Blacki78
2016-03-13 07:16:13
- #1
Hello,
we have found our desired plot of land and our desired house (Mecklenburg-Vorpommern). This is a new build of the house.
The total price (plot, incidental costs, house, etc.) is 272,000 Euros.
Now to our details:
Income:
Husband: 2,900 Euros net monthly income (civil servant)
Wife: 800 Euros net monthly income (employee)
2 children (4 and 9 years old) child benefit: 380 Euros
total: 4,080 Euros
Expenses:
Car loan installment: 320 Euros monthly until 2021 (purchased at the end of 2015)
no other loans or debts exist.
Equity: 17,000 Euros (some additional amount still available but kept as a buffer for unforeseen events)
financing requirement therefore 255,000 Euros
Desired rate for the construction financing: approx. 850.00 Euros
We have received our first financing offer. This offer includes a split into 3 financing components.
1st part 50,000 Euros (KFW 124 loan)
Nominal interest rate 1.35 %, repayment rate 2.82 %
Effective annual interest rate: 1.36 %
2nd part 100,000 Euros (repayable installment loan)
Nominal interest rate 1.94 %, repayment rate 2.00 %
Effective annual interest rate: 1.96 %
Fixed interest period 15 years
3rd part 105,000 Euros (loan with building savings contract)
Nominal interest rate 1.84 %, repayment rate --- %
Effective annual interest rate: 1.86 %
Fixed interest period 15 years
after 15 years the building savings contract will repay this installment loan. (effective annual interest rate for building savings loan 2.70 %)
We have another appointment at a different bank next week.
I would like to hear your opinion about the financing offer mentioned above.
Many thanks and have a nice rest of the weekend
we have found our desired plot of land and our desired house (Mecklenburg-Vorpommern). This is a new build of the house.
The total price (plot, incidental costs, house, etc.) is 272,000 Euros.
Now to our details:
Income:
Husband: 2,900 Euros net monthly income (civil servant)
Wife: 800 Euros net monthly income (employee)
2 children (4 and 9 years old) child benefit: 380 Euros
total: 4,080 Euros
Expenses:
Car loan installment: 320 Euros monthly until 2021 (purchased at the end of 2015)
no other loans or debts exist.
Equity: 17,000 Euros (some additional amount still available but kept as a buffer for unforeseen events)
financing requirement therefore 255,000 Euros
Desired rate for the construction financing: approx. 850.00 Euros
We have received our first financing offer. This offer includes a split into 3 financing components.
1st part 50,000 Euros (KFW 124 loan)
Nominal interest rate 1.35 %, repayment rate 2.82 %
Effective annual interest rate: 1.36 %
2nd part 100,000 Euros (repayable installment loan)
Nominal interest rate 1.94 %, repayment rate 2.00 %
Effective annual interest rate: 1.96 %
Fixed interest period 15 years
3rd part 105,000 Euros (loan with building savings contract)
Nominal interest rate 1.84 %, repayment rate --- %
Effective annual interest rate: 1.86 %
Fixed interest period 15 years
after 15 years the building savings contract will repay this installment loan. (effective annual interest rate for building savings loan 2.70 %)
We have another appointment at a different bank next week.
I would like to hear your opinion about the financing offer mentioned above.
Many thanks and have a nice rest of the weekend