Building financing - Is the income in order?

  • Erstellt am 2020-05-02 22:20:33

ROWI291991

2020-05-02 22:20:33
  • #1
Hello everyone!
My wife and I are currently planning to build a house.
We already have an offer from the builder as well as from the bank. Now we want to double-check and hear your opinions.
Income:
- Man: 2500 Euro net (13 salaries)
- Woman: 2700 Euro net (12 salaries)
Total: 5200 Euro net, child planned next year.

The construction project with KFW funding) including incidental costs etc. costs in total: 375,000 Euro
Equity: 60,000 Euro
Loan accordingly still: 315,000

Financing offer:
- KFW loan: nominal/ effective 0.95% / 0.98%, 120,000 loan amount, 10 years fixed interest period, monthly: approximately 400 €
- further loan: nominal/effective: 1.54% / 1.57%, 195,000 loan amount, 15 years fixed interest period, monthly approximately 700 €
--> mixed interest rate**: 1.31% / 1.34%, repayment rate: 3%

Monthly loan amount: approximately 1100 €

We have another offer with mixed interest rate**: 1.17% / 1.20%. However, this will fail due to the mortgage lending value assessment.

Is all this realistic or what do you think? Many thanks for your feedback!
 

nordanney

2020-05-02 22:55:06
  • #2
Easy, your wife MUST go back to work or vice versa (depending on how your planning looks).
 

SimBaPa

2020-05-02 22:57:25
  • #3
1.54% for 15 years seems too high to me. We ourselves bought a house quite spontaneously in February and had the following conditions:

Purchase price: €339,000
Additional costs including broker: €35,000
Equity: €52,000
Loan amount: €322,000 = loan-to-value of 95%

We financed the amount as follows:

€100,000 via KFW 124 with nominal 0.75%, fixed interest for 10 years, monthly rate of just under €630, one year interest-only

€222,000 via main loan, nominal 0.75%, fixed interest for 20 years, up to 5% special repayments per year possible, initial repayment of 3%, monthly rate of just under €700
 

SimBaPa

2020-05-02 23:08:48
  • #4
Oh yes, a few more details about us:

- He is 32 years old, net €4,000, 13 salaries, tax class 3
- She is 30 years old, net €850, 12.5 salaries, part-time work
- 2 children

Purchased property:
Slightly in need of renovation single-family house, built in 1998, rural Bavaria (definitely not Munich or surroundings), 150 sqm living space, 7 rooms, plot 625 sqm, fully basemented

I think now I have everything.
 

HilfeHilfe

2020-05-03 07:57:49
  • #5
Is the construction including the land? Seems a bit cheap to me
 

Jean-Marc

2020-05-03 10:44:50
  • #6


Why should it be cheap? Just because it doesn’t start with a 4? Nothing at all has been written about how big the house and the land are, nor where it is supposed to be built.

As long as there are no expensive hobbies or any consumer loans running alongside, the calculation makes sense anyway.



If he switches to tax class III, then you could still manage a second parental leave year. The flat rate for two adults with a child is about 1,100 euros. Plus a rate of 1,100, there would still be some buffer left.
 

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