The LoterBank renovation loan is an installment loan and is given shape under the heading of loan activities. So there is an opportunity to finance the house with borrowed money. This means that no savings have to be spent or that a renovation has to be postponed because there is no money available. Financing the renovation of the house offers a solution. Incidentally, the work can consist of carrying out large or small jobs. Maintenance or renewing or expanding the house falls under the heading of activities and these can be financed.
| Lender | Information | Max. Loan | To request |
 | Review | $ 200,000 Interest (APR) 2.99% | |
 | $ 50,000 Interest (APR) 2.91% | ||
 | Review | $ 50,000 Interest (APR) 2.85% |
Financing work
The LoterBank renovation loan does not only have to be about massive renovations to the house. It can also concern the purchase and installation of an alarm system in the house or the purchase of a jacuzzi. The construction or renewal of the garden can also be financed. It also makes no difference to the credit whether the work is done by the applicant for the loan himself or whether everything is outsourced to a contractor. There is a choice of amounts to borrow between $ 1,250 and $ 35,000 for the renovation, improvement or renovation of the house. Sufficient time is provided to repay the loan amount and its costs. There is a term that varies between 12 months and 60 months.
How does the application process work?
There are a number of steps that can be followed to apply for a renovation loan from LoterBank. The first step starts with calculating the desired loan amount. The loan amount can amount to a maximum of 110 percent of the costs of the work. After all, renovation often involves unavoidable costs. In this way, unforeseen expenses can also be financed in advance. The next step is to simulate the loan tailored to its own budget. The simulation can be done by entering the loan amount or by entering the desired monthly payment. The duration can also be selected. This provides clarity in the various monthly installments with different maturities.
The loan work can then be requested online based on the most favorable outcome of the simulation. The file is then quickly assessed and immediately after that follows as a first answer. That way you quickly know where you stand. Incidentally, the contract will be sent by post and must then be signed and returned. The money from the LoterBank renovation loan is then immediately deposited into the account. Once the money is in the account, the renovation, improvement or renewal can start immediately. Incidentally, examples are given online with regard to the renovation loan. The concrete example provides insight into the amount of the loan with the annual cost percentage and the monthly repayment. The term is also stated, so that a good picture can be obtained of the financial consequences.