Galoc
2012-04-19 12:26:49
- #1
Hello House Construction Forum Community,
currently we are planning our construction project
After discussions with various financial intermediaries, the house bank is still pending, we currently have the following offer:
Total cost: €450,000
/ Equity: €100,000
= Financing amount: €350,000
€50,000 as Kfw at 2.38% -> €210.00 per month
€300,000 as Riester loan (25 years) at 3.51% -> €1,127.50
Total monthly burden: €1,337.50
According to the offer, we would receive a tax subsidy of €1,515.98 per year which we get refunded in the income tax return.
In addition, there is a bonus of €154.00 per person/year
Total allowance over 25 years would therefore be €45,599.50
Now comes the point where I become suspicious: After the contract expires, €17,213 must be repaid per person (my wife and I).
So from the total allowance, only €11,173.50 remain. Additionally, there are special repayments that reduce the interest burden.
Has anyone here had experience with this type of financing? Or would you recommend the classic annuity loan?
currently we are planning our construction project
After discussions with various financial intermediaries, the house bank is still pending, we currently have the following offer:
Total cost: €450,000
/ Equity: €100,000
= Financing amount: €350,000
€50,000 as Kfw at 2.38% -> €210.00 per month
€300,000 as Riester loan (25 years) at 3.51% -> €1,127.50
Total monthly burden: €1,337.50
According to the offer, we would receive a tax subsidy of €1,515.98 per year which we get refunded in the income tax return.
In addition, there is a bonus of €154.00 per person/year
Total allowance over 25 years would therefore be €45,599.50
Now comes the point where I become suspicious: After the contract expires, €17,213 must be repaid per person (my wife and I).
So from the total allowance, only €11,173.50 remain. Additionally, there are special repayments that reduce the interest burden.
Has anyone here had experience with this type of financing? Or would you recommend the classic annuity loan?