Taking a loan for equity financing?

Something is somehow not right there.

€425 per month ~ €85,000
with 110 sqm that would be ~ €770/sqm

Nobody would build a KfW house for that, even if it is only KfW70.
For me, that would be the shell construction with a few additional costs.

I would take a close look at the specifications again.
No company gives houses away, even in Sicily they still cost €1.

So everything is included in the specifications: sockets, windows, doors, stairs, etc. but now I still don’t know if I can first take the immediate loan and then the construction financing?? Do you maybe know something about that??
Regards worry

Typical bait offer with 1000 catches, it probably said somewhere in the newspaper "Still paying rent? Why pay only....." FOR 425€ you will never get a KFW house with 110m² + land!!!! Unless you are going to pay for 50-60 years or after 30 years you have to pay another installment of several tens of thousands. If I see it correctly, you only have one income??? And that is only 1600€, which is nowhere near enough for a home and a family! Question: and what are you supposed to put 10000€ down for???? Also, if you have zero equity, keep your hands off it, a proper bank will never finance a property for you if you cannot show 15-20% equity. Of course, you can take the 10000€ as an instant loan, but that will again have a negative impact on your already hardly promising construction financing.

So I have apparently found the magic offer and it is indeed such a "Are you still renting? Why?.." offer!!! That basically says it all, but at the latest when you see the purchase price and the loan amount, you know something can't be right, but as they say, every morning a fool gets up.

hello,

i contacted the company again today and the nice gentleman told me that they divide the entire property among all persons as if it were a condominium, which is why it is so affordable to finance, and because it consists of three construction phases, one of one hundred thousand with 0.5% processing fee and then 35000 through the kfw bank, the rest as a normal bank loan at 3.9 percent, and i only need 10000 in a savings account in my name to show as equity for the financing, that's all no down payment boss... and that was just one question because the whole thing seemed strange to me, so you don’t need to get so upset right away!!!!

So for me it is suspicious, KfW-40 has not been subsidized for a long time, ergo the subsidies do not exist either.

Under the property description, turnkey is suggested, but then it is relativized as a shell house in the service description.

Although nothing really concrete is stated in the service description.

Do you have the service description for your offer so that you can post it here?

Best regards

Well, some kind of condominium is the worst thing you can do, find out what obligations you then have and what monthly additional costs are listed for the community fund. Also, find out exactly what is used jointly then! It is not uncommon in such projects to have only one heating system and one water meter, which is then roughly shared among everyone, etc.

You won’t get a 100,000€ loan for 0.5% anywhere; those are special interest rates in some federal states for certain construction projects, which last at most the first 3-5 years and later are adjusted to your income, but at least set to around 3%, and by then the calculation doesn’t add up anymore.

Besides, at first glance it’s clear something is fishy. The house can be purchased for only 380€ burden, but the same house is offered by other real estate web providers for around 125,000€, which means I would have to pay the amount significantly longer than three decades to finance the house, or is it from the start meant as a lifelong “rent”???

The whole thing is just a cooked calculation and with a family income of a modest 1600€, it’s never feasible. Also, including the money for the child is hardly commendable and no reasonable bank would support that.