hellocommunity

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  • Location Niedersachsen
  • Nationality Indian
  1. Purchasing house

      Yes @wien4ever  The rate is fixed for only 15 Years as a standard practice from any bank. Your suggestion is interesting. But my offer also has one option called sondertilgung which says each year I can pay %5 extra for 10 Years. And after 10 Years I can pay off whatever % of amount under sondertilgung. I guess that is equivalent to what you got for your second mortgage. Isn't it? How about asking a Bank instead of 15 Years , lets say 20-25 Years of fixed rate and see what it says? That way I would have fixed rate for longer duration as per your suggestion.    Secondly I would like to know the community few questions.   1. The Zinsatz have increased exponentially in last 3 months. And everything else in terms of cost of living, Oil, Diesel etc etc. because of well known reasons Pandemie, War. The calculations what we made until last year have certainly took a hit now so much so that we are now rethinking our decision to buy the house in this time-frame. What do you guys think or your perspective? Is it advisable to wait for lets say 6 to 12 months and hope things will cool down a bit.  My bank says that in coming months the Loan-rates are going to increase further.    2. Here I want to list some hypothetical thoughts which I am sure everyone goes through while taking biggest decision of their lives, eg House Loan. Please excuse me if I sound negative here but I want to just give a thought.      i> What happens in case after taking loan financial crisis comes like it happened in past in 2008. How does it affect us as a loan borrower? ii> What happens if the war starts in Europe and we have to leave Germany for some reason. What happens to the property which we own? Or the active loan? iii> Can a person resale a home where loan is not fully paid off? Sorry if i sounded so paranoid but recent developments(?) in the world forced me to think about these possibilities.   Yours commens and suggestion are greatly appreciated. Thanx in advance.
  2. Purchasing house

    @fietsrad  I know it would have been around 1600 till last year. This year rate has increased around 0.5% in 3 months. Why we are interested still (?) , it has been 3 years we are looking for the suitable home and only now we are shortlisted finally. But still there is one more buyer. So rat race is on.  BTW the rate 1724 is fixed one.  We have been in rented apartment since more than 10 years now. 
  3. Purchasing house

    @Catjones:  Proof? I do not think Agents are allowed to disclose it. Can they?   @frankfruit:  Yes we also think so. But what else can we do?? We are at receiving end.                          My Bank has now agreed to take Gutachtung round even though there is no assurity of getting the house. As after gutachtung and confirmation of finance, the owner will then decide between the two parties. Huh!!!
  4. Purchasing house

    Thanks Wien4ever for brief reply.  I might have questions in this regard but first I would like to give you all update. Is it ok to ask here or should i send private message?   The Agent said that there is one more person who wish to buy this house and the owner has to decide between the two.  But he said that only Finanzierungsbestätigung from Bank is not sufficient and owner wants that all the necessary steps should be concluded such as Gutachtung by bank and all. Only then he can think of whom to choose between the two.  This was little shocking for us to know. I do not know what are he upto here?  What do you guys think?   Another question I have to ask when is the good time for negotiation? Prior experience tell us that it is better not to ask for lower price initially as then it might rule out our chance of getting the house, especially when there are other intended buyers available.          
  5. Purchasing house

    Yes it is sharp rise.   exactly when we have narrowed down one house  
  6. Purchasing house

    I did not mention this but I am the sole earner at the moment in the family.   
  7. Purchasing house

    Thanks Jeba and ZA1234 for your views. Sondertilgung is a good option provided we somehow arrange the money to payoff after 10 Years. Panalties I would read the Contract-Details when I get it.  I would be contacting second bank for comparison purpose and will also share it here. Multiple loans is an interesting concept. But I have been told that the interest rates are going to go upto 3% to 4% in coming months. So in that case closing a deal with fixed interest rate for 15 Years is a better option.  I somehow got little paranoid when I did not get KFW option from bank. I am thinking of contacting KFW authorities. But I have been told that it takes 6-7 Months to get approval and only then we can commence the rennovation in the house. Which is not what we want. As by then we must have already moved in new house and then carrying out rennovation part is troublesome and is not recoomended? I wonder how people solve this problem with KFW? Anyone here has this experience?
  8. Purchasing house

    5% is standard and I think it is okay. There is another possibility after 10 Years to payback all the rest amount. 
  9. Purchasing house

    John g. I have been in this forum since many years. You do not have to introduce yourself, you are pretty wellknown I respect the views given by you.  I also think RV can be useful. It just that I already have got higher rates in terms of Zinsen as compared to what they were 6 months back. So additional stress to my monthly deduction in terms of Versicherung, not sure is really sensible at this time.
  10. Purchasing house

    Thanks Eric7  yes it is Sollzins/Effektiv   2,32%/2,36%. It is from reputed bank so there should not be hidden costs but still posting this in forum just gives us sense of assurety.   Moreover wanted to ask if Mortgage insurance makes sense here?  I have been told not by bank but colleagues that there is something called Risikolebensversicherung which can be adjusted to include a parameter for House-Mortgage. I am thinking of this one if it really sensible to go for. 
  11. Purchasing house

    Oops sorry Eric , missed it. It is 1.90% Tilgungssatz.  
  12. Purchasing house

    Thanks John.G I have contacted him directly.
  13. Purchasing house

    Hello All, So we are interested in purchasing a 1971 House. The house needs renovation.  We have got an approx. estimation from our craftsman. A meeting with bank has already taken place and we are getting following offer from the bank. House cost    416000 Eur NK        44000    Eur Rennovation/Repair    80000 Eur Modernisierung        25000 Eur The offer is agreed upon  House Cost + Rennovation/Repair = 495000 Eur and the rest ~ 69000 will be given by us. The Zinsen Rate which we have been offered is, 2,36% (Effectiv)    15 Years(Zinsbindung)    --->    1724 Eur Monthly Rate Laufzeit : 35 Years Sondertilgung 5% per annum I would like to know if this is good offer? The Bank agent was not in favour of KFW-Förderung as he said now the rates of which have as well increased (1,5%) and moreover it takes nearly 6-7 Months to get the approval for KFW from the authorities and only then can the repair-work begin. I am not sure if this will be a wise decision not to include KFW-Part here. Considering the fact that now the Zinsen have really taken a sharp uptrend in last 3 months.   If you feel any other important factors I may consult with bank then please let me know. Your valuable suggestions are much required. Thanx. Regards.