Shortcuts
Jump to navigation
Jump to search
Jump to main content
Turn on/off screen reader friendly version
Practical information from public offices

If you want to buy a home, you must obtain a mortgage approval from a bank before you start looking at houses or apartments. You can apply for a start loan from your local municipality if you do not have private capital or you are having difficulty financing your home in a private bank.

The purchase price of the house/apartment is determined through people bidding for a property. Remember that the deal is made when the seller accepts your offer. You must therefore never make an offer before you are certain that you can finance the purchase.

Most banks offer mortgages if you want to buy a house or an apartment. The repayment period for a mortgage is long, usually between 20 and 30 years. People who do not own a home in Norway can apply for a first-time buyer mortgage, i.e. a mortgage with the same interest rate for the entire amount where you can borrow up to 100 per cent of the purchase price. Contact your bank to find out how much you can borrow and what interest rate the bank offers. Bring your tax return and pay slip to the bank to document your income level.

At www.finansportalen.no, you can find out which banks offer the lowest interest rate. 

First-time buyer mortgage

People who do not own a home in Norway can apply for a first-time buyer mortgage from their bank, i.e. a mortgage with the same interest rate for the entire amount where you can borrow up to 100 per cent of the purchase price. If the bank is not willing to lend you 100 per cent of the purchase price, you can apply for a start loan from your municipality.
Back to top 

Start loan from your municipality

If you have difficulties getting a loan from your bank to buy your own home, or you need help to stay in your current home, you can apply for a start loan. The loan can be granted as bridge financing or full financing for buying or renovating a house, as re-financing to stay in your current house, and as top-up financing to build a new house. Different municipalities have different policies and practices when it comes to granting start loans. It is up to the municipality to decide whether someone should be granted a loan and how much.

Applications should be submitted to the municipality that administers the scheme. Contact your municipality for further information about how the scheme is organised where you live.
Back to top 

Basic loan from the Norwegian State Housing Bank

A basic loan can be granted from the Norwegian State Housing Bank for the building of a new home or for renovating and adapting an existing home. The house must meet certain criteria relating to universal design (accessibility) and energy efficiency/the environment. If the house satisfies the criteria, the Norwegian Housing Bank can grant a loan of up to 80% of the costs or the purchase price approved by the bank.

Applications should be submitted to the Norwegian State Housing Bank, which administers the scheme. More information and application forms for all schemes are available at www.husbanken.no.
Back to top 

Housing grants

A housing grant is available for those who are most disadvantaged in the housing market. The household must be experiencing long-term or permanent financial difficulties, or the home must be in need of special adaptation. Grants can be given to buy a home, to renovate/adapt one’s own home and to re-finance a mortgage to be able to stay in one’s current home.
 
Applications for housing grants should be submitted to the municipality that administers the scheme. Contact your local municipality for further information and to find out whether the municipality offers grants.
Back to top 

Home insurance

If you own your own home, you must insure the building (home insurance). You can take out joint home contents and buildings insurance. If you own a house or an apartment in a jointly-owned property or a housing cooperative, the building will as a rule be insured by the cooperative/jointly-owned property. All you need in such case is a home contents policy. Ask the board of the jointly-owned property or housing cooperative about this.
Back to top

Home contents insurance

In order to insure the contents of your apartment/house, you need home contents insurance. This insurance covers damage to belongings in the event of fire, water damage, burglary etc. As for other types of insurance, the terms and conditions decide what the home contents insurance covers.

Information about insurance terms is available at www.finansportalen.no.
Back to top

Tip a friend

Tip a friend about this page by email
 
 

Mer information