StarAce
2011-05-04 20:17:52
- #1
Hello,
a (short?) question about the feasibility of my construction financing. The situation is as follows:
Equity of €100,000 is available.
2 home savings contracts (each €50,000, totaling €100,000) are available and have been saved with €14,000. The missing €36,000 to reach the minimum savings sum can be paid in, however, they will only be ready for allocation (since they were concluded in 2008) in about 3 1/2 years. From allocation, the monthly interest and repayment rate will then be €400.
The total volume of the construction project amounts to €350,000.
With topped-up home savings contracts, €150,000 equity would be available. €50,000 will be paid back as home savings loans, leaving €150,000 remaining. €50,000 of this I want as a KFW loan, the remaining €100,000 as a bank loan.
The monthly burden can be a maximum of €1,000, of which €400 falls on the home savings contract. Is it feasible to cover the KfW loan and the bank loan with the remaining €600?
What is the most sensible way to proceed?
Regards,
StarAce
a (short?) question about the feasibility of my construction financing. The situation is as follows:
Equity of €100,000 is available.
2 home savings contracts (each €50,000, totaling €100,000) are available and have been saved with €14,000. The missing €36,000 to reach the minimum savings sum can be paid in, however, they will only be ready for allocation (since they were concluded in 2008) in about 3 1/2 years. From allocation, the monthly interest and repayment rate will then be €400.
The total volume of the construction project amounts to €350,000.
With topped-up home savings contracts, €150,000 equity would be available. €50,000 will be paid back as home savings loans, leaving €150,000 remaining. €50,000 of this I want as a KFW loan, the remaining €100,000 as a bank loan.
The monthly burden can be a maximum of €1,000, of which €400 falls on the home savings contract. Is it feasible to cover the KfW loan and the bank loan with the remaining €600?
What is the most sensible way to proceed?
Regards,
StarAce