You apply for a renovation loan here HMS Loan web. There you enter information about yourself, the renovations and what kind of loan you wish to take.
Additional documents
Last tax report’s tax assessment results.
If the loan is in addition to a loan from another credit institution we will need confirmation of the amount and credit terms of that loan.
An estimate or confirmation of renovation cost.
Following your application, you will be directed to CreditInfo for a credit assessment, to check your credit score.
When you have submitted your application you will receive confirmation of receipt by email. One of our loan advisors will contact you within 3 working days. If additional documentation is requested, it is important to submit them within the given deadline, otherwise the application will lapse.
You can always check the status of your application here HMS My pages.
Renovations not completed
The loan is not paid out until the renovations are complete. However, you can get prepaid against a bank guarantee.
Other additional documents:
The application must include
Within 12 months of renovation completion
confirmation of renovation cost and project completion (signed by an authorized body) must be submitted along with copies of invoices for purchased goods and labor. It is best to email this to the loan advisor you have been in contact with.
Loan approved:
When confirmation of renovation costs and project completion have been received, the loan is sent for documentation. This usually takes 1-3 business days.
When the loan documents are ready, you can pick them up during our opening hours in Borgartún 21, Reykjavík. Next you have to take them to the District Commissioner’s office (Sýslumaður) for registration (þinglýsing).
When the loan documents have been registered at the District Commissioner’s office (Sýslumaður), you can either mail them to us or bring them to our office in Borgartún 21, Reykjavík.
Renovations complete
Additional documents:
The application must include confirmation of renovation cost.
Loan approved:
As soon as the loan application is approved, the loan is sent for documentation. This usually takes 1-3 business days.
When the loan documents are ready, you can pick them up during our opening hours in Borgartún 21, Reykjavík. Next you have to take them to the District Commissioner’s office (Sýslumaður) for registration (þinglýsing).
When the loan documents have been registered at the District Commissioner’s office (Sýslumaður), you can either mail them to us or bring them to our office in Borgartún 21, Reykjavík.
Disbursement
The loan is paid out 1-2 business days after receipt of the loan documents.
The first interest date is 5 days from the issue date of the loan. The first instalment of the loan is on the first day of the second month thereafter.
Example: The first interest date is January 10. The first instalment is on March 1.
You can check the status of your loan and make extra down payments here HMS My pages.
Loan denied
If a loan application is denied, you will receive an email with our formal ruling and there you can see our reasons for refusal. If some documents are missing or if your situation has changed in some way, you can apply for a revision of your application and provide us with new information.
HMS rulings can be appealed to the Welfare Appeals Committee
Service provider
Housing & Construction Authority