House purchase with construction loan repayment rate

Addendum to this one:

Additionally, €220,000 is needed from a bank, term around 30 years (will be reduced to a maximum of 25 years with special repayments). The rate here is supposed to be €660.

To pay off €220,000 in 25 years, you would have to repay at least €733 per month. Interest costs are added on top.

A positive aspect is the existing apartment, which can additionally be used as collateral or even sold.

Is the apartment really there?
I understood it as yet another time the conveniently calculated granny flat is planned in the new building, which is then supposed to help pay off the rest of the house (which of course is almost never the case if you read up a bit here).

Oh dear, then I read that wrong. A separate apartment would of course be a cost driver. Not a bonus, but a penalty

Hi!

The government loan is called ISB and it is only available in Rhineland-Palatinate.

It is not supposed to be a new build, but a purchase.

The granny flat is already present in the mentioned property and is intended to be rented out.

The loan of €220,000 has a calculated term of 30-31 years with a monthly installment of around €660 and an interest rate of about 0.8%. It will be paid off earlier (preferably after no more than 25 years) through special repayments; the money for this will become available in the next few years.

Hmm, so you would tend to choose an intermediary and then simply secure the best offer from them?

Hmm, so you would tend to choose an intermediary and then simply secure the best offer with them?

Sure, main bank and intermediary, get quotes

Where do you get your current interest rates from?

A few weeks ago we had a consultation appointment with a broker and interest rates in this range came out.

As I said, I don't fully understand the process: I can quickly obtain non-binding offers. But in order to have a concrete offer, I have to start a complete loan application with all documents from us and the house. That, in turn, should probably not be done too often because of Schufa. So I choose the best non-binding offer and hope that it will be bindingly the same. Or I go searching again.