torino
2018-06-10 12:22:37
- #1
Hello,
we are planning the construction of a new single-family house in a good to very good location in BY.
Here are the key data:
Land costs including additional costs: 240,000,- (already paid)
Construction costs: 630,000,- EUR
Additional equity: 30,000,- EUR
Financing requirement: 600,000,- EUR
We have the following offer with 3 components from the house bank.
Component 1:
Building savings contract with pre-financing ([LBS-W4 X30])
Loan amount: 300,000,- EUR
Term until full repayment: 24 years + 11 months
Savings rate: 1014 EUR (10 years + 7 months)
Interest on financing amount: 322.50 EUR (nominal interest rate 1.29% / 10 years + 7 months)
Repayment rate after allocation: 1200 EUR (nominal interest rate 2.25% / 14 years + 4 months)
Total costs: 75,683.09 EUR
Effective annual interest rate: 1.98%
Component 2:
Annuitized loan (house bank)
Loan amount: 200,000,- EUR
Nominal interest rate: 1.5% (fixed for 10 years)
Repayment rate: 583.34 EUR
Component 3:
Annuitized loan (insurance)
Loan amount: 100,000,- EUR
Nominal interest rate: 1.9% (fixed for 20 years)
Repayment rate: 325,- EUR
What do you think specifically about component 1 (building savings contract)? Personally, I like it at first glance because you get an interest rate of 1.98% for 25 years fixed interest. Mathematically, I even come to an interest rate of about 1.88% if I calculate the total costs of 75,000 EUR with the loan amount of 300,000 EUR spread over 25 years.
I would possibly cancel component 2 (10 years) and shift it into component 3 (20 years). In my opinion, this makes more sense in the current low interest rate phase and also increases planning security.
Are the offered conditions okay so far? Generally, interest rates have fallen a bit again in recent weeks.
I look forward to your feedback!
we are planning the construction of a new single-family house in a good to very good location in BY.
Here are the key data:
Land costs including additional costs: 240,000,- (already paid)
Construction costs: 630,000,- EUR
Additional equity: 30,000,- EUR
Financing requirement: 600,000,- EUR
We have the following offer with 3 components from the house bank.
Component 1:
Building savings contract with pre-financing ([LBS-W4 X30])
Loan amount: 300,000,- EUR
Term until full repayment: 24 years + 11 months
Savings rate: 1014 EUR (10 years + 7 months)
Interest on financing amount: 322.50 EUR (nominal interest rate 1.29% / 10 years + 7 months)
Repayment rate after allocation: 1200 EUR (nominal interest rate 2.25% / 14 years + 4 months)
Total costs: 75,683.09 EUR
Effective annual interest rate: 1.98%
Component 2:
Annuitized loan (house bank)
Loan amount: 200,000,- EUR
Nominal interest rate: 1.5% (fixed for 10 years)
Repayment rate: 583.34 EUR
Component 3:
Annuitized loan (insurance)
Loan amount: 100,000,- EUR
Nominal interest rate: 1.9% (fixed for 20 years)
Repayment rate: 325,- EUR
What do you think specifically about component 1 (building savings contract)? Personally, I like it at first glance because you get an interest rate of 1.98% for 25 years fixed interest. Mathematically, I even come to an interest rate of about 1.88% if I calculate the total costs of 75,000 EUR with the loan amount of 300,000 EUR spread over 25 years.
I would possibly cancel component 2 (10 years) and shift it into component 3 (20 years). In my opinion, this makes more sense in the current low interest rate phase and also increases planning security.
Are the offered conditions okay so far? Generally, interest rates have fallen a bit again in recent weeks.
I look forward to your feedback!