Loan for renovation of buildings

Loan for renovation of buildings is a loan the bank grants for heat insulation of apartment buildings and renovation to improve the living conditions and comfort of its tenants.

Under this project, you may perform:

• heat insulation of outer walls of the building
• roof replacement
• replacement or repairs of internal engineering communications
• replacement of windows or doors
• renovation of the building as well as energy efficiency improvement works

Gains from project implementation 

• reduced heating costs
• improved comfort level of tenants
• improved outlook of the building
• increased value of the real estate
• reduced risk of expenses for contingent repairs
• increased operating lifetime of the building

Loan for renovation of buildings may receive a legal entity only - specialized housing maintenance companies or apartment owners’ unions.

Loan terms 

Renovation of apartment buildings is eligible to funding up to100% of the project’s total costs, but not exceeding LVL 55 per one square metre of the total area.

Loan maturity - up to 15 years, determined on a case-by-case basis.

Loan for renovation of buildings you may receive when:

• minimum 60% of apartment owners of the building to be renovated consent to renovation and borrowing the funds
• minimum 85% of bills for maintenance, heating and water supply are paid timely 
• the source of loan repayment is the payments of apartment owners for maintenance

You may apply for a loan for renovation of buildings at any Nordea customer service unit.