Which loan is for house construction?

Hello everyone,

my husband and I have decided to build a house in the Ruhr area within the next 4-5 years (prefabricated house). Until then, we want to save about 15,000-20,000 euros as start-up capital. Together, we earn a monthly net income of 3,800 euros. So, like most homebuilders, we definitely need to take out a loan. I am a bit afraid of that because it is a big burden over many years. But living in a rental forever is out of the question for us.

Today I read for the first time on a blog about the so-called [Bausparkombikredit]. That sounds pretty good. Has anyone of you already had experience with such a loan? And if not, which loan would you recommend to us? Are the installments very burdensome? How long are the terms with you? For example, I read that online loans are not advisable at all.

Thanks in advance for your answers and best regards!

Good morning,
that's quite a lot of questions at once! If you want to build in 4-5 years, you should first be aware that TEUR 15-20 is usually far too little equity.
If you have a net monthly income of EUR 3,800 and want to save for your own house, then set aside EUR 1,000 every month (= TEUR 50 equity in 4-5 years).
Recommendations for a not yet precisely defined loan requirement make little sense at this point in time. Variants with home savings contracts are often advertised, but unfortunately rarely pay off (since you do not repay during the savings phase). Durations tend to be rather short, so the installments become comparatively high.
Whether the installments are very burdensome? It depends... With a high income and a low rate, I can personally live well, the other way around is not much fun.
Regarding possible durations, I can tell you: from 10 years to 45 years!!! It depends on your wallet and life situation.
Almost every real estate financing (as well as consumer loans) can be applied for online. The interest rate is identical to offers at a bank or through an intermediary, but there is little to no advice.
Unfortunately, I cannot give you more concrete answers to your questions...

By then, we want to save around 15,000-20,000 euros as start-up capital.

Just as a food for thought: I come from BW and if I were to buy a plot of land (200-250 sqm - so not much) in my area, already about 5,000 € would be spent solely on incidental acquisition costs - without realtor commission. And so far, absolutely nothing has happened on the plot.

My experience often shows three things: 1. The required equity capital is estimated far too low 2. The construction costs are estimated far too low 3. Own contributions are completely overestimated

With 15-20 thousand euros you don’t get far. Even 50 thousand euros are rather a start. The 40% equity capital from DerDa is certainly desirable but rather rare. But 20% + incidental costs should be there to be able to set up a proper financing.

I’ll make a classic calculation ... 150 sqm living space x 1700 EUR cost per sqm (which I consider more realistic in 5 years than the current 1500 EUR) = 255 thousand euros + 45 thousand euros incidental construction costs (earthworks, additional expenses, development, garage, etc.) = 300 thousand euros + land

The data are very general but you see, even with 50 thousand euros you don’t get far .. unfortunately .. building has simply become incredibly expensive.

Take a look here in this topic:

https://www.hausbau-forum.de/threads/welche-kosten-durch-bankkredit-nicht-abgedeckt.5105/

Yes, that really sounds like severe financial constraints - and for many years. It is truly a miracle that so many people still decide to buy their own house. But at some point, you have to take the plunge into the cold water if you don't want to rent forever.