Loans and interest on loans

If you have loans, this will reduce your wealth. Usually, you’ll pay interest on your loans. When you pay tax, you can claim a deduction for interest on loans (debt). This means that you pay less tax.

Does this apply to me?

This applies to everyone who has loans and pays interest. This could, for example, be:

  • mortgages
  • student loans
  • car loans
  • consumer loans
  • loans from your employer
  • private loans, for example, from family members
  • loans you have outside of Norway

What you need to do

You must enter information about your loans and interest in the tax deduction card and the tax return so that your tax is correctly calculated.

We gather the information from your previous tax assessment and adjust it against the expected increase or decrease in interest for 2025. If you took out a loan in 2024, it is not pre-filled. Then you must enter the information yourself.

If interest increases or decreases during the year, or if there are other changes to your private financial situation, this can affect how much tax you have to pay. This is why it’s important that you check the information and make changes if there are errors.

If the interest in your tax deduction card is higher than what you end up paying during the year, you risk paying too little tax and then having to pay the underpaid tax when you receive the tax return.

If you have more than one loan, you must add up the loans and interest on all loans and enter this information in the tax deduction card. If you have a joint loan with someone, you must also check that the allocation of the loan and interest is correct.

Every year, you’ll receive a summary of your loan and the interest you’ve paid from your bank, the Norwegian State Educational Loan Fund (Lånekassen) and others you may have borrowed money from. This summary is often called an annual statement (årsoppgave). Check that the figures in your annual statement(s) are the same as in your tax return. If you have a joint loan with someone, you must also check that the allocation of the loan and interest is correct.

You can claim a deduction on the following interest

You can claim a deduction for accrued interest, that is, the obligation you have to pay the interest. For most loans, you pay interest according to a repayment plan. You can claim a deduction for such interest as long as you pay the interest within the payment deadline.

For some loans, such as senior loans, flexible loans and credit loans, interest will accrue during the year even if you’re not required to pay them. You can claim a deduction for this interest also.

You cannot claim a deduction for:

  • interest on underpaid tax
  • debt-collection charges
  • expenses relating to debt collection
  • interest that you’re not responsible for, for example, if you repay someone else’s loan

If you do not pay underpaid tax by the due date and must pay interest on overdue payments, you’ll be entitled to a deduction for these. Interest on overdue payments is pre-filled in your tax return.

If you have an unpaid loan that goes to debt collection, you must pay both:

  • the loan you owe, which goes to the provider of the loan, such as the bank,
  • fees and costs to the debt collection agency (collection charges)
    and
  • interest to the debt collection agency, often called interest on costs

This applies regardless of whether you pay yourself or whether the claim goes to enforced collection resulting in, for example, deductions from your salary or pension.

You can claim a deduction for interest paid to the debt collection agency, but you’ll not be entitled to a deduction for the debt collection charges you owe or fees and costs to the debt collection agency.

You must add “Debt and interest paid to debt collection agencies and payment service providers" in the tax return under the topic bank, loans and insurance. You’ll find this amount in the annual statement or supporting documents you’ve received from the debt collection agency. Here it’s often called interest on costs or internal rate of return.

Interest paid to the bank through debt collection agencies has already been reported by the bank as "Defaulted interest paid" under the topic bank, loans and insurance. For example, it could be a mortgage that has not been paid.

Interest to others through debt collection agencies is not pre-filled. You must add it yourself under "Other loans". For example, there may be interest on debt collection cases from telecommunications companies, electricity suppliers, and similar.

If the debt collection agency takes over the entire claim, for example, the entire loan from the bank, all interest for which you can claim a deduction will be reported and pre-filled in the tax return. They often collect debt and debt collection costs first. When they do not collect interest, you’ll not be entitled to a deduction either.

If you've paid interest to Klarna, this has not been pre-filled in your tax return. You must enter this yourself in the tax return under "Other loans". You do not need to enter an identification number.

You can see how much interest you've paid in your purchase history in the Klarna app or on the Klarna website. You’ll also get an annual statement from Klarna.

