredit and Crossfingers Credit will be able to provide a personal loan for renovation at a rate of almost 5 percentage points. But there are several mortgages that are cheaper for a similar purpose.
Fundamental Housing Fund
On the other hand, offers a bridging loan of 4.9 percent (5.34% APR) to those who want to improve the energy efficiency of their homes. 70% of the bridging loan amount is needed to increase the energy efficiency of the dwelling / detached house, while the remainder is sufficient to justify the renovation and modernization of the residential property as a housing target.
Only those who have a home savings contract for at least 2 years can take out the loan until June 18th. At the end of the savings period, the full payment, plus interest and government subsidy, will reduce the loan amount so that it cannot be reused.
Is it worth spending money on home improvement?
Many people are unable to move into a new home or family home today, so they would rather refurbish or expand. Because of the lower costs, these investments also require a smaller amount of own capital, but it is worth considering a return on investment. The latter is the most difficult thing to do when the state announces its utility cutbacks, which is delaying the return of such an investment.
In the long run, however, it is definitely worth a cut. It is not difficult to see that energy prices cannot be reduced artificially indefinitely, and sooner or later they will become more expensive, and those who have not modernized their homes in time will also pay the price of utility cuts.