Conditions for Riester home savings contract - What interest rate?

Hello everyone,

I received offers this week for different variants of a Wohnriester and would like to present the offered conditions for one contract as an example (€100,000, 20 years). On the one hand as an information source for interested parties, and on the other hand, of course, to get opinions regarding the conditions. Please no fundamental discussions about Riester, it is purely about the conditions of the offer because the offer seems very good to me. I can gladly post exact interest rates, etc., if needed, but I think the information given is sufficient for a rough overview at first.

Exact designation: Deferred repayment loan (interest-only loan) with repayment through an old-age provision home savings contract

Loan amount/savings contract amount: €100,000
constant monthly rate over the entire term: €512
Riester subsidy: €154/year
Total term: 18 years, 9 months
Option for special repayment in any amount from allocation (after 9 years, 2 months)

Greetings from sunny Lake Constance

which interest or should we calculate it ourselves?

1.2% in the savings phase, 2.15% in the loan phase.

Compared to an annuity loan, my calculator comes up with an interest rate of 1.55% at €512 monthly payment and a term of 18 years and 9 months.

That's not so bad, is it?

kA Why don't you get offered a 19-year term? Then you can make a statement. Otherwise, you didn't want to make a statement about Riester. Nevertheless, disadvantages with deferred taxation & disadvantages if you want to sell the object

Advantages and disadvantages of Riester are known and have been discussed often enough. I personally find the offer very interesting, especially the possibility of unlimited additional repayments, combined with the resulting interest rate, there is actually nothing speaking against it, right? When I look at the current interest rates in Finanztest, I come to about ~1.8% for a 20-year fixed interest period.

I think building savings contracts are stupid. Zero repayment during the saving phase, but the full high interest, the fat final bonus, if already Wohnriester, then why not just a Wohnriesterdarlehen? At least with that, you repay immediately.

I'm not a financial mathematician, but as I understand it, you can't compare the interest on a building savings contract with the interest on an annuity loan. With an annuity loan, the stated nominal interest rate is an initial rate and decreases with each installment towards zero. With the building savings loan, there is initially no repayment, and the nominal interest rate that you pay from the beginning for using the credit remains the same month after month and thus accumulates in full every month over the entire sum for years. So it makes a huge difference over time what interest you pay, even if the interest rate for both options is, for example, equally high. I don't know if anyone ever calculated how high the total costs for the loan options are, but I would be surprised if the building savings option isn't primarily a good deal for the bank.