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Mortgage Loan Norway

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*Calculation Example: Nominal rate 9.59%, effective rate 11.19%, 130,000 kr over 5 years. Cost 37,988 kr, total 167,988 kr.

Securing a mortgage, often referred to as a house loan, is a significant step towards homeownership in Norway. Whether you’re looking to buy your first home or move to a new property, understanding the basics of mortgage financing is crucial. We will provide an overview of the options available, helping you make an informed decision on the right mortgage product for your housing needs.

We help you compare different mortgage offers, enabling you to find the one that best suits your needs. By streamlining the process, we make it easier for you to evaluate various options and make well-informed decisions about your house loan in Norway.

Eligibility and Requirements for a Mortgage Loan

To qualify for a mortgage loan in Norway, prospective borrowers must meet specific eligibility criteria set by lenders. These requirements are designed to assess the financial stability and reliability of an applicant, ensuring they can responsibly manage and repay the loan. Factors such as income level, credit history, and employment status play a significant role in this evaluation process. Understanding these criteria not only helps you prepare your application but also increases your chances of obtaining favorable loan terms.

Meeting these requirements is crucial as it demonstrates your capability to handle long-term financial commitments. Lenders use these criteria to mitigate their risk and ensure that they are lending to individuals who are less likely to default on their loans. Preparing adequately for these requirements can lead to more competitive interest rates and better loan conditions.

Eligibility Criteria for a Mortgage Loan in Norway:

  • Stable income
  • Good credit score
  • Employment history
  • Down payment
  • Debt-to-income ratio
  • Age limit

Stable Income

Having a stable income is crucial as it assures the lender that you have the financial means to make regular loan payments. This is typically verified through recent pay slips or tax returns.

Good Credit Score

Your credit score reflects your financial history and creditworthiness. A higher score increases your chances of being approved and can also influence the interest rates offered.

Employment History

Lenders will look at your employment history to ensure that you have a stable job. Consistent employment is seen as an indicator of financial stability.

Down Payment

The down payment is the portion of the property’s purchase price that you must pay upfront. A larger down payment can often lead to better loan terms, including lower interest rates.

Debt-to-Income Ratio

This ratio measures your total monthly debts against your gross monthly income. It helps lenders assess your ability to manage your payments and additional debt.

Age Limit

Most mortgage providers have age limits to ensure that the loan will be fully repaid before the borrower reaches a certain age. This is typically set around retirement age.

Mortgage Loan in Norway

How to Apply for Your House Loan

Applying for a house loan online in Norway is convenient and efficient. You can start your application from anywhere at any time. The digital approach not only speeds up the application process but also allows you to compare different mortgage offers quickly, ensuring you find the best deal available. Many lenders have streamlined their procedures to make online applications as user-friendly as possible, with support readily available if you encounter any difficulties.

To begin the online application process, you typically need access to digital copies of your financial documents and personal information. The process is secure, with encryption used to protect your data, and it allows for quick verification of your documents and information, expediting the approval timeline.

Steps to Apply for a House Loan Online

  1. Research Lenders: Find and compare mortgage offers.
  2. Select the Best Offer: Choose the mortgage that best suits your needs based on terms and interest rates.
  3. Gather Necessary Documents: Prepare digital copies of required documents such as proof of income, ID, and any other requested paperwork.
  4. Complete the Application Form: Fill out the application form on the lender’s website.
  5. Submit Your Application: Upload your documents and submit your application.
  6. Wait for Approval: The lender will review your application and respond with an approval or request for further information.

Applying for a house loan at a traditional bank in Norway, while more time-consuming, involves a personal approach that some borrowers prefer. This method allows you to discuss your options directly with a loan officer, who can provide immediate feedback and guidance based on your financial situation.

When applying for a mortgage through a traditional bank, the process typically involves several face-to-face meetings and a more manual review of your application and supporting documents.

Steps to Apply for a House Loan at a Traditional Bank

  1. Schedule an Appointment: Contact the bank to set up a meeting with a loan officer.
  2. Prepare Documentation: Collect all required physical copies of your financial documents and personal identification.
  3. Attend the Meeting: Discuss your mortgage needs and options with the bank’s loan officer.
  4. Complete the Application Form: Fill out the application form provided by the bank during your meeting.
  5. Submit Your Application: Hand in your application and documents to the loan officer.
  6. Wait for Response: The bank will process your application and inform you of their decision.

Each approach has its benefits, depending on your preferences for convenience or personal interaction. Choosing the right application method can greatly influence your experience and the efficiency with which your application is processed.

Mortgage Loan Example

Understanding a mortgage loan is crucial for anyone entering the housing market. This knowledge equips you with the insight needed to understand loan agreements, ensuring that you can make informed decisions that align with your financial goals and lifestyle. Seeing a concrete example of how a mortgage loan is structured allows you to grasp the long-term financial commitment and the implications of various terms and rates. Additionally, it helps you plan your budget effectively, considering the ongoing costs associated with home ownership, including mortgage repayments, taxes, and maintenance.

Let’s consider a typical example of a mortgage loan in Norway to illustrate the common elements and financial implications:

Example of a Mortgage Loan:

Loan Amountkr. 2,000,000
Down Paymentkr. 300,000 (15%)
Interest Rate3% per annum
Loan Term25 years
Monthly Paymentkr. 9,485
Total Cost of Loankr. 2,845,500

Explanation of Terms:

  • Loan Amount: This is the principal amount that the borrower agrees to repay. In this example, it is kr. 2,000,000.
  • Down Payment: The initial sum paid by the borrower to cover a portion of the property’s cost. Here, the down payment is 15% of the total property price, amounting to kr. 300,000. This reduces the loan amount needed and often influences the terms of the loan, including the interest rate.
  • Interest Rate: The annual rate charged on the loan amount, which in this case is 3%. It dictates how much extra you will pay in addition to repaying the loan amount.
  • Loan Term: The duration over which the loan will be repaid, which is 25 years in this example. The loan term affects the size of the monthly payments and the total interest paid over the life of the loan.
  • Monthly Payment: The regular payment amount that the borrower must make. It is calculated based on the loan amount, interest rate, and loan term. In this example, it comes to kr. 9,485 per month.
  • Total Cost of Loan: This represents the total amount that will be paid by the end of the loan term, combining principal and interest payments. For this mortgage, the total cost will be kr. 2,845,500.


Frequently Asked Questions

Typically, a minimum of 15% of the property’s purchase price is required as a down payment.

Yes, foreigners can obtain a mortgage, but they must have a Norwegian personal number and usually need a documented history of income in Norway.

It generally takes a few weeks from application to approval, depending on the lender and the completeness of the application.

Yes, both fixed-rate and variable-rate mortgages are available, allowing borrowers to choose based on their preference and financial stability.

If you face difficulty making payments, it’s crucial to contact your lender immediately. They may offer solutions like restructuring the loan to avoid foreclosure.

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Kristian Ole Rørbye

Af Kristian Ole Rørbye