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Apartment building loan

We recommend the following activities upon applying for a loan:

  • Find a construction expert. Prepare an expert evaluation of the building and determine the priorities of renovation works and the initial budget.
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  • If necessary order building design documentation and a building permit.
  • Prepare the draft minutes of the general meeting according to the sample form. It is advisable to send the draft minutes to all apartment owners for a review before holding the general meeting.
  • Adopt the resolutions of the general meeting according to the sample form.
  • Organise a competition for tenders of construction works in cooperation with the construction expert and select a suitable construction company by a resolution of the management board.
  • Present the documents specified in the application to the bank.
  • After signing the loan agreement and security contract enter into a contract for services with the person exercising owner supervision and the construction company.
  • Present the common ownership insurance policy, where the beneficiary is Swedbank.
  • The loan amount is disbursed by stages on the basis of the builder's invoices and statements on delivery and receipt of renovation works.

The loan application must comply with the following conditions:

  • The energy audit compiled for the apartment building must include the renovation work meeting the intended purpose of the Kredex loan, the energy saving achieved and the budget.
  • If the energy audit was compiled on or after 7 May 2009, the integrated project for the renovation work based on the energy audit must be added.
  • The required building permit issued by the local government.
  • The loan application, which must indicate the source of personal financing. The personal financing must be located in a Swedbank account or a relevant loan application be submitted.
  • Submit the documents indicated on the loan application to the bank.

Why to use renovating loan?

  • All renovation works can be completed simultaneously
  • Improved thermal resistance and reduced heating costs
  • No real property collateral is needed

Ask the loan specialist of the Apartment Association


Nadežda Muhhina Pirje Külaots

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