Financing offer for our construction project, ok?

Hello everyone

My wife and I want to build a house this year. The planning is complete and we have received offers.
For our construction project, we calculate approximately €383,000 (land/house/additional construction costs/outdoor facilities/kitchen/furniture/reserve).
€168,000 is available as equity.

We want to finance €100,000 through KFW with a 20-year fixed interest rate. After the interest rate period, a remaining debt of about €30,000 will remain.

€115,000 should be financed through the bank. 30 years fixed interest rate at 2.15%. An offer is available.

The monthly burden for the bank & KFW loan is about €825.

Are the bank’s conditions for the fixed interest rate okay?

Thanks for your feedback

It makes it somewhat difficult to give feedback when all items, including those that do not play a role in the loan-to-value ratio, are listed in a total amount (such as with the kitchen and furniture). What loan-to-value ratio is the bank assuming in the offer?

115,000€ are to be handled through the bank. 30 years fixed interest rate at 2.15%. An offer is available.

Is this a full repayment loan? Have you agreed on the possibility of special repayments?

If the equity was saved up by oneself, I find the rate too low. A higher rate, on the other hand, would allow for a shorter term and thus better conditions.

The rate is so low, inheritance will probably play a role. The project also seems quite optimistic in terms of total volume. This is not the topic in this thread, but if it is foreseeable that additional funding will be needed ...

Depending on the future situation, I would also rather repay more. I don't think the total volume is that wrong, the plot of land makes up a different proportion than elsewhere. A former fellow student also built in Loxstedt. There, the square meter cost 56€.

Hello and thank you for the answers.

The loan with the bank is a full repayment loan! We have the equity from the sale of our house. The monthly rate could be set higher, but we don't want that. Prepayments are possible. Here again are our calculated costs.

* Land costs (incl. development costs/notary/real estate transfer tax) €50,000
* Construction costs (according to construction specification) €271,500
* Incidental construction costs €13,000
* Outdoor facilities (driveway/paths/terrace/fence/garden design) €23,000
* Kitchen €14,000
* Furniture €1,500
* Reserve €10,000
* = €383,000