Finance your property
Finance your property with IMMOTION CAPITAL
Finance your property with IMMOTION CAPITAL
This is why the majority of property buyers are in need of financing for the purchase of their house or apartment. Careful selection is paramount. This will save you money and also ensure that you can afford the monthly instalments. As your IMMOTION CAPITAL estate agent, we will not only organise the purchase of your property, but also be your partner when choosing the right financing.
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You ought to think about financing even before you start looking for your dream property. Without financing, purchasing your dream home or rental property is often impossible. Check your financial situation and ask yourself the following important questions:
Sometimes it is difficult to give a clear answer to these questions. As an experienced estate agent, we will help you to find the answers and put you in contact with professional financial advisers from our network.
In order to get a rough estimate in advance, you can calculate your real estate financing options using a calculator. But beware: Online calculators provide an initial estimate at most. Only a financial advisor can provide detailed information. Once you know how much you can afford to spend, we will be pleased to show you some suitable properties.
Many prospective buyers turn to their personal bank for property loans. Be smarter and compare different property financer providers. We at IMMOTION CAPITAL can put you in contact with financial advisors and banks in order to objectively compare different offers. This allows you to benefit from getting the financing offer which has the most suitable terms and framework conditions for you. We can also give you some tips on how to save money with regard to the financing costs.
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Have you thought about financing a property without using your assets? It can certainly be done. Be aware that the interest payments will be comparatively higher with this kind of property financing. You will get better interest conditions if you have a deposit of at least 10% and pay the purchase transaction costs from your own pocket. It is also important to have a secure and above average income if you wish to purchase a property without a deposit. We would gladly provide you with useful information about full financing and put you in contact with financing partners.
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You’ll benefit from the best interest rates on real estate loans if you can provide a 10 to 20% deposit. Never use a loan to finance the transaction costs.
The actual purchase price excludes transaction costs. In Berlin you will have to pay 6 % land transfer tax and up to 2 % notary and legal costs. You will also have to pay the local estate agent commission.
Regardless of whether it is an investment property for private use or renting: Owning a property always involves costs. If you rent out the property, you can allocate costs such as heating, waste disposal etc. to the tenant. Nevertheless, you should also have medium to long-term reserves for any repairs that are required.
The redeemable loan is often the most simple and best type of loan. You repay at least 1% of the mortgage loan per annum, although a repayment of at least 2 % would be advisable because of the better interest conditions, among other things.
There are so called “combination models”, in which you pay into a building loan contract or life insurance policy and don’t repay the loan. However, since the interest on savings is very low, you would be better off repaying the loan in the traditional manner.
The monthly cost of financing shouldn’t impact your quality of life too much. A general rule of thumb states that you shouldn’t spend more than 40 % of your net income on financing costs (including ancillary costs).
Valuable state-assisted grants are available. You can get these in various ways. A good financial adviser will provide you with the details. It’s also worth having an interest comparison carried out by the KfW when you are financing property. Various funding programmes are available from the Kreditanstalt für Wiederaufbau (KfW).
When interest rates are low, a fixed interest rate period of 15 years or more often pays off. This allows you to plan ahead.
Is your income going to increase in future? Are you going to inherit a large sum of money? You should always include a “special repayments” option in your loan agreement. This will allow you to pay back your loan more quickly if the opportunity arises.
Personal, reliable, better. There’s much to take note of when purchasing a property. What’s even more important is having an experienced contact partner with lots of experience in selling houses and apartments in Berlin.
We’ll help you to buy a property. Our comprehensive range of services for purchasing property in Berlin includes a service for your financing questions. We would be pleased to explain details of this in a personal discussion. Here you will find the answers to important questions and tips to get you started.
There are additional costs are incurred on top of the purchase price when you purchase a property. These are known as transaction costs. They include:
The interest payments for property loans can be set off against tax if the loan has been taken out for purchases from which you receive taxable income. In this case, it is possible to claim the interest payments for the loan in your tax return. These fall under income-related expenses. Loans which you have only taken out for private purposes are not normally taken into account in taxes. For example, if you live in the house yourself you can’t set off the interest on the loan. Of course, there are exceptions to every rule. You can set off the interest if you have a second home for business purposes. The second home acts as your residence during the working week because your main residence would be too far from your workplace.
When we talk about interest rates in property financing, we mean the interest rate at which you take out a loan for a house or apartment. The interest is therefore extremely important for the loan, since it determines how high your total loan costs will be. The interest rates are currently at a historically low level, making a property purchase even more attractive.
You can calculate your property financing as follows:
Total loan x (debit interest + repayment rate) / 1200 = amount of monthly loan instalment
Yes, it’s possible, but banks will check the background of the applicant even more closely. They worry that the property loan won’t be paid off in the long term. The risk that a self-employed person will end up in financial difficulties is greater. Furthermore, fluctuations in the level of earnings are more likely than they are for employed persons. Regular income is essential as far as loan approvals are concerned. The bank will even check pension income. Nevertheless, self-employed people also have a good chance of obtaining financing if they have the right background.
Until the beginning of 2018, it was almost impossible for older people to obtain loans to but a property. This was because of the “European Housing Loan Directive (MCD)”. This came into effect in March 2016, and stipulated that a loan must be completely paid off within a person’s lifetime. It became impossible for many older people to obtain a property loan. Since the liability regulations were extremely strict, the banks would rather refuse too many customers rather than not enough.
The offer which is the most suitable for your individual situation. It is essential to carry out a financing comparison of the many options. Having an experienced financial adviser at your side can help you to choose the best offer.
In principle, numerous banks are prepared to offer credit for a property purchase without a deposit. However, the individual pre-requisites of the borrower determines whether the financing partner will agree to it. If you are interested in this, you should discuss it with your financial adviser. We can put you in touch with an experienced adviser.
To apply for property financing, you require numerous documents which the bank will examine in detail. They can be grouped into three categories:
Due to the large number of documents, we have not listed them all here. Your financial adviser would be pleased to help you to put the documents together.