Do you flow through the roof into the living room, do you not see the windows, and three siblings are pressing in the room? It’s time to renovate your house.
But not everyone has enough money for this expensive event. There are several ways to finance reconstruction.
Building savings loan
Even if you do not have enough money, you can get a bridging loan from one of the building societies. You need to sign a building savings contract and you can apply for a bridging loan first. They usually give you up to CZK 700,000 without a guarantor. So you don’t have to look for a guarantor and the reconstruction can begin. The interest rate here ranges from 5%.
Mortgage, American Mortgage
Another way to get a loan for reconstruction is a special purpose loan secured by real estate. With a mortgage you can get up to 70% of the value of the pledged property. The mortgage offers a fixed interest rate fixation for 22.214.171.124.6.10 or 12 years. During this time your interest does not change. Then there is a possibility to use a mortgage refinancing offer at another bank. An American mortgage is a loan for anything. You can use it not only to buy a property, to renovate it, but also to furnish an apartment, a new car or a holiday. You can spread the installments for up to 30 years. The minimum amount is 250,000, maximum 5 million. You can draw money on an ongoing basis or immediately. You can also set the installment amount with your mortgage.
A loan for reconstruction will bring you an increase in the comfort of your living, increase the value of the property after reconstruction. The house will reduce its energy consumption and you will get a healthier and quieter living and save heating costs in the tens of thousands. A loan for reconstruction can be repaid at any time prematurely. You do not need a guarantor, but a co-applicant is required. You can apply from the comfort of your home. However, a number of real estate documents are required to be settled.