Kinnisvara24 Started Offering Renovation and Interior Design Loans

Estonia's more innovative real estate portal Kinnisvara24 and Inbank, which focuses on digital financial solutions, have been offering an automatic decision-making process for furnishing and renovation loans in the Kinnisvara24 environment since August.

Kinnisvara24 product development and marketing manager Laura Tammeorg explained that such a loan option is new in Estonia, as Estonian real estate portals have so far only offered various residential and mortgage loans for property acquisition alongside property listings. "Now, as an innovation, you can apply directly from the real estate listing for additional financing, which allows you to renovate the home you're buying or renting, or to purchase furniture and household appliances," explained Laura Tammeorg.

The web-based loan application process is convenient and fast, with a response to the application usually received within 1 minute. "Cooperation with Kinnisvara24 is a logical step forward for Inbank in expanding our activities through solutions that enable us to offer our products to customers where they need them," commented Inbank Estonia CEO Margus Kastein on the partnership. "With the new solution, a customer can already consider their financing options for renovation or furnishing while selecting a home. It's precisely for these purposes that people often find themselves short of funds when changing residences," explained Kastein. "Today, we already issue every seventh loan for home renovation, which clearly demonstrates people's desire to improve their living conditions," added Kastein.

The furnishing and renovation loan amount ranges from 5,000 to 15,000 euros and the maximum repayment period is up to 6 years. The interest rate for an unsecured loan starts from 8.9 percent per annum and depends on the loan amount, the length of the repayment period, and the borrower's good payment history.

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