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Somehow everyone tells me every building savings contract is outdated for construction financing,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.
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.