Renovation and refurbishment loan | OTP banka Srbija
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Renovation and refurbishment loan

Arrange your home according to your taste, but also without much trouble. Enjoy the renovation of your apartment, whether minor repairs or large housing arrangement.

Features of a renovation loan

Loan structure comprises 70% of the loan amount covered by a pro-forma invoice and 30% of cash disbursement. Cash disbursement provides you with a possibility of paying for construction works and other services in case these are not covered by a pro-forma invoice.

It is required that the requested loan amount is covered by bill of quantities verified by an authorized person.

The bank reserves the right to make a decision on the loan approval, as well as to request additional documents and guarantees.

  • Wondering why it is important to insure your life during the repayment of housing loan? Housing loan is a life project. It lasts 15-20 years on average. In the event of unforeseen life circumstances it might happen that heirs cannot repay loan instalments for mortgaged apartment. In order to secure your family, it is important to get insurance. The insurance company will reimburse the outstanding loan amount and the bank will clear the mortgage. It all depends on you.

Representative example
Representative example of a renovation loan
Mortgage valueEUR 60,000
Loan amount EUR 30,000
Repayment period15 years
NIR annual 2.99% + three-month EURIBOR
Monthly installment 199 EUR
Fee for loan processing (0% of the loan amount)0 EUR
Expenses related to loan approval, known at the moment of publishing
Bill of exchange100 RSD
Credit Bureau basic report246 RSD
Certification of pledge statementRSD 10,080
Property insurance - annuallyEUR 40 in RSD equivalent
Issuing of real estate folio in the land registerEUR 10 in RSD equivalent
Real estate valuationEUR 100 in RSD equivalent
Mortgage registration20.000 RSD
EIR annual 3,07%
Total loan amount ( (principal, interest and costs)37.262 EUR
EIR calculated on 29.04.2021.

EUR-indexed loans are contracted in RSD equivalent at the NBS middle exchange rate. The interest rate is variable and consists of a reference rate - six-month EURIBOR as a variable rate, and Bank’ margin as a fixed rate, in accordance with Bank’s Tariffs. Variable interest rate is adjusted on the first business day of each month in accordance with changes in the reference EURIBOR rate which, on the day of calculations for the sake of this representative example, i.e. on 29.04.2021., stood at -0,535. This offer is for guidance purposes only. For a personalized offer we are at your disposal at our Bank’s branches.

Do you have any additional questions?

If you have any questions or concerns, our experienced bankers are at your disposal.

Calculate your instalment on the assumption of the variable part of the interest rate change

Access the calculator of the National Bank of Serbia here

Do you have any additional questions?

If you have any questions or concerns, our experienced bankers are at your disposal.

Additional information on applying for a renovation and refurbishment loan

Loan applicant:

  • permanent employment of indefinite duration minimum 6 months with the current employer
  • transfer of personal income to the current account held with our Bank

Joint debtors:

  • one joint debtor allowed
  • joint debtor must be a close family member
  • debtor and joint debtor must reside in the apartment which is a subject of renovation

Loan collateral instruments:

  • Enclosed real estate insurance policy
  • Enclosed life insurance policy optionally at the client’s request
  • Bill of exchange and bill of exchange authorization
  • First-class mortgage on real estate
  • Administrative ban

Additional benefits

You can take life and property insurance in each branch and thus complete the entire process easily and in one place. Regular payment of insurance premium is provided through standing order which is free of charge and exempt from payments fee.

List od required documents

Please submit the application via our online contact form, and we will contact you

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