Frequently Asked Questions
- Loan or mortgage?
Since the new mortgage rules of 2013, there are few differences between a loan or a mortgage and the loan is an interesting alternative to the mortgage. The Nederlandse Kredietmaatschappij offers the following loans as an alternative to a mortgage: Continuous Credit , Refurbishment Credit , WOZ credit and the Personal Loan . A Personal Loan or a Renovation Loan, which is used for renovation or improvement of the owner-occupied home, is tax-deductible and is repaid annuity. The tax deductibility only applies to the Personal Loan and the renovation loan!
The biggest difference between a loan or mortgage is the total price. Despite a slightly higher interest on a loan, the total price of a loan is lower than that of a mortgage. Unlike with a mortgage, no closing and advisory costs are charged when taking out a loan. In addition, you do not have to pay notary and brokerage fees for a loan in connection with an appraisal and it is easier and cheaper to refinance a loan than a mortgage. This allows you to immediately take advantage of any more favorable conditions with other providers. Only with a renovation for more than 50,000 us dollars or a repayment term of more than 10 years can a mortgage be more interesting than a loan.
- Credit or mortgage?
Taking out a loan is usually cheaper than a (second) mortgage, because the differences since the new mortgage rules of 2013 are small. The interest on a mortgage is often slightly lower, but the total costs for a mortgage are often a lot higher than for a credit. No additional notary, appraisal, closing and advice costs are charged for taking out a loan, which is the case with a mortgage. Calculated over the entire term, a credit is therefore usually cheaper than a mortgage.
The Dutch Credit Company offers various loans as an alternative to a mortgage, namely the Homeowners Personal Loan, the Personal Loan and the Renovation Loan. The Renovation Loan and the Personal Loan are, just like a mortgage, tax-deductible if they are used for renovation or improvement of the owner-occupied home . In addition, you can transfer a loan more easily than a mortgage, so that you can possibly use interesting conditions with another lender. Would you like more information about the advantages of a credit compared to a mortgage? Read the article personal loan cheaper than a mortgage or view our loans for an overview of our offer.
- How do I apply for a Revolving Credit?
You can easily apply for a Continuous Credit online through us. At a time that suits you, 24 hours a day, 7 days a week. Fill in our online application form for this. We send your request to our partner banks and they make a tailor-made offer. Within 24 hours you will receive the quotes from our partners in one overview. Applying for a loan is always free of charge and without obligation.
- What is the term?
A Revolving Credit has no fixed term. You can repay and cancel the credit whenever you want.
- What is the term of a Revolving Credit 60+?
The term of a Revolving Credit 60+ is variable. This means that you can repay and cancel the credit whenever you want. The credit must be paid off before your 75th birthday.
- What advantages does a Renovation Loan have compared to a 2nd mortgage?
In the past, people often opted for a mortgage to finance a renovation. But nowadays, a loan is usually the cheapest and best option. A loan is cheaper because you do not pay notary, appraisal, closing and advice costs. In addition, you choose the term yourself, while a mortgage usually has a term of 30 years. In addition, it is faster to take out a loan. Taking out a mortgage takes at least 4 to 6 weeks. With a loan you have access to your credit within one week. A Renovation Loan means borrowing money cheaply, quickly and tailor-made.
- How much money can I insure with a term life insurance policy?
You can insure a minimum of € 1,000 and a maximum of € 125,000 with a term life insurance.
- How do I apply for term life insurance?
You can only take out a term life insurance with us in combination with a loan. Fill in our online application form for this. You will receive a quotation without any obligation within 24 hours. Of course completely free of charge
- Pay closing and advisory costs for a death risk premium?
The insurance company with which we work does not reimburse us any commission from the (monthly) premium. We work with net monthly premiums, so the premium does not include any commission, which means we can offer the lowest death risk premium in the Netherlands. We do, however, charge a fee for our mediation activities for the realization of the insurance. This fee will be collected by us after final acceptance of the insurance. The amount of the reimbursement is € 79.
We do not charge any closing and advice costs for taking out your loan.
- What are the conditions of the TAF Personal OVR?
The terms and conditions of the TAF Personal Life Insurance can be found here .
- Can I still take out a WOZ credit?
- Can I contact you for a stayers loan?
You can request a permanent loan from your municipality. The loan is then provided by SVn (Stimuleringsfonds Volkshuisvesting). Not all municipalities offer a stay loan and you must meet certain conditions. Are you not eligible for a stayers loan or is your municipality not offering this loan? Then you can contact us for a revolving credit or personal loan. Even if you are over 60. If you choose a personal loan for your renovation, it is tax-deductible.
- Can I pay off my loan faster?
You have two options to pay off your loan faster:
- Make extra repayments every month
- One-time additional repayments
Paying off your loan faster means that you will pay less interest , your debt will be lower and you will be debt-free sooner.
