what is the cost of a construction Loan, depends not only on the nominal interest rate. To be charged all sorts of fees, but also the date, the Rates will also determine the price. The legislature has committed to building loan provider therefore, to call the so-called effective interest rate that takes into account these factors. However, this is the comparison of terms and Conditions not on the safe side.
Although banks and building societies must according to the price indication Ordinance (PAngV), their processing fees and the appointment of the principal and interest allocation account to the loan account in the calculation of the effective interest rate over the term of the fixed Interest rate. You roll, however, the cost for the preparation of a value report on your customers, so these are not included in the effective interest rate. Here is the effective rate of interest calculator
effective interest rate in the case of tranches
The effective interest rate calculator also provides information to the crucial issue of provision of interest. Who builds new or its old building before major renovation gets the credit sum in one fell swoop, but in several instalments. The “provision” of the loan, the banks can be different for high-pay: Some of the charge from the second month after the loan commitment has a provision of interest rate of, for example, 0.25% on the undisbursed amount of the loan, the other is a period of twelve months.
And also who wants to get his loan in several tranches to pay off, you must look at the Conditions and make comparisons. Some banks, in fact, ask a so-called part-payment surcharge of one percent on the agreed nominal interest rate, respectively, for the part paid amount, and only so long, until the loan has been fully disbursed.
Also, the “effective interest rate” is still a matter of definition. If one compares only, in the case of the banks in the display window, therefore, rarely misleading. An example: For a loan in the amount of 100 000 Euro with a ten-year interest rate commitment and two percent redemption on first glance, better offer of A Bank proves to be at the end as the worse option.
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