Have you ever dreamed of adding a terrace for summer, building a sauna or renovating your bathroom, only to postpone the plan because you did not have enough spare funds?
For situations like these, Inbank offers a simple solution: home financing without collateral or a down payment.
In this article, we explain when this option may be suitable, which types of home loans we offer and what an assessment in 5 minutes actually means. Explains Inbank loans experts.
What is Inbank, and why do customers choose us?
Inbank Latvia is a licensed financial services provider and part of the Inbank Group, which holds a European Union banking licence. We have been operating in Latvia since 2014. This means that for 12 years, we have helped customers carry out both large and small plans, from purchases in physical and online stores to home improvements.
We describe ourselves as a financial technology company, or fintech. In other words, we are a bank that has created a convenient digital solution.
Customers only need to complete an online application. We then automatically check the relevant registers for information about their income and existing financial commitments. In most cases, they receive an answer within a few minutes.
When can home financing be suitable?
Many home-related needs do not require a large amount of money. Based on our experience, customers most often come to us with plans such as:
Small home renovation projects, such as combining the kitchen with the living room or renovating the bathroom;
Improving a country house, including replacing the roof, building a new terrace or upgrading the heating system;
Buying a small property, such as a summer house, garage, sauna or small modular home;
Starting or completing a construction project;
Hiring individual tradespeople.
When carrying out renovation work, it can be difficult to calculate every cost in advance. That is why customers appreciate receiving the full amount at once, allowing them to manage the project flexibly and without unnecessary delays.
What do “without collateral” and “without a down payment” actually mean?
“Without collateral” means that:
You do not need to submit documents related to the property;
You do not need to visit a notary;
There are no additional document processing costs.
We also do not treat home plans differently depending on whether the property is located in a city or a region. Applications for both are considered.
A loan without a down payment
Traditional mortgage loans usually require a down payment. Our home financing does not. Your first monthly payment is due only after one month.
Fixed interest rate
Both the Small home loan and the Renovation loan have a fixed interest rate. This means your monthly payment will remain unchanged throughout the agreement, even if Euribor rates change. This makes it easier to plan your budget with confidence.
Three types of home loans: how to choose?
Depending on your plans, we offer three different types of loans. They all have one thing in common: we assess your creditworthiness remotely within a few minutes.
In some cases, we may call you to discuss how you plan to use the financing and to make sure you have chosen the most suitable solution.
Renovation loan: up to €10,000
Designed specifically for renovation and refurbishment work. It may be suitable when you want to improve individual rooms or parts of a property, for example:
combining the kitchen with the living room;
renovating the bathroom;
replacing the heating system, roof or electrical wiring.
Small home loan: up to €30,000
Suitable when you need a larger amount, for example:
to buy a home or country property in a region;
to buy a summer house, garage or another small building;
to complete an unfinished construction project;
to carry out larger renovation or refurbishment plans.
Energy efficiency loan: up to €30,000
This is often associated with installing solar panels, but it can be used for much more, including:
installing a heat pump;
replacing windows and improving insulation;
replacing the heating system;
installing an air conditioner.
One advantage is that we do not require a home energy efficiency audit. We only assess the customer’s ability to repay the loan and whether the funds will be used for the selected purpose."
How does the 5-minute assessment work?
The customer completes the application and enters their details;
The relevant registers, income and existing financial commitments are checked automatically;
A free offer is prepared based on the requested amount and the purpose of the loan;
The customer has 14 days to decide whether to accept the offer and sign the agreement;
Once the agreement has been signed, the full loan amount is transferred to the customer’s bank account in a single payment no later than the next business day.
