Many hard-working home loan savers receive a letter from their building society about 7 years after concluding a home savings contract. Then the construction loanvertrag namely ripened it should be anyway. In the meantime, the construction loan contract has been saved with a minimum rate (or a little more). Employer and state may have been involved, and now the time has come. The waiting time is over and the money is available.
As a rule, the homeowner has saved 40% of the home savings in the past seven years. If these two conditions are fulfilled, then the homeowner is entitled to the entire amount of the home savings loan. This is made up of the construction loan credit and the construction loan, whereby the construction loan accounts for 60% of the total.
If the construction loan has read the letter from his building society, then he knows that he can deal with his home savings account in various ways. He may refuse the allocation and wait for his contract to be assigned once more in due course. This makes sense, if neither the saved money, nor the construction loan offered are currently needed, but in a few months are very welcome. He can also accept the allotment.
Home savings loan
If the allocation is accepted, then there are again two possibilities, because firstly, the construction loan can pay off his accumulated sum. If there is no home improvement policy, then he does not even have to use the money for housing. But if a loan paid with, then the money should be bought a house, renovated or a building site to be purchased. The necessary proof must be provided for this, otherwise the award must be repaid.
However, homeowners also like to resort to the possibility of the offered home savings loan. This is also given only for residential purposes, which must be proven by documents, etc.
By claiming a home savings loan, the homeowner rewards himself for the lean interest from the savings phase, because now he has the opportunity to take out a loan with low interest rates. In addition, the building loan impresses with a long term.
To sum up, the building loan is only available to those who have a building society savings raffle and who want to use the money for purely residential purposes.