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loans

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Hi I have a loan in Germany as I recently purchased an apartment in Berlin. However I have found a bank that offers a better interest rate, so I was thinking of taking out a loan at that bank and paying back my current loan with that money. I was reading about the charges a bank can add on  https://www.vorfaelligkeitsentschaedigung.net/ . Does anyone have any experience with these charges?

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These charges are written into the contract you signed with your loan bank.

 

The rate will be explained there.

The bank has expected you paying interest for the next 10(?) years.

They simply want most of that back.

 

Next time, push for a contract with the ability to pay off early without penalty.

Probably have to pay a little more interest for such a clause.

Also a good thing is the ability to pay off some of the loan - without penalty - 

should you find yourself surprisingly liquid one day.

 

Only you can decide if the new loan offer plus old loan charges is really worth it.

 

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