If you owed money that you had not yet paid as at 31 December, you can also add the amount as a loan under "Other loans".

Documentation

You do not need to send us any documentation of loans and interest. You must, however be able to provide documentation if we ask for it, such as an annual statement or a confirmation from the bank or other party that you have borrowed money from.

Division of loans and interest when you’ve taken out a joint loan with someone

If you've taken out a joint loan with someone, the loan and interest must be divided between you.

How to make the division

Specific information if you have

If you’ve refinanced your loan, for example, to get a lower interest rate, you can claim a deduction for expenses you have related to the refinancing. You’ll only be entitled to a deduction for expenses for refinancing, not for the purchase and sale of property.

The bank reports all interest and all other expenses paid to them that you can claim a deduction for. Establishment fees and instalment fees are also included here. This is reported for both the old and the new loan.

If you've had other expenses related to refinancing loans, you must add the amount yourself as "Expenses related to refinancing loans". This could be:

  • appraiser’s fees, advisory fees, and other costs related to achieving a lower interest rate.
  • registration fees for registration of mortgage bonds.
  • other costs in connection with taking out loans that have been paid to parties other than the bank.

You can only deduct these expenses if they’re related to refinancing a loan.

What you need to do:

1. Check your tax deduction card

You’ll find information about loans and interest on loans in the repayment plan provided by your bank. The plan states how much you will pay in instalments and interest on the loan. Check that the figures in your tax deduction card are the same as the total amount for the whole year in your repayment plan.

If you do not know how much interest you’ll have to pay on the loan during the year, ask your bank.

If you have a fixed interest rate, it’s particularly important that you check your tax deduction card. If your tax deduction card is pre-filled with information about loans and interest on loans, the figures will be incorrect because we do not know that you have a fixed interest rate.

If anything is incorrect, you must change your tax deduction card.

You can make changes throughout the year.

2. Check the tax return you’ll receive in March

Your tax return is usually pre-filled with information about loans and interest. Banks will report all loans, interest expenses and other expenses that you can claim deductions for, such as instalment charges and establishment fees.

Check that the information about loans and interest on loans in your tax return corresponds to the annual statement you’ll receive from your bank.

If you believe that the bank has reported incorrect information, you should contact your bank so that they can correct this.

If you have a joint loan with someone, you must check that the allocation of loans and interest on loans is correct.

You’ll find information about loans and interest on loans in the annual statement that you’ll receive from the jointly-owned property or housing association. 

What you need to do:

1. Check your tax deduction card

Check that the figures in your tax deduction card correspond to the loans you’ll have and the interest you’ll pay during the entire year.

If the jointly-owned property or housing association has a fixed interest rate, it’s particularly important that you check your tax deduction card. If your tax deduction card is pre-filled with information about loans and interest on loans, the figures will be incorrect because we do not know that the jointly-owned property or housing association has a fixed interest rate.

If anything is incorrect, you must change your tax deduction card.

You can make changes throughout the year.

2. Check the tax return you’ll receive in March

Your tax return is usually pre-filled with information about loans and interest. Banks will report all loans, interest expenses and other expenses that you can claim deductions for, such as instalment charges and establishment fees.

Check that the information about loans and interest on loans in your tax return corresponds to the annual statement you’ll receive from the jointly-owned property or housing association.

If you believe that anything is incorrect, you should contact the jointly-owned property or housing association so that they can correct this.

What you need to do:

1. Check your tax deduction card

You’ll find information about loans and interest on loans in the repayment plan provided by the Norwegian State Educational Loan Fund (Lånekassen). Check that the figures in your tax deduction card correspond to the loans you’ll have and the interest you’ll pay during the entire year.

If you do not know how much interest you’ll have to pay on the loan during the year, ask your bank.

If you have a fixed interest rate, it’s particularly important that you check your tax deduction card. If your tax deduction card is pre-filled with information about loans and interest on loans, the figures will be incorrect because we do not know that you have a fixed interest rate.

If anything is incorrect, you must change your tax deduction card.

You can make changes throughout the year.