Repay earlier is to your advantage
When taking out your loan, you agreed on an amount that you will repay per month. The monthly amount has been chosen in such a way that it fits within your options. Do you think you can now pay a higher monthly amount? Or do you want to repay an extra amount in one go? This is always possible!
Borrowing is a temporary solution. The sooner you get rid of your loan, the lower the costs!
- You pay less interest.
- Your debt decreases.
- Your loan is more likely to be "0 euros". A nice feeling!
- As soon as your loan has been repaid, you have additional financial options for other fun things.
Pay off an extra amount in one go?
That is also possible, if you have a revolving credit, this is possible without costs and without penalty interest, if you have a personal loan, you pay a maximum of 1% penalty interest on the extra amount that you repay. You do not need to have won the State Lottery, because you can also repay a smaller amount extra.
How much will you save?
That depends on a number of things:
- what type of loan you have (Personal Loan or Revolving Credit)
- the amount of your loan
- the moment you make the extra repayment
- of your monthly installment and of the additional amount you wish to repay
- What is a Personal Loan?
A personal loan is a form of loan that you take out to finance a specific loan purpose. You borrow an amount from the bank once. This loan form provides security because the term of the loan and the interest rate are fixed. You repay the loan to the lender in fixed monthly amounts. These payments consist of interest and principal. At the end date, the loan is fully paid off and you are debt-free.
- What is revolving credit?
A revolving credit is a form of loan that you request for extra financial space. You decide at what time and what amount you withdraw from the loan. This is a flexible loan form. You only pay interest and principal on the amount withdrawn. The interest rate is variable; you pay the current interest. As a result, your monthly costs vary. Repaid amounts can be withdrawn again up to the agreed credit limit. You keep money on hand for unexpected costs.
- How does divorce work with debt?
As a married couple, you and your partner have taken out a personal loan or revolving credit together. Your situation is about to change in connection with a divorce. What happens to the current loan?
As was the case before the divorce, you jointly meet your monthly payment obligation. With all the associated risks. Both partners remain jointly and severally liable for the loan. Even if the agreement is properly included in the divorce agreement. Suppose you comply with the payment obligation, but your ex-partner does not; you still remain jointly and severally liable for the loan.
You split the loan and each take over part of the loan, if your individual financial situation permits and the bank accepts this.
You pay off the loan, if possible, so that you are debt-free. Are you paying off your share and your partner not? Then, even in this case, you remain jointly responsible for the outstanding part of the loan
In case of a revolving credit , you must pay extra attention that one of the partners can continue to withdraw amounts, if you cannot jointly reach an arrangement regarding the current credit.
Jointly and severally liable
You are both jointly and severally liable during the entire term for the personal loan or revolving credit taken out. Will either of you take over the blame after the divorce? Then the other partner must indicate in writing to the lender that he or she is no longer jointly and severally liable for the current loan. It is important that the bank agrees to this by registering a new agreement in one name. Are you not doing this? Then the loan will remain in both your name and you will both remain jointly and severally liable and you will have to make an arrangement for the monthly payment obligation together.
Married in community of goods
If you are married in community of property or have a registered partnership, you are each liable for the entire amount of the loan. This is regulated by law in the event of divorce.
Married under a prenuptial agreement
If you are married under a prenuptial agreement, those conditions include the degree of liability of both partners. In case of divorce, this division of liability applies.
- What is the difference between a Loan and Personal Loan?
Loan? Credit? Two terms that are used when it comes to borrowing money. And that creates confusion. Because what is the difference now? Although it would suggest otherwise, loan is not an abbreviation of 'personal loan' and credit is not an abbreviation of 'revolving credit'. In practice, the words 'loan' and 'credit' are used to refer to any form of consumer credit. Almost all loans that you take out as a consumer fall under the heading of consumer credit, except for a mortgage. So not only a personal loan or a revolving credit are included, but also the popular private leasing of a car or an installment purchase.
- How many people have a loan?
In 2017, 18% of households in the Netherlands had one or more current consumer loans with a total value of € 15.4 billion us dollar. The average loan amount was € 14,817.
- Can I cancel / split a loan due to divorce?
Did you take out a loan, together with your partner, during your marriage or registered partnership? This loan can only be terminated or split in a divorce settlement .
During the setting up of this covenant, the Nederlandse Kredietmaatschappij can calculate for you whether one of the parties can pay all or part of the loan amount after the divorce.
- Can I borrow money for debt after a divorce?
Do you have debts after the divorce (whether or not because of the divorce process)? Then Snaploan Online can see whether you can pay off these debts through a loan . This includes paying off the residual debt on the home or repaying your family / friends. Or the refinancing / merging of various loans, so the cost (interest and / or total debt) will be reduced and you get more financial statement.