Allkauf house financing condition

@ElTorro: Hello, and thank you for your experience. So it is the case that you can decide right away on BHW Bank to fulfill the condition. You do not necessarily have to take Bank x as well. Good to know. That was actually my question. Some people want to read between the lines no matter why.

My decision will still fall on BHW, especially since I want to save more over time to pay off faster. With a "normal loan" you only have the 5-10% special repayment. With building savings you can then put more into the pot. Did I understand that correctly?

With a "normal loan" you only have the 5-10% special repayment. With building savings you can then put more into the pot. Did I understand that correctly?

I don't think so. As far as I know, a building savings contract works like this: You have a building savings contract set up for a certain amount. Let's say 100,000 at an interest rate of 4%. Now you have to save 40,000 within the next 8 years. You get 0.5% interest on this savings amount. You can also put in more, but it doesn't help you. After 8 years, the contract comes to allocation: This means you get 100,000 € from the bank at 4% interest, which you then have to repay within 12 years. This only gives you interest rate security for the future, nothing more. With a "normal loan" of, say, 200,000 € and a 1% repayment rate, you have to pay 800 € monthly. The bank gives you the option to make 5% special repayments. This means you can put 10,000 extra into the pot each year. These 10,000 are direct repayments, reducing the interest portion. Your monthly burden will not change, but you will have repaid the loan faster. In the end, you simply pay less overall for your loan. 200,000 at 1% repayment: about 40 years and total costs of 500,000 200,000 at 1% repayment and 10,000 annual special repayment: total costs 300,000 and finished after 20 years The numbers above are roughly estimated and assume that interest rates do not rise. I think you should get advice again, maybe from an independent financial advisor, who can explain the matter with the different options again. Only then can you assess which model fits best.

Hello Da

With the building savings contract, it always depends a bit on the provider / contract. I also did my financing with a building savings contract to have guaranteed interest rate security over the entire term.
I could also already make special payments during the accumulation phase. This would make the contract reach allocation faster - okay, not much faster - would it be worthwhile for me? I’ll think about it if I ever have the possibility to make special payments.
In the 2nd phase - the loan phase - I can make special repayments as often and as much as I want.

The banks make their profit by getting my money cheaply during the savings phase. Therefore, they have little interest in lending me money. Because if I repay the building savings contract loan faster, they can lend my money to someone else at higher interest rates...

But that’s just as a supplement to your post

Regards
Micha

Thank you very much for the detailed information. Of course, there are probably one or two more attractive models. I think the property financing backed by the BHW Dispo Max + BHW Wohn Max building savings contracts is probably not the worst on the market. Especially since the new products at BHW are also very attractive. As a self-employed person, you can be glad to find any financing bank at all. Since Allkauf Haus collaborates with BHW Bank, approval there is more likely than anywhere else.

Hello,

unfortunately, we have signed a house contract with Allkauf Haus with the reservation of financing.

In the house contract with Allkauf Haus, nothing was written under the construction address, as there was also no property available.

The reservation is limited and binding until 09.05.2015.

Now we have considered that we do not want to build a house after all and want to continue paying rent for several more years.

Can I simply cancel from 09.05.2015 or 10.05.2015 within two weeks without having to pay cancellation or compensation fees?

I look forward to your response.

I do not think so. According to the contract, you intend to build a house and this is also binding. Only a rejection from several banks, including the house bank of [Allkauf Haus], can dissolve this house contract.

So if you do not want to build now, but could, then the contract remains in effect.

Furthermore, you must prove that you have inquired with several banks or have applied for a loan.