2. Check the tax return you’ll receive in March

Your tax return is usually pre-filled with information about loans and interest. Lånekassen will report all loans, interest expenses and other expenses that you can claim deductions for, such as instalment charges and establishment fees.

Check that the information about loans and interest on loans in your tax return corresponds to the annual statement you’ll receive from Lånekassen.

If you believe that anything is incorrect, you should contact Lånekassen so that they can correct this.

What you need to do:

1. Check your tax deduction card

You’ll find information about loans and interest on loans in the repayment plan provided by your bank. The plan states how much you will pay in instalments and interest on the loan. Check that the figures in your tax deduction card are the same as the total amount for the whole year in your repayment plan.

If you do not know how much interest you’ll have to pay on the loan during the year, ask your bank.

If you have a fixed interest rate, it’s extra important that you check your tax deduction card. If your tax deduction card is pre-filled with information about loans and interest on loans, the figures will be incorrect because we do not know that you have a fixed interest rate.

If anything is incorrect, you must change your tax deduction card.

You can make changes throughout the year.

2. Check the tax return you’ll receive in March

Your tax return is usually pre-filled with information about loans and interest. Banks will report all loans, interest expenses and other expenses that you can claim deductions for, such as instalment charges and establishment fees.

Check that the information about loans and interest on loans in your tax return corresponds to the annual statement you’ll receive from your bank.

If you believe that the bank has reported incorrect information, you should contact your bank so that they can correct this.

If you have a joint car loan with someone, you must check that the allocation of loans and interest on loans is correct.

What you need to do:

1. Check your tax deduction card

You’ll find information about loans and interest on loans in the repayment plan provided by your bank. The plan states how much you will pay in instalments and interest on the loan. Check that the figures in your tax deduction card are the same as the total amount for the whole year in your repayment plan.

If you do not know how much interest you’ll have to pay on the loan during the year, ask your bank.

If anything is incorrect, you must change your tax deduction card.

You can make changes throughout the year.

2. Check the tax return you’ll receive in March

Your tax return is usually pre-filled with information about loans and interest. Banks will report all loans, interest expenses and other expenses that you can claim deductions for, such as instalment charges and establishment fees.

Check that the information about loans and interest on loans in your tax return corresponds to the annual statement you’ll receive from your bank.

If you believe that the bank has reported incorrect information, you should contact your bank so that they can correct this.

What you need to do:

1. Check your tax deduction card

Check that the loan is included in your tax deduction card, and that the figures are correct. If the loan is not pre-filled, you must enter the information yourself. Remember to include interest on the loan if relevant.

2. Check the tax return you’ll receive in March

You must add the loan and any interest that you pay in the loan yourself in the tax return under "Other loans".

Include a signed loan agreement and proof that interest has been paid according to the agreement, for example, a bank statement.

What you need to do:

1. Check your tax deduction card

Check that loans and interest on loans outside of Norway are included in your tax deduction card, and that the information is correct. If the loan is not pre-filled, you must enter the information yourself.

If you have a fixed interest rate, it’s particularly important that you check your tax deduction card. If your tax deduction card is pre-filled with information about loans and interest on loans, the figures will be incorrect because we do not know that you have a fixed interest rate.

2. Check the tax return you’ll receive in March

You must enter loans and interest on loans that you have outside of Norway in your tax return.

What you need to do:

  1. Check your tax deduction card

You’ll find information about loans and interest on loans in the annual statement or repayment plan provided by your employer. Check that the figures in your tax deduction card correspond to the loan you’ll have and the interest you’ll pay during the entire year.

If anything is incorrect, you must change your tax deduction card.

You can make changes throughout the year.

  1. Check the tax return you’ll receive in March

Check that the information about loans and interest on loans in your tax return corresponds to the annual statement you’ll receive from your employer.

If anything is incorrect, you must change your tax return.

If your employer has not reported interest on loans, you must add it yourself as "Other loans". The interest benefit is reported in the same way as salary.

You must be able to provide supporting documents if we ask you to do so. Supporting documents can be, for example, a loan agreement or confirmation from your employer, and a bank statement showing the payment of the loan to you.