House financing through SAB

Hello everyone,

I hope you can help me.

I was given the tip by an acquaintance to inquire with the SAB regarding financing, which I have now done indirectly through a financial service provider.

Briefly about the conditions I have specified.

1. Construction costs including own work 250,000 €
2. Land purchase price 70,000 €
3. Outdoor facilities (for me rather purchase - incidental costs) 30,000 €
4. Real estate transfer tax (3.5%) 2,450 €
5. Notary fee (2%) 1,400 €
353,850 €

6. Equity 43,850 €

I now have the following offer.

1. The first component is always KFW loan (124)
50,000 € at 0.25% (p.a.) fixed for 10 years - residual debt 37,175.84 €

2. Second component additional funding for one child - annuity loan
75,000 € at 0.65% (p.a.) fixed for 25 years - full repayment

3. Third component annuity loan over
185,000 € at 1.41% (p.a.) fixed for 10 years - residual debt 145,309.13 €

This results in a monthly burden of 922.64 €. What do you think of the offer? At first glance, I find this extremely interesting.

Now, we are expecting a second child at the beginning of June. What would you recommend? Wait and secure another 75,000 € for the second child, or take the risk that the bank might say we cannot get financing due to parental leave?

Doesn't anyone have an opinion on that?

I know SAB Miller, but there's only something with more than 4%. I'll look at the rest this evening.

For the second module, you still have to elaborate a bit on what where how and so on.... that's not available everywhere.

Doesn't anyone have an opinion on this?

What do you expect? Without exact information regarding income and expenses, no one can say anything about it.

KFW at 0.25% ?? What did I do wrong? Typo?

Briefly about our financial situation.

He has approximately €2,400 net income - 12 monthly salaries, no Christmas and holiday bonus.

She has approximately €2,400 net income (including 1x child benefit) - 12 monthly salaries, Christmas and holiday bonuses according to TV-L regulations as a teacher.

From approximately May/June, my wife will be at home regarding the second child. Planned return in June 2017.

According to the Excel list of income and expenses, we have about €1,000 available for the monthly installment.