How to receive a mortgage in Norway?

Norway has a flourishing mortgage system and local banks are willing to provide a real estate loan to both individuals and legal entities. And the procedure of registration of a mortgage loan for foreigners is almost similar to the standard one. Perhaps the only difference is the requirement to work for a year in Norway, before applying for a loan, and present a certificate about it to a bank.


Another standard requirement is an annual income of at least 420,000 Norwegian kroner (50,000 Euros). However, in the case of a client has a profitable job (for individual entrepreneurs it is, for example, legal and medical private practice, architectural office, etc.), this threshold can be lowered. And guarantees of the well-established Norwegian companies and respected citizens contribute to receiving a mortgage loan.


Typically Norwegian banks provide a loan for 90% of the cost of housing. It may be paid back during 5-25 years. Mortgage rates will amount to 6-8% per year. 1.5% of the transaction is to be paid to a notary, another 3.5% is a land tax, about 1,000 kroner (120 Euros) must be paid for the housing bank evaluation.


For registration of mortgages it is required a Norwegian ID number, a work permit in Norway, an income certificate and a recommendation letter from an employer or a large Norwegian company (optional). If all goes well, the bank may approve the loan on the day of filing.



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