There are two possibilities: either you take out a new mortgage, or you draw on your existing one, which you have already partly paid off.
When can I use this?
A mortgage loan is particularly appropriate if you want to borrow amounts above €50,000. It offers a longer repayment period and very advantageous interest rates, since the real estate to which the loan applies is used as collateral. Moreover, the interest paid and the capital that has been repaid are tax deductible up to a certain amount.
"}},{"componentType":"sectionTitle","title":"Renovation loan"},{"componentType":"paragraph","richBody":{"value":"The renovation loan is intended specifically to finance redesign and renovation work, upon submission of a quote or invoice. The interest rate is fixed and guaranteed for the duration of the loan. Unlike a mortgage loan, a renovation loan does not always require collateral, and does not incur administration fees or charges relating to the credit agreement.
The interest on this loan is also tax deductible under certain conditions
"}},{"componentType":"highlight","title":"Good tip:","richBody":{"value":"If your renovation works are designed to reduce your energy consumption, the bank offers reduced rates and you may also be able to receive subsidies from your Region.
"}},{"componentType":"paragraph","richBody":{"value":"When can I use this?
The renovation loan allows you to borrow smaller amounts (from €2,000). The interest rate will generally be higher, although in some cases banks offer very competitive rates that can rival those of mortgage loans.
The renovation loan is also easier to apply for. The application process is very quick and can also be done online. The documents required are often easily accessible (quotes, invoices, income, proof of delivery, etc.).
"}},{"componentType":"sectionTitle","title":"And the winner is?"},{"componentType":"paragraph","richBody":{"value":"Choosing between a mortgage and a renovation loan depends on your situation and your needs. With a mortgage loan you can borrow larger amounts at a competitive rate and it has significant tax advantages, but it also involves considerable costs. The renovation loan is more flexible, does not always require collateral, and saves you additional costs.
"}},{"componentType":"highlight","title":"To help you make your decision, 3 key elements should be taken into account.","richBody":{"value":"Article written in collaboration with TopCompare.be.
"}}]},"complementaryZone":{"flexComponents":[{"componentType":"sectionTitle","title":"Also interesting!"},{"componentType":"cards","cards":[{"componentType":"articleCard","cardType":"article","cardSize":"medium","title":"Renovating your house ecologically","body":"Would you like to help the environment and your wallet at the same time? Find out how.","image":{"transformBaseUrl":"https://assets.ing.com/transform/edf136b7-aef8-4537-a162-0d693c761b47/ecological-renovation-1920","type":"image","width":1920,"original":"https://assets.ing.com/m/4a799e95fea19d92/original/ecological-renovation-1920.jpg","extension":"jpg"},"date":"2024-03-27","link":{"url":"/en/individuals/my-life/housing/ecological-renovation-steps"}},{"componentType":"articleCard","cardType":"article","cardSize":"medium","title":"How to protect your home and family","body":"Read all the different types of insurances","image":{"transformBaseUrl":"https://assets.ing.com/transform/2ab3d498-3d5e-4172-ac32-45f7bff24993/insurance-policies-1920","type":"image","width":1920,"original":"https://assets.ing.com/m/6541d9abc60e8ce5/original/insurance-policies-1920.jpg","extension":"jpg"},"date":"2023-03-20","link":{"url":"/en/individuals/my-life/housing/protection-home-family"}}]}]}}}