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Company in Norway Formalities and official matters Credit in Norway

Loans and banks in Norway, frequently asked questions:

1. I run a sole proprietorship. Can I include the loan for my apartment as a business expense?

No. A loan for a private apartment is not a business expense. Instead, you can deduct the interest on the loan in your private tax return.

2. What documents do I need to open a Norwegian bank account?

To open a bank account in Norway, you need a passport and a document that proves your personal number. Depending on whether it is a temporary (D-nummer) or permanent (fødselsnummer) number, the bank may require different documents. The most common is Utskrift av D-nummer, in the case of a temporary number, or Melding om flytting til Norge, in the case of a permanent personal number.

3. How do banks approach the length of stay in Norway when a person wants to apply for a loan?

Each institution has its own individual approach to loans for foreigners - some require three years of residence, others a longer period of residence in Norway.

4. How much is the own contribution for a home loan in Norway?

The range is quite large, depending on the bank - from 15% to as much as 30%.

5. What are the requirements to apply for a loan?

There are three basic things a person applying for a loan should have: - Norwegian personal number, - an indefinite employment contract concluded at least six months before, - an own contribution.

6. I want to take a loan, but I don't know for what amount. What is the largest amount I can apply for?

You can get a loan for at most three times your family's gross annual earnings.

7. When I decide to take out a loan, can I get help from financial specialists?

It is even desirable because of all the intricacies in the process.

8. Is it possible to include the loan in my tax return?

Yes, the interest of the loan can be written off in the return.

9. Can I get a home/apartment loan from a Norwegian municipality?

In case you do not have a contribution, as much as possible you can apply for a loan from the municipality.

10. To which municipality should I take my application for an apartment loan?

To the municipality where you plan to buy the property.

11. Does the amount of the loan from the municipality cover the total cost of the apartment?

The municipality grants loans for both full and partial amounts, and the decision is up to the institution.

12. What is the amount of the housing loan provided by the municipality?

By convention, it is the equivalent of the own contribution, which is required by banks. This increases the likelihood of receiving a loan, moreover, the municipality becomes, as it were, additional collateral for the loan.

13. I received a loan with the help of the municipality, but due to the loss of my job I am unable to pay it back. What should I do now?

Municipalities that provide assistance with loans pay the amount for the borrower if the borrower cannot make the repayments. You should ask your municipality for further assistance.

14. After what time does the bank charge interest on a credit card?

Generally, you have 30 to 50 days to balance the account, before interest begins to accrue.