Energy Efficiency Loan 

In addition to the discount on the loan margin, you will receive a 20% discount on your Pohjola Insurance home insurance for the property to be renovated for the first year. Data used in the calculation: Loan amount: EUR 30,000, repayment period: 10 years, repayment method: variable annuity, reference interest rate 2.921% (12-month Euribor on 18 September 2024).

What kind of collateral is required for an Energy Efficiency Loan?

The loan collateral can be the house to be renovated, for example. You can still send a loan application even if you don't have a clear idea of the collateral available to you. In the loan negotiations, your bank will review the need and availability of collateral with you in person.

Steps of the application process for an Energy Efficiency Loan

1. Fill in a loan application online
   If you're applying for a loan with another person, state this in your application. We will send the other applicant a message so that they can consent to the joint application and add their personal information. Then, you can finalise and send the application.
2. We'll contact you
   We will book an appointment for negotiating the loan and send a pre-appointment questionnaire regarding your project. Fill in the pre-appointment questionnaire.
3. Loan negotiation
   In the negotiation, our specialist will discuss with you about the details of your home renovation, the costs involved and the collateral needed for the loan, among other things.
4. If we need more information about your project, we'll ask you to provide relevant documents. 
5. You'll get a binding loan offer
   The offer only binds the bank and does not oblige you to take out a loan.
6. We'll send you a promissory note with special terms and conditions for you to sign
7. Send us your project bills and further information via message
   We will check that the contents of the bill correspond to the terms of the promissory note.
8. Payment of the renovation bill
   You can decide whether you want to draw down the loan to pay the bills yourself or whether we will pay the bills for you.

Tips for a successful energy renovation

1. Plan your project carefully
   Consider what you are trying to achieve with the renovation, and which solutions would best suit your aim. Also think about the overall energy efficiency of your home. Is one of your household appliances a big energy hog, or are your home's exterior walls optimally insulated?
2. Estimate the costs of the renovation
   Renovation costs range from the hundreds of euros needed for small improvements to the tens of thousands required for a basic renovation. Once you have decided the scale of your renovation, start requesting quotations from reliable experts. The quotations will allow you to estimate the costs of the renovation.
3. Decide whether you will do the renovation yourself or hire a renovation firm
   Do research on home renovation companies and ask for bids from those that best suit your needs. Remember these words of wisdom: the cheapest offer isn't always the best. You must also find out if your renovation requires permission such as a building or action permit.
4. Find out if your energy renovation is eligible for financial aid
   For example, contact the Finnish Tax Administration for more information on tax credit for household expenses.

What are the benefits of an energy renovation?

An energy renovation can:

• Increase the value of the house being renovated
• Bring savings on heating expenses
• Improve the comfort of living
• Reduce the carbon footprint of the house

Other financing options for a renovation

If your project does not meet OP's Energy Efficiency Loan criteria, you can finance the renovation by taking out a Bank Loan or OP Tailored Consumer Credit, for example.