Manu
2010-12-02 16:05:29
- #1
I wish you a nice good day,
we have been considering for some time that we will build within the next 2 years. My previous understanding was always that if you get a construction loan of €150,000 from a bank, this money must be used exclusively for the house and you have to prove that.
However, a friend told me that you can take these €150,000 but only use €130,000 for the house, because you do the interior work yourself and can keep the remaining €20,000 as capital for yourself, for example to invest, without having to prove that you used the entire €150,000 exclusively for the house.
Is my understanding correct or wrong?
we have been considering for some time that we will build within the next 2 years. My previous understanding was always that if you get a construction loan of €150,000 from a bank, this money must be used exclusively for the house and you have to prove that.
However, a friend told me that you can take these €150,000 but only use €130,000 for the house, because you do the interior work yourself and can keep the remaining €20,000 as capital for yourself, for example to invest, without having to prove that you used the entire €150,000 exclusively for the house.
Is my understanding correct or wrong?