Construct financing from 3 components?

  • Erstellt am 2018-07-08 15:56:45

lesmue79

2018-07-08 15:56:45
  • #1
Hello everyone,

currently we are trying to get an overview of "sensible" and "nonsensical" types of financing and to avoid the latter.

The following is available as a basis:

Total requirement:

300,000 € included:

Newly built ready-to-move-in prefabricated bungalow KFW 55 with 110m² living space

Costs 250,000 € incl. base plate and co.

Remaining 50,000 € for earthworks, carport, outdoor facilities, incidental costs and co.

Equity:
Building savings contract of 120,000 €, of which 60,000 € has already flowed in as equity,
allocation possible from September 2019, nominal interest rate 2.35% p.a. and effective annual interest rate 2.52%

Furthermore approx. 15,000 € as cash assets or equity funds and co.

Inherited plot of land 400 m²

Costs for land 0.00 € as it is practically already owned, or still notary costs and land registry entry or paperwork to transfer it to me

Additionally, as the very last buffer:

Pension and life insurances due from 2038 to 2046
Total guaranteed sum approx. 120,000 €

Possible subsidies:
KFW-55 loan over the known 100,000 €
(Since everyone says this is nonsense everywhere and the banks offer better conditions,
I actually see it similarly but I’m happy to be convinced otherwise)

ISB Bank Rheinland-Pfalz:
Funding programs 701,702,703
Maximum 30% of the total cost of the measure
0.9% to 1.5% p.a. with 10, 15, 20 years fixed interest or full repayment
Repayment 2.20% p.a.
Repayment bonus 5%
Special repayments max. 10% p.a. of the total amount

How to proceed best now?
Somehow everyone tells me every building savings contract is outdated for construction financing,
or too expensive, but it’s simply there and available?

If I now calculate very simply:

300,000 € total
- 90,000 € ISB promotional loan
- 120,000 € building savings contract
90,000 € remainder from bank XY

How do you best put together an overall package from this? Because this creates different monthly burdens and financing models?

Or could one also proceed as follows:

300,000 € total
- 120,000 € building savings contract
180,000 € remainder from bank XY, and take the 90,000 € from the ISB as a special repayment for the 60,000 € from the building savings contract loan?

So that you only have to repay the loan from the bank and the ISB?

I am a bit confused at the moment on how to best tackle the whole thing...
The banks always want to sell you their own product preferably,
and hardly feel like designing a whole construct from the 3 separate components.

In principle, we both want to have the financing completed in 20 years, but with a low monthly burden of max. 800 € per month.

If all else fails and there is no other way, I would also throw in part of the various pensions or life insurances from 2038... to avoid interest rate increases or overpriced follow-up financings. But that only as the very last option.
 

HilfeHilfe

2018-07-08 16:58:56
  • #2
I think that with this constellation, taking the building savings contract at 2.35 is not sensible as it is too expensive
 

lesmue79

2018-07-08 22:09:51
  • #3
So only bank loans and additionally the funding and the 60,000€ from the building savings contract [Bausparvertrag] to withdraw?
 

HilfeHilfe

2018-07-08 22:19:42
  • #4
Depends on what loan you are offered. Have you already had any discussions?
 

lesmue79

2018-07-08 22:33:18
  • #5
We are still in an early stage and had a preliminary conversation with the advisor of our house bank, where it was said that the thing with the building savings contract is also suboptimal.

Concrete information will only be available in one or two weeks when the advisor is back from vacation and has reviewed our documents in detail.

Otherwise, so far we only have preliminary information from Dr. Klein and/or Interhyp...
There were partly also bullet loans included, which are later paid off through a building savings contract.

Therefore, I found the statements from various sources that a building savings contract would not be that great for something like this somewhat misleading...
 

HilfeHilfe

2018-07-09 06:59:59
  • #6


Well, okay. But you have a building savings contract that you can take out a loan from. Anything you get below 2.29% as a loan is better in my opinion. Especially since you will probably still get a bonus interest if you don’t use it?

I would have a KfW loan and regular loans calculated for comparison.
 

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