Construction financing through various banks

Hello, we want to buy a house with complete renovation. Our possible financing looks like this:

KFW - individual measures: 17,000 eff. interest annual 1% 96 months 89.17
Pre-financing loan Sparkasse: 48,000 eff. interest annual 3.5% 120 months 188,-
Riester - pre-financing loan / home savings (17,000): 80,000 eff. interest annual 2.45% 120 months 363.33
KFW - loan: 50,000 eff. interest annual 2.55% 120 months 177.08

= monthly burden 817.58

What do you think about it?
I hope I have indicated it correctly.
Thanks in advance
LG
Lilly

Since no one knows your personal financial situations, this is hard to answer. But if, say, €1000 is your monthly pain threshold, then this loan mix is deadly.

Have someone calculate your remaining debt after each 10 years, and then with interest rates around 5%, 7%, 9%. Then you will very likely see that you will have to part with the property. With this weak repayment, you've only paid interest in the first 10 years, not much has been repaid :)
But it looks like a classic savings bank offer, with maximum commission for the advisor...

Go to an independent financial advisor... they will help you.

We have about the same monthly burden, with a loan contract fixed for 20 years. And our loan amount is even higher.

KFW is great because the interest rates are very low, but KFW also imposes requirements that become more expensive than sometimes necessary. Thus, the interest advantage is usually gone then.

What do you think about it? I hope I indicated it correctly.

Hi!

Presumably, it's all correct – but at least completely incomprehensible :confused:. I can't find any information on repayment or savings rates. Even the Euro amount was spared. Of course, one can try to piece it all together oneself or calculate it based on the (assumed) annuity figures.

Or the answer is "17,000 Bausparen divided by 80,000 eff." is 0.2125 Bausparen per eff. :rolleyes:

Best regards, TomTom

What do you think about it? I hope I have stated it correctly. Lilly

It is actually somewhat difficult to understand in detail. But a monthly expense of 817 euros seems reasonable to me when using the average rental costs for a family of four as a comparison. As for financing, I can only recommend from my own experience to gather information as comprehensively as possible. With interest charges that concern ten to fifteen years, every cent counts. So better to get informed and compare one time too many than too few! Best regards