Remaining loan amount specifically "NBA" player bank

Just a question to the group about the following assumption: I take out a loan of 400K, according to the planner the house costs 300K, so 100K buffer (possibly for additional construction costs, outdoor facilities, etc.) --> (equity, land, etc. left aside) Does anyone know how the "NBA" bank behaves with the remaining sum of 100K, i.e. do they pay it out without any problems or do they want proof of how you intend to use it?

Hello,

you first have to show the cost framework to the bank when applying. This must be based on an offer and/or estimate from the construction company or architect. A stamp always has to be on it. Even if there are intermediaries in the far north who also obtain such a stamp....

When the loan is disbursed, you usually have to submit a construction status report, possibly photos, as well as invoices. If you do a lot of work yourself, you can also have a flat rate amount paid out and send invoices afterwards (e.g., purchased material).

If you don't have invoices and still want a flat payout of 100k, the bank will have problems at the latest here. After all, it granted a loan for a house XYZ and a construction value of amount 400k and not 300k.

So it will be difficult to park a 100k Porsche in front of the house.

There is some leeway, for example, kitchen and 10k or so. But not such high amounts.

What threatens then is a non-acceptance compensation as well as an adjustment of the loan agreement.

The question here makes one curious... sounds like someone wants to use the 100K for something else.

The question about this makes one curious... sounds like someone wants to use the 100K for something else.

yes stop other holes

luxury love anarchy

Does anyone know how the "NBA" bank behaves with the remaining sum of 100K,

Just ask the bank. Property is not a problem. But to simplify, don’t use remaining loan amount, but loan for the house and equity for other things. But for that, one would need to see your financing structure. House €300K and financing €400K is already a big one. Why do you need such a buffer? Everyone will ask that question.

The property is financed variably and has no encumbrance in the land register.

1. The idea is that if you have a larger loan for the house and something is left over at the end, you use it to repay or replace the variable loan.
2. To have enough buffer to avoid refinancing if possible.

The value of the house and property is also over 400K.

I am not a Porsche fan and prefer a construction vehicle over a show-off car. :)