Residential Riester for Home Purchase Financing - Who Has Experience?

Are there enough offers for a used property within your budget? Remember that with self-performed renovation work, materials also need to be purchased... possibly even a new heating system or windows might be necessary... that costs money. Your budget isn’t exactly very high...

The financing is based on a specific property after all. A loan alone won't do you any good. Do you have such a specific property? With us, you can't even get a three-room apartment for 180k. You have already set the framework conditions yourself (max 200k). Maybe 50k via KfW and energy-efficient renovation is possible for your desired house?? As I said, financing also depends on the property.

An object is not yet available. Houses are not so easy to find here at this price, but they are occasionally offered.

So with an annuity loan you can currently expect about 3% interest? I think I once read that there are probably cheaper loans with better interest rates for civil servants? Would that perhaps be an option or is the difference not that big?

Is there anything else I should pay attention to? Do I have any misconceptions in my first post?

The 3% referred to a 20-year fixed interest period. It's just an estimate.

For a civil servant, the risk may perhaps be assessed as lower, but I don’t think that changes the interest rate by much. Maybe others know more about this.

If a house is being offered for €180,000 and that is rather rare, there will probably be quite a bit to do?! In any case, don’t buy "blindly," but consult an expert.

I think I once read that there are probably loans with lower interest rates for civil servants?

Yes and no, there are professions that offer the bank more security than others.

Your financing is calculated based on your equity, your property, and your financial and professional status. Accordingly, the interest rate is determined as well as special requests such as extra repayments... You are classified as a risky or safe customer. If you have more (money/security), you get more

The "civil servant loan" is called that because civil servants are the safest customers. This also includes employees in the public sector as well as long-time loyal employees of large companies. You will notice this - I think - in the conditions, but it would not say "civil servant loan." If that were the case... wow... taking advantage is punishable... we know that from political scandals

I find your bank conversation... or what it was, somewhat strange. Normally, your financial status is determined to find out how much money you have available for a property. Then you can weigh whether to save more or to look. At least based on the data you provided (salary and so on). Or you have interest in a specific property and then go to the bank to see if you can afford it. Your bank person now comes at you with a big calculation, doesn't advise on annuity loans, and in the end, everything looks different later. Pick a property from the internet and have it calculated for you. But also calculate investments that need to be made before moving in as well as additional purchase costs (notary, land registry, appraiser!). Consultations of this kind should be free at a bank!

You will notice it - I think - from the conditions, but it wouldn't say Beamtenkredit. If it were like that.. wow... abuse of advantage is punishable... we know that from political scandals

It can't be that bad. There are also insurance rates for people in the public service and their relatives. I also wonder why they get by far better rates.