Kili1987
2019-07-28 18:22:25
- #1
Hello team,
we have received an offer from a small, local bank for the financing of our new build in 97421. Here are the details:
Total volume: €550,000
Loan needed: €350,000
The rest is equity (land already paid for - €86,000) as well as cash.
The new build is a self-occupied single-family house in KFW55 standard.
Our wish is to secure the low interest rates for as long as possible, have a special repayment of >=5%, and have a monthly burden of €1,400 in the normal case. Currently, we expect to be able to make special repayments (see amortizing loan below).
We were given a construct of 3 different contracts:
1. Bullet loan €100,000 based on KfW credit with 0.75% interest + Schwäbisch Hall building savings contract.
16 years and 7 months. Fixed effective annual interest rate for the entire construct: 1.18%
2. Bullet loan €150,000 based on Schwäbisch Hall building savings contract.
Term: 21 years and 3 months. Fixed effective annual interest rate for the entire construct: 0.97%
3. Amortizing loan €100,000 including 10% special repayment
Term: 9 years and 5 months. Fixed effective annual interest rate for the entire construct: 1.57%
The total costs for all three contracts and a maximum term of 21 years and 3 months amount to €35,003.77. After this period, the €350,000 will be repaid.
Provision interest is 12 months without additional interest on all three contracts.
My questions to you:
- The construct of 3 contracts with different terms and repayment amounts seems somewhat confusing to me. However, at first glance, all our wishes seem to be fulfilled, and after 10 years I can anyway redeem and reschedule any contract, right?
- Can someone find a comparable amortizing loan that offers similar conditions (total costs, interest security) with our figures - according to our repayment plan it should already have an interest rate of 0.95%, which has not yet been offered to us.
- Other assessments?
Many thanks!
Kili
we have received an offer from a small, local bank for the financing of our new build in 97421. Here are the details:
Total volume: €550,000
Loan needed: €350,000
The rest is equity (land already paid for - €86,000) as well as cash.
The new build is a self-occupied single-family house in KFW55 standard.
Our wish is to secure the low interest rates for as long as possible, have a special repayment of >=5%, and have a monthly burden of €1,400 in the normal case. Currently, we expect to be able to make special repayments (see amortizing loan below).
We were given a construct of 3 different contracts:
1. Bullet loan €100,000 based on KfW credit with 0.75% interest + Schwäbisch Hall building savings contract.
16 years and 7 months. Fixed effective annual interest rate for the entire construct: 1.18%
2. Bullet loan €150,000 based on Schwäbisch Hall building savings contract.
Term: 21 years and 3 months. Fixed effective annual interest rate for the entire construct: 0.97%
3. Amortizing loan €100,000 including 10% special repayment
Term: 9 years and 5 months. Fixed effective annual interest rate for the entire construct: 1.57%
The total costs for all three contracts and a maximum term of 21 years and 3 months amount to €35,003.77. After this period, the €350,000 will be repaid.
Provision interest is 12 months without additional interest on all three contracts.
My questions to you:
- The construct of 3 contracts with different terms and repayment amounts seems somewhat confusing to me. However, at first glance, all our wishes seem to be fulfilled, and after 10 years I can anyway redeem and reschedule any contract, right?
- Can someone find a comparable amortizing loan that offers similar conditions (total costs, interest security) with our figures - according to our repayment plan it should already have an interest rate of 0.95%, which has not yet been offered to us.
- Other assessments?
Many thanks!
Kili