When moving into an apartment or rental home, a deposit of 2-3 times the monthly rent must usually be paid. The money stands as security throughout the rental period if, for example, one does not comply his obligations regarding the payment of rent, or one has to replace something at the apartment by vacancy.
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Since the deposit can usually be up to 3 times the monthly rent, you have to pay quite a lot of money in deposits. It is not always you have a savings that covers the amount, and then you can consider borrowing for deposits.
[box style = “rounded”] If the monthly rent is SEK 7,000, the deposit will typically be 3 times the amount, ie DKK 21,000 [/ box]
If you have to borrow the entire amount for the deposit, there are several options. You can borrow the money in the bank, through one of the many online loan providers or contact the municipality. Some housing companies also offer some form of financing for the deposit.
The cheapest loan form is often by getting a bank loan on the amount. A bank loan must be repaid within 1-10 years, but by the amounts you have to borrow for deposits, it will often be advisable with a repayment period in shorter time, typically 1-3 years. The interest rate on bank loans varies a lot, so contact your bank to hear more.
If you do not want to borrow the money in the bank, you also have the opportunity to borrow money for deposits online. You can often do this in peace from the couch, and get answers within a short time.
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However, be aware that some online loan providers have quite high costs, so it will be a good idea to investigate several different before ordering a loan. When comparing online loans, it is a good idea to compare the annual percentage rate of charge, APR. If one only looks at the interest rate, one can overlook expensive fees on the loan. They must be included in the APR, so it gives the most accurate picture when comparing.
You also have the opportunity to apply for a loan for deposits with the municipality. However, there are some requirements that must be met in order for you to get the loan. Firstly, the home must be in general construction, ie not private leases, and partly you must meet any requirements for the household’s maximum income.
[box type = ”info” style = ”rounded”] You are entitled to a loan from your municipality if the household’s total annual income is less than DKK 216,241 [/ box]
The advantage of a loan for deposits from the municipality is that you do not have to pay interest or installments for the first 5 years. Therefore, it is a very cheap form of loan. But the premise is that you do not earn more than the maximum limit. If you earn more you have to look at other loans.
The price depends on the size of the loan and the installment period. The more you borrow and the longer you are about to pay it back, the more expensive the loan. Therefore, it is best not to borrow more than most necessary and to pay the loan as soon as possible.
Below you can see a price example of loans for deposits with 3 different online loans:
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