A refurbishment loan is a so-called earmarked loan. The money paid out is only intended to actually carry out appropriate measures on the house or apartment. In fact, however, the use of the money is usually not checked – that is, the bank does not have to provide evidence in the form of craftsmen’s bills.
In order to avoid misuse of the renovation loan, it is only paid out to property owners. The entry in the land register is sufficient as proof. Some banks also require that the property be inhabited by the borrower himself in order to approve the renovation loan.
The entire renovation loan is granted on fixed terms. In contrast to real estate loans, for example, there is no need to renegotiate for follow-up financing. The terms are usually between one and seven years.
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