Are you happy at the place where you live but your home needs updating? Or do you have a nice new kitchen in mind? To make new housing wishes come true, more and more people are choosing to renovate the house. If you are planning to renovate your house, it is difficult to estimate what the entire renovation will cost and the renovation is often more expensive than expected. A common way to pay the renovation costs is to save a lot in advance.
However, this is not always possible, taking out a loan is also a very common method. If you decide to borrow money for your renovation, look into what lenders can do for you. lenders has been an established name in lending money to consumers for decades and mediates for you with major lenders. For example, we can offer you various options, after which you as a customer decide which loan you want.
Take out a loan
Taking out a loan is easier than often thought. At lenders you fill in the application form, indicating the amount you want to borrow and whether you opt for a revolving credit or personal loan. Then you make the choice of which lender you want to receive the quotes for, the quotation will then be sent to you personally by email and post.
If you own a home, banks offer special loans to homeowners, which often means that you can borrow at extra low interest rates. The banks for which lenders mediates can offer these loans, by filling in the application form we will inform you about the possibilities.
Interest paid deductible
If you take out a loan to renovate your owner-occupied home, you can deduct the interest paid from the tax, this applies for a maximum period of 30 years. A condition for deducting the interest paid is that you keep the invoices well so that you can prove that you used the loan to improve your own home. The improvement of the owner-occupied home must be permanently united (it must be attached to the home, for example a dormer window) otherwise the deductibility does not apply.
If you use a part of the loan to improve the owner-occupied home, you can only deduct the interest paid on that part from the tax. If you have any questions about the tax rules, you can always contact lenders customer service, we are happy to help!