Bank loans in Norway


Finances and banking can sometimes be a headache for many expats, especially when it comes to taking out bank loans.

Is it difficult for an expat to get approved for a bank loan in Norway?

What are the types of bank loans available for expats (mortgage/bonds; business loans; car loans; personal loans; student loans)?

What are the general conditions for expats to take out bank loans (interest rates; timeframe to repay loans, etc.)?

Which bank in Norway is the most popular or accessible for expats regarding loans?

Would you normally require the services of an accounts manager at the bank in order to facilitate the process of taking out a loan? Is this service free of charge?

What would happen in the case of an unpaid loan if you have to repatriate back to your home country or move somewhere else?

Are there any other options for loans aside from the bank in Norway, such as taking out a loan from your bank in your home country, or other types of companies not affiliated with banks, that give out loans?

Thank you for sharing your experience.


There is a credit core rating in Norway which is used by all financial institutions in assessing an individuals capacity to borrow and repay the loans. For new residents, some banks require to have at least 150,000 and above yearly income to apply for a loan. It really depends on which bank you choose and its best to check and thoroughly read their requirements respectively. Once you meet their requirements, everything is easily assessed and processed electronically.

If you are getting bank loan to purchase residential property, it is important to possess sufficient egenkapital.  The magic number is 25%.  If you already possess 25% of egenkapital of total value of the property (including Fellesgjeld), the banks are more likely to give you a loan and a lower interest rates.  15% is usually the minimum required egenkapital by most banks.

so far, based on my experience, people who are less than 35 years old get the lowest interest rate.  At the moment, interest rate can be as low as 2%.

Hi - could you direct me to names of banks that I should meet ... I am on a work permit(3+ years) and looking to buy a Home using a bank loan

Any banks will do.  You can start with the bank you open bank account with for your salary.

There are DNB, Nordea, Sparebank etc etc.  There are a lot more other banks but these are the ones I know.

How come that you loved for more than 3 years without a knowledge in local banks?