Fixed interest rate no, because bank loans are more flexible? KFW 124 yes/no

I believe you can repay the 124 program at any time without a prepayment penalty.

No, not at all.

I have that too and it annoys me already.

Yes, the KFW 124 can be repaid at the earliest after 10 years using the special termination right. But since I will put all special repayments into the more expensive main loan, it is actually justifiable for me, right?

I believe you misunderstand the KFW loan a little bit.

The fixed interest period of the loan is a maximum of 10 years. This means that the current conditions are only valid for 10 years. After 10 years, you will have a certain remaining debt. You can either repay it, partially repay it, or you have to arrange a follow-up financing. So, there is no special termination right. KFW will make you a new offer shortly before the 10 years expire, which will be based on the market interest rates at that time, or you find another bank to take over the follow-up financing. The initially calculated term of the KFW loan only applies on the assumption that the interest rate would remain the same after the 10 years.

Urr right, I understood it that way too. Didn't think about it earlier. The special termination right is of course only interesting if my fixed interest rate period, that is the contract, is longer than 10 years.