House purchase - What financing terms can be expected?

Thank you Sondelgeher, Caspar, Fuchur. How long is this [bereitstellungsfrei Zeit] generally? Would it theoretically also be no problem until the end of the year? Or are there limits? One more question before I start the first talks tomorrow: The broker's commission and the additional costs (notary + property transfer tax) are due after signing the purchase contract. So probably in April. Since I don't have €31,000 in the overnight account (a lot is tied up in the building savings contract), but only €25,000 and I would also prefer not to spend it all. How could I raise the money? Bridge financing? With a private loan? Or what solutions are there? Thank you very much

6-12 months of interest-free grace period are at least common in new construction.

However, it is important to finalize the loan only when the notary appointment is scheduled. Ideally, the appointment takes place within the 14-day withdrawal period of the loan. This way, you can cancel the loan without loss if the purchase still falls through. It would be unfortunate to be left with a loan but without the property.

How long is this interest-free period generally?

When purchasing, usually 6 months; but it depends on the bank

but only €25,000 and I would rather not spend that all. How could I raise it?

Yes, of course from the bank. Your equity and other assets are incorporated into the plan; and then you get the money from the bank in April.

In our case, virtually all the equity was tied up in BVS which we included in the financing. In other words, except for the first €2,000, every € came from the bank

Thank you. Now I feel much more confident for tomorrow.

Hello,

I had several appointments today. Here are the 2 best offers (1 x with KFW, 1 x without KFW) where I also felt most comfortable and all my questions were answered in detail.

Mit KFW:

Loan annuity-based from 01.06.2018
167,000 EUR nominal interest rate 2.21% p.a. effective interest rate 2.26% 20 years
792.00 EUR monthly
annuity-based through 3.48%
Outstanding balance after fixed interest period 20,962 EUR

KfW annuity-based from 31.05.2018
50,000 EUR nominal interest rate 1.55% p.a. effective interest rate 1.62% 10 years
208.01 EUR monthly
annuity-based through 3.44%
Outstanding balance after fixed interest period 33,389 EUR

Ohne KFW:

Loan annuity-based from 01.06.2018
217,000 EUR nominal interest rate 2.24% p.a. effective interest rate 2.29% 20 years
1,000.00 EUR monthly
annuity-based through 3.29%
Outstanding balance after fixed interest period 37,078 EUR

Provision-free period 3 months, afterwards 0.25% per month.

I am of the opinion that I am better off without KFW, since I have a guaranteed outstanding balance of 37,000 euros after 20 months.
With KFW, after 10 years you have to be lucky to secure a similar interest rate again in order to also reach an outstanding balance of 37,000 euros after 20 years.

What do the professionals say about this? Any general advice?

I have to cancel the building savings contract immediately (unfortunately I lose 2% of my saved money), but after calculating back and forth we have found no better option! Since it also has a higher loan interest rate than is currently usual.

The conditions are good.
Would also leave out KFW.

However, you have to somehow get the building savings contract liquid. So either become eligible for allocation by splitting it or cancel it.
In terms of the conditions, it doesn't make much difference.
Assuming the building savings contract is converted into a contract with a 60K building savings sum and is paid out, your equity increases accordingly from 41 to 69K.
But it doesn't change the conditions, it won't be better than 2.2 with a 20-year fixed interest rate.
If the interest rate on the building savings loan is also not that great, cancel and pay the 2%.

Only 3 months free of availability fees is not optimal. But if nothing else can be changed, it is what it is, it will cost you ~540€ interest/month without payout.

Overall: if the house really fits, seal the deal!