Is a Riester loan useful for my case?

Hello experts and dear community,

I plan to build in one or two years. When I took stock of my investments, I noticed that I still have a Riester contract. I would like to include this in my financing toolbox. Most of the time, you read examples on the internet,... I know that these cases are not comparable to mine (happily married, two children). The full package basically! That does not apply to me (yet?).

Now to my circumstances:
- I am a single employee (for 4 years)

- Currently there are about €1,500 in the Riester contract. I estimate that in two years this will increase to €2,200.

- additionally, there are two life insurances (one from before 1999 *tax-free* and one from 2005),... just as a security argument! ;)

- There is a disability insurance

- Down payment is invested nicely in funds... (release from 2014) / possible special repayment???

- Company pension scheme is also available

- My construction project may cost a maximum of €300,000

- Equity saved up in two years: €30,000

- Own contribution approx. €10,000 (flooring, wallpapering, filling, landscaping, plastering, painting)



Now to my questions:

- What happens to the capital already accumulated if I apply for a Riester loan? What will be offset where?
- Is it worth having a second loan in addition to a Riester loan? Or better question: Are there combination options? (also with KFW)
- In your opinion, what is the better option?

Thank you very much for your efforts. I have been intensively dealing with my cost calculation (via Excel) for a month now. My dear man... that adds up quite a bit. And with the complex financing strategies, only YOU can help me. I am really not a math expert when it comes to these tools.

I think that with my example I can also help other people!

Kind regards
Micha

Hello dear people,

my financial parameters have changed from moderate to drastic.

Here are the most important news:
- I changed my job (Now I have to wait one to two years before submitting a loan request)
- By waiting, I easily reach my €40,000 equity.
- I want to include a life insurance policy (15,000€) in the financing (this increases equity to 55,000€)
- Riester should currently be around 1,700. I think it's okay if I state this as equity. (56,700€)
- Doing the wallpapering and interior work myself (56,700€ + 10,000€). 66,700 equity. Roughly 2.7% effective interest rate.
- My construction project now costs 340,000€ to 350,000€ in total (reason has prevailed)

Since I haven't received any answers from anyone regarding the Riester stuff, I assume no one has done it yet and nobody really knows about it. But I haven't given up hope and will wait... I still have two years ;)

...oh yes...roughly with "B" ;)

What is your net salary?

To what extent do you want to include the [LV] in the financing? Have it paid out or what?

Oh, forgot the most important part... 2,500€ - 2,950€

The LV is initially only specified to calculate the interest rate. It is not meant to be paid out in the traditional way, but should apply to the repayment.