Restoring your home can entail considerable costs. That is why most people apply for a renovation loan. However, not every loan is equally beneficial, because there are often (large) differences between the monthly installments of the various providers. There are many banks and other credit providers who would like to give you a renovation loan, but before you just take out a loan, you must first ask yourself the following question: “How much can I borrow and repay each month?”
If you have been living in your house or apartment for a good number of years, it may be that your building needs renovation. The test of time ensures that. You have always painted your walls nicely, replaced electrical wires, plugged holes and so on, but at a good moment things need to be renewed. So you can decide that the old kitchen that came with the purchase of your building now really needs to be replaced. Or your bathroom is no longer up-to-date and you want a new color. But a new kitchen or bathroom costs a lot of money and it is intended that you can live a little more fun. Then a renovation loan is a good idea. But how do you discover who offers the best rates for paying off the renovation loan?
We have looked up the cheapest loan providers for you and all you have to do is surf to the providers’ webpages. Almost everyone who offers loans online has a simulator tool that you can use for free. This way you can see very quickly whether you are eligible for a renovation loan and what you pay back each month. The question “how much can I borrow” is answered quickly and easily. With a simulation you enter the amount to be borrowed and the installment period and you can see within a few seconds what you have spent on the loan each month over the entire term. Please note that you can handle the payment and do not surrender too much to your lifestyle.
Compare the providers
It is important that you compare the providers with each other. The desired amount that you want to borrow is the same for every provider, but what you need to look at is the column that indicates the annual percentage rate (APR): the lower the APR the less you pay back each month. The APR is the total (ie interest and borrowing costs) percentage that comes on top of the loan that you have to pay off. That way you won’t be confronted with surprises. Credit providers are required by the Belgian government to clearly indicate the APR, so that you know where you stand.
“How much can I borrow” is therefore a question that can be answered with the simulator of loan providers. View the table that we have compiled for you and see for yourself how easy it is to calculate a renovation loan with the simulator, just from the comfort of your home.