Thorsten111
2014-04-25 22:58:41
- #1
Hello,
I am planning the following:
- The plot is reserved and should be purchased next month. Cost 58,000 without realtor, fully developed, so including notary and land transfer tax approx. 61,000 euros.
- House construction next year in April approx. 260,000 euros.
What I have:
- By next year February 90,000 in liquid equity.
- Home savings contract 100,000 with approx. 3% loan interest, currently 24,000 paid in.
- Parents' home savings contract 25,000, currently 7,700 paid in.
- Kfw 70 50,000.
The 25,000 one could become eligible for allocation in December 2014 after consultation with the building society by a one-time payment of 12,500 (has been lying there for a long time). Loan interest 3.15.
So now there are several possibilities to reach the total amount of 320,000 for house and land;
1. Earlier use of parents' home savings contract:
This means taking out less money, i.e. instead of borrowing 230k including Kfw, only 205,000 would need to be borrowed.
But then there would be KfW, building society, and bank as lenders, are there problems with the land register regarding the lending bank? Or higher interest rates?
2. Borrowing the full 230,000 including KfW and then repaying later with the home savings contracts.
3. Like 2 but the home savings contracts replace the bank loan after the credit period expires, but then the money is basically just with the building society for 10 or 15 years with hardly any interest.
4. Solution 1 from 1-3 but the home savings contract 100,000 is already being used now by reducing the contract to 60,000 and having it paid out next year, thus financing less initially. For that, nothing to repay the bank loan at the end.
Do you need any more information?
What do you think?
Thanks in advance...
Sorry I know I may be asking too much here because of many parameters.
Best regards
Thorsten
I am planning the following:
- The plot is reserved and should be purchased next month. Cost 58,000 without realtor, fully developed, so including notary and land transfer tax approx. 61,000 euros.
- House construction next year in April approx. 260,000 euros.
What I have:
- By next year February 90,000 in liquid equity.
- Home savings contract 100,000 with approx. 3% loan interest, currently 24,000 paid in.
- Parents' home savings contract 25,000, currently 7,700 paid in.
- Kfw 70 50,000.
The 25,000 one could become eligible for allocation in December 2014 after consultation with the building society by a one-time payment of 12,500 (has been lying there for a long time). Loan interest 3.15.
So now there are several possibilities to reach the total amount of 320,000 for house and land;
1. Earlier use of parents' home savings contract:
This means taking out less money, i.e. instead of borrowing 230k including Kfw, only 205,000 would need to be borrowed.
But then there would be KfW, building society, and bank as lenders, are there problems with the land register regarding the lending bank? Or higher interest rates?
2. Borrowing the full 230,000 including KfW and then repaying later with the home savings contracts.
3. Like 2 but the home savings contracts replace the bank loan after the credit period expires, but then the money is basically just with the building society for 10 or 15 years with hardly any interest.
4. Solution 1 from 1-3 but the home savings contract 100,000 is already being used now by reducing the contract to 60,000 and having it paid out next year, thus financing less initially. For that, nothing to repay the bank loan at the end.
Do you need any more information?
What do you think?
Thanks in advance...
Sorry I know I may be asking too much here because of many parameters.
Best regards
Thorsten