Home renovation loan
Home renovation loan
We provide indexed loans with fixed interest rates for 5 years at a time and non-indexed loans with fixed interest rates for 3 years at a time. It is also possible to get a loan with a fixed interest rate for the duration of the loan.
Loans are only granted for apartments intended for personal use. It is not allowed to own more than one apartment with a loan from the Housing and Construction Authority, unless special circumstances apply, for example due to employment or family circumstances.
We lend:
- When there is confirmation that the renovations have been completed*.
- If less than 12 months have passed since the end of the renovation.
- If more than 10 years have passed since the property was roofed.
- When renovation costs are at least ISK 625 thousand.
- Prepaid home renovation loan, against a bank guarantee.
Eligible refurbishments:
- Renewal of electrical and/or water pipes.
- Exterior repairs.
- Painting work and renovation of interiors, if part of implementation for other renovations.
- Loans are not made for one's own work, nor for material or work that applicants have received as a gift.
*Persons with a license from the Ministry of University, Industry and Innovation, for example structural experts, architects, technical or engineering firms and building representatives, can confirm that the scope of the works according to the cost statement is reasonable and that the work has been completed.
Click to apply for a renovation loan
