Renovation loans are provided to individuals who need to carry out necessary maintenance or improvements to their home. If renovations are being made to apartment buildings each owner has to apply for a loan. These loans are paid out when the renovations are complete.
Property value (Fasteignamat) has to be under ISK 73 million.
The total loan amount per property can be a maximum of ISK 44 million.
A loan can be up to 80% of the renovation cost.
The minimum cost is ISK 625 thousand.
The property has to be older than 10 years.
Creditworthy renovations
Improvements for which loans can be obtained are:
Outdoor repairs.
Renewal of electrical wiring or water pipelines.
Painting and interior renovation work, provided it is part of the execution of other repairs.
Renovation loans are not provided for the estimated value of personal working hours or building material or work that is free of charge.
Service provider
Housing & Construction Authority