Question about early repayment and clause in the contract

Sorry, I didn’t understand it that way because the questions were also very strangely formulated in terms of being secured by a land charge, etc.....

but I never said that it was like that. It is a private loan that is tied to a property, but they want to see house costs and personal contribution, etc... which is rather unusual there..

so what does this look like now with this new information?
Sorry again if that wasn’t clear, no offense meant.

Since the rate always remains the same, in my opinion, you are always repaying the last part of the loan.

1.) If you repay €5000 in the first year, the term will be reduced, for example, from 6 years to 5 years.
That means between early repayment and agreed repayment there is more than 1 year, so 1% on the €5000.

2.) If, on the other hand, you pay the remaining sum in one go at the beginning of the 6th year up to the end of the 6th year, then only 0.5% is payable, since it is less than 1 year.

3.) If you repay in the last quarter of the 6th year, it could be that the 0.5% on the remaining sum is higher than the actual interest. Then clause 2 applies and you only pay the actual interest until the end of the 6th year.

At least that is how I understand it.

Correct me if I am wrong.

So how does it look now with this new information?
Sorry again if that was not clear, no offense meant.

Sometimes I'm not sure about you...

But what does it mean that it's tied to a property?

You have to distinguish the following three cases:

1) The property secured the loan through land charges.

2) The loan is used to maintain the existence of the property. Regardless of the security.

3) It is a loan for renovation, refurbishment, modernization, or a 6-month dream trip. Doesn't matter either.

In case 1, the matter with §489 of the Building Code applies.

In case 2, the new rules of the Residential Real Estate Loan Directive apply, and with land as security also §489 of the Building Code, or not.

Case 3: You could also finance a car on credit at the dealership. It’s the same and has nothing to do with real estate.

The provisions on prepayment penalties quoted by the TE apply to general consumer credit agreements, not to mortgage loan agreements, as I see it.

502 Building Code in conjunction with 492 Building Code.

Or am I mistaken?

so who says it's about 500k, it is a 50k private loan - I never said what it is about. And we will pay that back in a few years and therefore want to pay in sum x at any time.

you have become a real troll by now. Acting all big here about everything being repayable and then having to take out a 50k private loan and not even knowing the exact terms :rolleyes:

so who says it’s about 500k, it is a 50k private loan - I never said what it is about.

but I never said that it is like that.

And why not?

Sorry, I didn’t understand it like that because the questions were also very oddly formulated in terms of being secured by a land charge, etc.....

You are in a house building forum and inquire about your conditions for a consumer loan without mentioning it.
But we are not in a quiz show here... Your problem is that you do not know the differences in the least and therefore cannot ask a precise question.

Yes, it is our own fault that we didn’t equip ourselves with clairvoyance for you.

However, our follow-up questions should immediately ring a bell for anyone who has ever dealt with financing a house build in their life.

Basically, I find it quite disrespectful towards the people here who take time for you when the questions directed at you are simply repeatedly ignored and not answered.