Housing

12 june 2017

When will I be able to access the amount I am borrowing?

Depending on your type of project – buying or building – you will be able to access your funds at different times. Let us explain!

Are you buying a house? The bank deposits the entire amount

ING will transfer the entire loan amount to the notary before the title deeds are signed. The notary will then immediately release these funds after the deeds are signed. If you opt for a private agreement with the bank, then the funds will only be released after that agreement is signed.

Are you building or renovating a home? You manage how much you receive and when

ING will release your funds in instalments after signing the notarised deeds or private agreement. You have up to 18 months to draw your capital in full. Until that time, you will only pay interest on the amount drawn during the first 6 months. From the 7th month onwards, you will also pay a small reservation provision on the unused balance. Once you have drawn the loan amount in full, you will start paying your full loan repayments including both capital and interest (re)payments.

Before releasing the first instalment of your loan, ING must receive a copy of your approved building permit application. Alternatively, you can submit a signed declaration confirming that your work does not require a building permit. For the following instalments, you can introduce your request via Home’Bank, and immediately upload your bills and documentary evidence. The corresponding amount will then be released within 3 working days.

A few conditions must be satisfied:

  • The minimum amount that can be released is €2,500 per instalment. Think about grouping together bills for smaller amounts.
  • The last instalment of €2,500 may be released without bills. You just need to ask.
  • All bills and documentary evidence must be in the borrowers' name.
  • Bills must be drawn up in one of the 3 official languages of Belgium or in English.
  • Bills must relate to the purpose of the loan.
  • Hardware store receipts are also accepted.

The standard deadline for the release of your funds is set contractually at 18 months for all home loans. If your funds have not been drawn in full by the end of this period, it will automatically be extended for a 6-month period. You therefore have up to 24 months to use the entirety of your loan.

In short:
  • You determine how much of your funds the bank releases.
  • You choose when the bank deposits the funds.
  • You receive your money faster by submitting your documents online.

Don’t use Home'Bank? You can also send your invoices and other documents together with your completed request form by post. We will process your request within 3 working days after we receive your invoices.