Loan of EUR 500,000 - possible with monthly income?

Correcting a misconception :): You don’t need full financing, as the property worth about 170,000 is counted as equity, so equity of 240,000 is available. From that, subtract the kitchen and new furniture right away... so equity of 220,000!
The rent of the apartment does not seem stable. Especially companies like to cut unnecessary costs on the spot, so it is possible that the rental relationship is not stable.
So please don’t factor it in, but rather use it as a special payment.
The Da always says here: for every 100,000 loan, 500 € must be calculated... to the 500,000, additional expenses (upcharge for customization) and buffer are often added... so you have a requirement of 530,000 with over 2500 €.
Proud sum! Doable without children - almost insolvency with one child :(

Setting the record straight :) You don't need full financing because the land valued at around 170,000 is counted as equity, so equity of 240,000 is available. Right away subtract the kitchen and new furniture... so equity of 220,000! The rent for the apartment doesn't seem stable. Especially companies like to cut unnecessary costs ad hoc, so the rental agreement might not be reliable. So please don't factor it in, but rather use it as a lump sum payment. The Da here always says: for every 100,000 loan, 500 € must be calculated... on top of the 500,000 there are often additional expenses (upgrade sample costs) and a buffer ... so you're at a requirement of 530,000 with over 2,500 € monthly. Proud sum! Doable without children - with one child almost bankruptcy :(

Hello YPG, what is it then? The bank calculates 570 thousand - 10% deduction = lending value == almost fully financed, with your buffer definitely fully financed. Maybe you overlooked the demolition costs?

Hello YPG, what is it then? The bank calculates 570 thousand euros - 10% discount = lending value == almost fully financed with your buffer, definitely fully financed. Maybe you overlooked the demolition costs?

Which bank??? TE has already given the figures, and everything adds up. The land is already owned and does not need to be financed. Therefore, its value is included as equity in the loan calculation. About 200,000 equity to 500,000+ loan. It is not full financing! :)

I really had to read that three times.

Our net income was similar, and we really thought long and hard about whether to take out a €200,000 loan. €500,000 sounds like a lot.

If you have such an expensive plot and you estimate the ancillary building costs for you at €100,000, I don’t understand the high house price. €380,000 just for the house with a basement? What do you want to build? A castle?

We built a prefabricated house without a basement, which has about 150 sqm of living space. Everything is very spacious, easily enough room for 3 children. In the end, the price just for the house was €230,000 with many luxuries. Parquet flooring, wood stove, soft water system, KFW55, ventilation system, solar system, etc. Basement I estimate €50,000. That’s still a difference of €100,000. Without installing golden faucets, I wouldn’t know how to put together that sum in a normal house. Or is it supposed to be an architectural one-off, with 200 sqm of living space... then the cleaning lady is obligatory :) Eventually, the kids will move out, and you’ll be sitting there in your castle. Or are you building in Munich as an investment... the bigger, the more expensive it can be sold. Outdoor facilities €60,000 — you really have to want a lot to bury that much money there.

Conclusion. Maybe slow down a notch or two. I don’t want to tell anyone what to do, but as long as you don’t earn like Mr. Wulff, you shouldn’t want to take out a half-million loan. Everyone as they like, but I think you could build something great with a €300,000 loan and certainly get good conditions with the equity share. Another alternative: sell the plot, buy new land, and start right away without having to dispose of the old junk. That can also save a lot of money.

Which bank??? TE has already given the figures, and everything is consistent. The property is already owned and does not need to be financed. Therefore, the value is included as equity in the loan calculation. About 200,000 equity to 500,000+ loan. This is not full financing! :)

The one who is supposed to finance the project??? Please look up loan-to-value and loan-to-value assessment

The one who is supposed to finance the project??? Please google loan-to-value and loan-to-value determination

You are overlooking the value of the property, or you don't know that a property which no longer needs to be financed counts as equity, because: The house merges with the property as a single unit.... therefore the house will later have a value of about €750,000 :D