Whether you have just moved into a new home or have lived in your home for a long time and really want to implement the renovation plans, a renovation loan is very useful. In this way, you do not have to access your savings and you can still start the renovation. You can make a simulation of the renovation loan via coregroupinstall.com. You will receive the results of the simulation loan in a handy overview.
Why a renovation loan
The renovation loan is for private purposes and the credit you receive is used to finance your renovation project. A renovation loan is therefore ideally suited for individuals who want to finance a large or small renovation project. When taking out a renovation loan, not only the loan amount is known in advance. The interest rate and the amount of the monthly repayment are also clear from the start. This tells you how much you have to pay off and how long the exact term is. In addition, you grant yourself a buffer because you do not have to change your savings. This is especially useful for a renovation project, because it regularly happens that unforeseen circumstances occur. The credit of the renovation loan is also usually made available to you quickly. This is mainly due to the simple and limited regulations and formalities regarding a renovation loan. Finally, the interest is tax deductible if the renovation project is an energy-saving investment.
The simulation of the renovation loan
The amount you can borrow differs per institution. In general, you can already apply for a renovation loan for the amount of 2000 US dollars. The maximum amount depends, among other things, on the size of the project and your ability to repay. During the simulation of the renovation loan, you indicate, among other things, the amount you want to borrow. In addition, you enter the amount of the term. You will notice that the calculator is already calculating itself. The term depends on the loan amount and varies between 6 to 120 months.
The simulation has been made
When you have entered all the data, the simulation calculates the amount of your monthly interest and repayment charges for the given amount and the selected term. On the basis of this information, you can contact the financial institution to go through the simulation. In most cases, the simulation serves to give you an initial insight into your financial options. The loan is tailor-made based on the simulation.