Construction Loan
A loan designed specifically for construction, refurbishment, land purchases or summer house purchases.
Next step
Book a telephone call with one of our advisors or an appointment at a branch.
Increase in VAT reimbursement
Due to the economic situation caused by the Corona Virus, parliament recently passed a law providing for a temporary increase in VAT refunds, from 60% to 100%. The reimbursement is for work on residential housing e.g. leisure accommodation, structures owned by certain associations that is carried out between the 1st of March 2020 and the 31.08.2022.
We encourage customers to familiarise themselves with the resource on the RSK website
How does a Construction Loan work?
Who can apply for a construction loan?
A good credit history and the ability to make payments are key factors in securing a construction loan.
Loan amount
The maximum loan amount is ISK 2,000,000 if the applicant can prove his or her payment ability. The interest rate varies according to each individual‘s credit score.
How does it work?
The loan is paid once proof of purchase or services has been provided.
Loan fee
1.7%
Lending period
Up to 5 years
Maximum loan amount
ISK 2 million
Type
Non-indexed