If you want to beautify your home or make urgently needed repairs, you can also take out a residential loan as an alternative to the building loan of the bank . These loans are given as earmarked installment loans and are repaid in monthly fixed installments. Compared to the construction loan , the banks here renounce the entry of a mortgage into the land register , which saves a lot of time and money .
Residential credit: modernization of your own home
Anyone who owns a house must carry out various tasks over the years. From the simple renovation over the renovation of the windows to the expansion of the roof or basement floor, much is possible. To save money, property owners are increasingly choosing to install a new heating system that works much more efficiently. But all this costs a lot of money, which is not available to many real estate owners. When deciding on a loan, there are various offers to choose from:
Construction and real estate loans
Construction and real estate loans from banks are very well suited for the purchase of real estate . They are usually awarded in six-figure height and can have terms of up to 30 years . As security serves the entry of a mortgage in the land register of the respective object.
Residential loans are an alternative to real estate loans. They are especially suitable when it comes to loan amounts of a maximum of 50,000 euros . A residential loan is designed as a installment loan and can be concluded with a term of up to 120 months . A Grundschuldeintrag is omitted here, so no additional costs have to be feared.
The conditions for residential loans
Residential loans are therefore a real alternative to the classic real estate loans, as they are awarded exclusively with Grundschuldeintrag. However, it is not possible for every loan seeker to take out a residential loan. Namely, these loans are given exclusively to real estate owners with appropriate evidence. As evidence, an existing land register excerpt or a property tax fee notice can be submitted.
These requirements must be met for residential loans:
- Proof of real estate ownership in Germany
- if applicable, account of the work to be carried out
- Sufficient income
- Positive Die , die Schutzgemeinschaft für allgemeine Sicherung, ist der wichtigste Ansprechpartner, wenn es um die Kreditwürdigkeit von privaten Schuldnern geht. Die besitzt Daten zum Zahlungs- und Kaufverhalten einer bestimmten Person und kann dadurch Prognosen erstellen. Bei(… weiterlesen)” > information
In addition to proven real estate ownership, it is of course also necessary to have a fixed monthly income. This should ideally come from a non-self-employment. But even self-employed and freelancers now have good opportunities to take residential loans. Ultimately, of course, the query of the data should be positive.
Find cheap deals with the Wohnkredit comparison
Currently, installment loans that are given for residential purposes are not yet offered by all banks. Nevertheless, there are various offers that should be subjected to a comparison. Such a residential loan comparison can easily be done online with the residential loan calculator.
You should enter this information in the home loan calculator:
– amount of required loan amount
– desired loan term
With the amount of the loan amount as well as the desired loan period, the residential loan calculator can now determine which interest rates are calculated by the various banks and which monthly installment is to be paid on this basis. By changing the maturity, it is possible to adjust the rate burden to your own budget and thus to find a home loan, which is ideal for the entire term.
Record loans for modernization online
If a suitable home loan has been found, it can be completed online if desired. Usually even a forwarding directly from the home loan calculator is possible. You can get directly to the respective bank and can fill out your loan application there. After the transfer of the data, a first check can be made. Just seconds later you know if you will receive your loan. If the initial test is positive, only the loan application and all necessary documents must be forwarded by post . Once these have been verified, the loan can now be disbursed and used for the desired expenses.