Comprehension question: follow-up financing

  • Erstellt am 2013-12-13 14:16:30

Jens42

2013-12-15 18:38:22
  • #1
Hello!

Thank you for your numerous responses. Unfortunately, I haven’t gotten around to replying sooner, which is normally not my style. Yes, it is a home ownership program loan from KFW without a special repayment option like we have for our terraced middle house (energy-efficient renovation). With your replies, especially from Nordanney, I now see three possibilities for us:

a) Take stock and repay the KfW loan (about 32,000 euros). Whether you can take the money again as a loan and claim it for tax purposes if it is still rented out and then in November the 15-year loan is replaced by a new one? Then we could use the money to repay the KfW loan for the terraced middle house if we keep the apartment for a few more years.

b) Variable loan with the current bank, which would then either be repaid when sold or merged with the other main loan in the autumn.

c) Financing with a new bank (preferably the bank of our terraced middle house), which would partially be paid out in April. With our terraced middle house, it should actually have enough collateral for that, and from November it would then be registered in the land register for the apartment.

I am, of course, still very grateful for suggestions and assessments of the three options!
 

HilfeHilfe

2013-12-15 20:57:08
  • #2
Is it really the best alternative to finance afterwards with this provider? Have any other offers been requested?
 

Jens42

2014-01-02 16:02:36
  • #3
Hello,

today I received information from DZ HYP (originally arranged with a Volksbank through a financial advisor) about the conditions of the KfW for a continuation of our 124/126 home ownership loan as of 31.3. (2.26%, still preliminary and non-binding, no further details on the fixed interest period and repayment amount).

Questions (I will also ask the bank, but first wanted to hear your valued opinion):
- I assume that the fixed interest period will be 10 years again?
- In an emergency, can we switch to another bank with the KfW loan in November if the main loan is to be replaced by a new one (15 years fixed interest, termination after 10 years), or will the Volksbank have us on the hook if the continuation of the main loan is not clarified before the extension of the KfW loan is finalized?
- How flexible is the KfW regarding the fixed interest period, special repayments, and repayment amount in general?
- Your experiences, best practices? Since it’s only about 32,000 (KfW) or 65,000 euros (DZ HYP itself), other banks will probably not be as interested as with a 200k+ new construction financing?

Many thanks,
Jens
 

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