You can pay for the renovation in monthly installments
Foundation drainage system renovation is a significant but often necessary investment that protects your home’s foundation and prevents moisture damage well into the future. However, the renovation doesn’t have to mean a large one-time payment. We offer a flexible financing solution that allows you to spread the costs into manageable monthly payments and maintain your financial stability.
With Vesivek financing, you can spread the cost of your renovation into monthly payments that work for you
With the financing offered by OP Financing, you can conveniently pay for your renovation in monthly installments. You can also pay for your roof renovation in a single lump sum with no interest or fees. To ensure that payment transactions are as secure and flexible as possible, all Vesivek renovations are paid for through your Vesivek account, whether you pay in installments or in a single lump sum.
You can apply for a one-time payment or installment plan using OP’s online form. For more detailed instructions on applying for a Vesivek account, please refer to the Vesivek account guide.
When using the installment payment option for your Vesivek account, you can pay for the renovation in monthly installments that suit your needs. You can pay off the entire renovation with your first bill if you do not wish to use the installment plan.
When paying flexibly in monthly installments, you can pay either the minimum amount or a larger amount. You can pay off the entire invoice at any time without any additional fees.
Financing Options for Subsurface Drainage Repairs
You can calculate your monthly payment and apply for a financing decision in advance, before meeting with a Vesivek representative, so that your renovation financing is all set. There are two financing options: a 30-day or 6-month interest-free and fee-free payment deferral.
30-day interest-free and fee-free payment period
The first invoice will arrive 30 days after the renovation. At that time, you can decide whether to pay for the renovation in a single lump sum, interest-free and with no fees, or take advantage of the installment plan offered by OP and pay in monthly installments of your choice.
6-month interest-free and fee-free payment deferral
The first bill will arrive 6 months after the renovation. At that time, you can decide whether to pay off the renovation in one lump sum, interest-free and with no fees, or take advantage of the installment plan offered by OP and pay in monthly installments of your choice.
Terms and Conditions of the 30-Day Interest-Free Vesivek Account, Drainage Pipe Repairs
- Funding: €2,500–50,000.
- Flexible repayment period.
- Interest rate: OP-prime + 6.95%*.
- Billing fee: 7 €/month.
- One month of interest-free and fee-free payment period.
- You can pay off the entire loan at once without any additional fees.
- As an OP Cooperative Bank owner-customer, you earn OP bonuses on your loans. Learn more.
The effective annual interest rate for Vesivek account financing (lump-sum loan/monthly installment option) on a €7,500 loan is 12.07%, with the loan interest rate set at OP-prime + 6.95% (9.45% as of 05/25), with a setup fee of 0 € and a billing fee of 7 €/month. The estimated total cost of the loan is 10,812 €. The calculation is based on the assumption that the full loan amount has been drawn down, the interest rate, fees, and charges remain constant throughout the loan term, and the loan is repaid in minimum monthly installments of 128 € (1.7% of the loan amount), resulting in a loan term of 85 months. The calculation includes a 1-month interest-free and fee-free grace period at the start of the loan.
The loan is granted by OP Yrityspankki Oyj, Gebhardinaukio 1, 00510 Helsinki
Be sure to take advantage of the household tax deduction
Save Money with the Household Tax Deduction
The home improvement tax deduction is a significant benefit that you should take advantage of when renovating your drainage system. The deduction is granted on the cost of the renovation work and significantly reduces the total cost of the project. You can claim the home improvement tax credit on your tax return if the renovation is carried out by a company listed in the prepayment register.
- In 2025, the household tax deduction will be 35% of the VAT-inclusive price of the work.
- The maximum deduction is 1,600 € per person. The deductible is 150 €. You’ll receive the maximum deduction if the labor portion of the renovation costs €5,000 (€5,000 × 0.35% – €150 = €1,600).
- Sample calculation: The cost of drainage repair is €20,000 (of which labor accounts for 70%, or €14,000). The couple can claim a total deduction of €3,200. The amount remaining to be paid is €16,800.