FRules1
2025-01-12 12:55:17
- #1
Hi everyone,
this year we are finally starting with the house construction. Currently, financing is on our agenda. We have been recommended the Sparda Bank by an independent financial advisor. The terms suit us (almost). However, one thing in the contract still makes me very suspicious.
The ESIS information sheet also lists a repayment schedule showing 13 interest installments of 990 euros starting from 30.01.2025. It is written quite clearly that this is how it is. Until now, I had assumed that you only pay interest on the loan amount that you have actually drawn. That was also what our financial advisor said - she said she could take away our fear, that it always says something like this. We have not had direct contact with the bank yet.
Did you have similar clauses in your contract? In a search, I found a thread where a similar passage was stated, but it was phrased as follows:
For me, it makes no sense to pay 13 interest installments totaling almost 13,000 euros on the full loan amount, which we will only draw little by little.
this year we are finally starting with the house construction. Currently, financing is on our agenda. We have been recommended the Sparda Bank by an independent financial advisor. The terms suit us (almost). However, one thing in the contract still makes me very suspicious.
The loan is to be repaid as follows:
At an annual rate of 1.85% of the original loan amount plus the interest saved through repayments. Accordingly, 401 annuity installments consisting of interest and repayments plus other costs are to be paid, each due on the 30th of a month, the first on 28.02.2026 with priority allocation to the interest, 400 installments amounting to 1,600 EUR each as well as a differing installment of 709 EUR. Until the start of repayment, 13 interest installments of 990 EUR are to be paid, each due on the 30th of a month, the first on 30.01.2025.
The ESIS information sheet also lists a repayment schedule showing 13 interest installments of 990 euros starting from 30.01.2025. It is written quite clearly that this is how it is. Until now, I had assumed that you only pay interest on the loan amount that you have actually drawn. That was also what our financial advisor said - she said she could take away our fear, that it always says something like this. We have not had direct contact with the bank yet.
Did you have similar clauses in your contract? In a search, I found a thread where a similar passage was stated, but it was phrased as follows:
Until the start of repayment, only the interest is to be paid.
For me, it makes no sense to pay 13 interest installments totaling almost 13,000 euros on the full loan amount, which we will only draw little by little.