Inbank and Kinnisvara24 to offer unique furnishing and renovation loans
Product Development and Marketing Manager for Kinnisvara24 Laura Tammeorg explained that this loan option is new in Estonia, as to date, Estonian real estate portals have only mediated various housing loans and mortgages designed for purchasing real estate next to their advertisements. “As a new option, you can now apply for additional financing from right next to a real estate ad and use it to renovate or buy furniture or home appliances for the purchased or rented home,” explained Laura Tammeorg.
The web-based loan application process is quick and convenient. Customers generally receive a response to their application within one minute. “For Inbank, cooperation with Kinnisvara24 is the next logical step towards extending our activities via solutions that allow us to offer customers products right where they need them,” said Management Director of Inbank Estonia Margus Kastein. “With this new solution, customers can review their financing options for renovation or refurbishment even when choosing their home. These are the purposes for which people often lack financial resources when moving to a new place,” explained Kastein. “Every seventh loan granted by us today is used for home renovation, which clearly indicates people’s wish to improve their living conditions,” Kastein added.
Furnishing and renovation loan amounts range from 5,000 to 15,000 euros and the maximum repayment period is six years. The interest rate for the unsecured loan starts from 8.9% per year and depends on the loan amount, the duration of the repayment period, and the applicant’s past payment behaviour.
Kinnisvara24 is Estonia’s second largest real estate portal, founded by the Ekspress Group and Estonia’s leading real estate agencies in 2018. The portal is managed by Kinnisvarakeskkond OÜ, 49% of which is owned by the Ekspress Group and 51% by five real estate agencies.