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Hello,
Banknow offers a renovation loan branded as Creditnow Casa. What do you think of this loan? Is it worth getting this loan to cover a kitchen renovation?
Good day,
Interest rates for the CREDIT-now Casa loan for all types of home renovations start at just 4.5%. That rate is lower than those available for regular personal loans.
Here are 3 things to pay attention to:
1) The CREDIT-now Casa loan is only available to people who have owned their own home for at least 2 years (either as owners or co-owners). This loan is limited to 250,000 Swiss francs and must be repaid within 84 months. Just note that the longer the loan term, the higher the total cost of the loan.
2) If you actually plan to use the loan for renovations, you could save money by getting a conventional home loan (mortgage) for renovations instead. Interest rates are much lower and vary based on the mortgage term. You can find guide rates for mortgages in the interactive moneyland.ch mortgage comparison. Just select the "Renovation" filter under "Types of financing" to limit results to renovation mortgages.
3) While mortgages must be used towards renovation, the CREDIT-now Casa loan can be used for other purposes as well. That means you as a homeowner can benefit from personal loans with lower interest rates than those available to non-homeowners.
Best regards from Moneyguru
More information:
Mortgage comparison
Personal loan comparison
CREDIT-now Casa loan
What do loans actually cost?
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