The Redemption Loan allows you to use the excess value of your home for two things: making modifications to your home or helping a (grand)child purchase their first homeRequirements differences between children and grandchildren). The Redeeming Loan applies to applicants who do not qualify for the consumer or mortgage incentive loan.

The Redemption Loan is taken out as a mortgage loan and is in addition to your existing mortgage(s). You do not have to pay monthly interest and principal payments. The loan is provided through a building deposit, unless you want to use the loan to purchase your (grand)child's home. Then the loan is provided through the notary. The following Requirements apply to the Redeeming Loan:

• In the case of two or more owners, together they count as applicants;
• at the time of application, you are older than a maximum of 10 years before the legal state pension age (situation 2022: 57 years or older)...;
• You live in the municipality of Nuenen c.a. for at least one year;
• the amount of the loan is a minimum of €2,500 and a maximum of €40,000 (including VAT);
• the loan has a maximum term of 75 years and is provided through a construction deposit;
• the work to implement the measures must not have started before the loan is granted.

The table below shows you what the actual costs may be if you want to take out a redemption.

Loans from € 2,500 to € 40,000, term 75 years, the interest rate of the Redeemable Loan is determined by SVn, for current rates please visit https://svn.nl/rente.

* Interest is fixed on the date the application is received and is fixed for 40 years. Interest is never eligible for tax deduction.
** Interest credited for up to 40 years is taken into account.
*** Interest credited annually is not taken into account.  

Request

If you meet the Requirements you can submit an application online. After we receive the application form, the following steps are completed:

• The municipality tests whether you can submit an application to SVn. If you meet the Requirements, you will receive an allocation decision.
• You submit your application at www.svn.nl/gemeente/nuenen. You will need the allocation decision with that.
• SVn performs the financial test.
• The procedure ends with the financial settlement.

The College of B&W makes an allocation or rejection decision within eight weeks of receiving the application.