Insane financing model - really existent?!

  • Erstellt am 2013-04-23 20:11:30

FEKU HH

2013-04-23 20:11:30
  • #1
Hello,

I just came from the tax advisor and am still totally stunned by what I heard.

We (both around 30) were actually about to buy a condominium (approx. 240,000 EUR) in Leipzig. Nice financing offered through government subsidies at 1.3%, Denkmal AfA on top - all good. (Full repayment in 15 years with a monthly expense of approx. 1,000 EUR)

Now the tax advisor tells me that, for example, Deutsche Bank in connection with Züricher Versicherung is supposed to offer the following construct:

- Pay in 500 EUR monthly for 5 years --> 30,000 EUR (then nothing more!!!)
- After 10 years, the bank doubles the amount through investment to 60,000 EUR
- After 20 years, another doubling to 120,000 EUR
- After 30 years, the bank transfers the apartment to us, as 240,000 EUR is reached

The whole thing is secured by a term life insurance, so that death is only an emotional, but not an economic disaster.

Have you ever heard of something like this? Sounds somehow too good to be true?

Best regards,
FEKU
 

Meecrob

2013-04-24 09:46:24
  • #2
I guess you bear the risk for the investment. What happens if the 30 TEUR become 0 TEUR through the investment? Sounds like roulette to me and I don’t think the bank assumes liability for your money invested over 25 years.
 

Musketier

2013-04-24 10:26:59
  • #3
Sounds more like Ge..tec and Co.

If I have read that correctly, the property initially belongs to the bank.
So the bank first pays the €240K to the seller + incidental acquisition costs.

Afterwards, it takes the depreciation and monument depreciation.
At the same time, the life insurance earns money.
Additionally, there is the €30,000 from you, which probably corresponds roughly to the incidental acquisition costs.

As you yourself have noted, that cannot be everything.

Now the question arises for me, what does the bank get for you using their property?
Could it be that rent still needs to be paid, or that this is not a risk but a capital-forming life insurance?
 

backbone23

2013-04-24 17:25:32
  • #4
Very trustworthy. ;)
 

schubert79

2013-04-24 18:02:50
  • #5
..... and immediately also change the tax advisor. He might only want to earn a referral commission. Not fundamentally wrong, but then he should also understand the matter he is referring. And the thing does not sound reliable at all, or you simply do not know the risks yet.
 

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