Classical annuity loan: Riester home savings contract / financing

Hello!

We are going to build a house, the plot is secured and the architect is already working on the plans.

A general financing commitment from the bank is available to us.

We have a loan-to-value ratio of 100%. Construction costs + land + all additional costs total 320,000. Equity is 10,000 EUR. We are receiving 100,000 EUR from KFW ([Wohneigentumsprogramm und energieeffizientes Bauen]). I am leaving out the two KfW loans because these are the same for both models, so it only concerns the 210,000 EUR bank loan.

The bank has offered us two different options:

1). Classic annuity loan.
- 210,000 EUR
- 20 years fixed interest period
- 3.6% effective
- Term with 2% repayment: 29 years and 10 months
- Interest costs: 133,314 EUR

2). Repayment suspension loan with redemption through a Riester home savings contract (no children yet, but planned)
- 210,000 EUR
- Effective interest rate for the TA loan: 2.78%
- Interest rate during the savings phase: 0.25%
- Expected duration of the savings phase and the TA loan: 13 years and 1 month
- Balance at allocation maturity: 83,512 EUR
- Loan amount: 126,487 EUR
- Nominal and effective interest for the home savings loan: 2.5 and 2.77%
- Repayment period: 10 years and 9 months
- Costs: 94,160 EUR (17,878 EUR interest on home savings repayment + 92,821.53 EUR interest on TA loan + 2,100 EUR closing fee)

In addition, after retirement, there will be deferred taxation of the housing promotion account, which will then probably contain 78,121 EUR + further allowances (children).

What is to be made of model 2)?
Where are the pitfalls here?
For whom is this type of financing worthwhile, and for whom not?
What disadvantage do I have in return for the fact that the total costs in "model 2" are 39,153 EUR (minus the taxes on the housing subsidy account) lower?

Hello

were the disadvantages of Model 2 explained to you in detail? That, for example, in case of disposal, the tax benefits have to be repaid (with a deadline)?

Are special repayments possible in Model 2 as well? If not, I would always favor Model 1 and try to repay given the interest rate level.

No, this was not shown to us. Therefore, I am asking. I was aware that repayments are due upon disposal. What other disadvantages are there with this concept? Sondertilgungen and Sondersparraten during the accumulation phase are possible.

Interhyp and Dr. Klein and several other banks do not even come close to the 3.6% we are now getting from the bank with our high loan-to-value ratio. It is probably because we are also buying the land there and maybe they are factoring in the real estate agent's commission...