Home Small loan

• Suitable for purchasing flat outside Riga, land plot for garden, parking lot, garage, pantry, etc.
• Perfect for a major repair, much-needed remodel or general home improvements in your owned real estate.
• Home small loans from 5000 to 20 000 EUR.

• Lower interest rate compared to the regular Swedbank small loan.
• Loan period up to 10 years, so monthly payments may be lower.
• May be repaid before maturity without additional fees.
• No collateral required.
• Choose your preferred payment date.
• Money transferred immediately after signing the contract.

Land with buildings to be improved has to be registered in your name in the land register before applying for a loan for repairing, renovating or building purposes.

1. Fill out the application on the Internet Bank or at any Swedbank branch.
2. We will inform you about the decision by phone or via SMS message.
3. If the conditions are acceptable to you, sign the agreement in the Internet bank or Swedbank branch. New lending transactions may be concluded via Internet Banking between 7 AM and 10 PM. Automated aggregation and registration of data on transactions concluded during the day takes place after 10 PM and, pursuant to the Consumer Rights Protection Law, it is prohibited to enter into consumer lending contracts during night time until 7 AM.
4. We will transfer money to your account immediately after signing the agreement.

Register the purchased real estate in your name in the land register within 90 days after signing the loan agreement. Otherwise, standard consumer credit rate will be applied to your loan.

Eligibility requirements

18 years is the minimum age for taking out the Home Small Loan. The available loan amount ranges from 5000 to 20,000 EUR and it depends on your net income and any other financial obligations you may have.

Income

• If you take a loan by yourself, your income must be at least 500 EUR per month after tax.
• If you take a loan with a co-applicant, total income of a family must be at least 800 EUR per month after tax.
• You must be earning a steady income for at least 6 consecutive months and your probation period must be over.

Obligations

• Monthly expenses for covering your credits must not exceed 30-45% of your monthly income.
• No outstanding credit debts in Swedbank or other creditors or outstanding bills.
• Be ready to submit the the official documents evidencing the receipt of the income if the expected source of repayment is not a salary/wages.

Fixed interest rates starting from 7.9% to 14,9% determined individually for each customer depending on the amount of the loan and customer’s credit history.

• Loan must be repaid on the basis of annuity schedule within the agreed term by means of pre-determined monthly payments on your determined payment date.
• Loan term from 6 months to 10 years.
• Possibility to make early repayments.