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Mortgage loans in Germany
Mortgage loans in Germany are generally structured as long-term loans with fixed monthly payment of interest rates and repayment (annuity). Most interest rates are fixed für 10 years or longer. Mortage loans in Germany are used for buying or building a property. They are normaly not used for consumer goods. Even reverse mortgages like in the USA or U.K. are almost unknown în Germany.
Lenders are:
- Universalbanken (banks)
- Sparkassen (savings banks)
- Genossenschaftsbanken (cunsumer cooperative banks)
- Bausparkassen (building societies)
- Versicherungsgesellschaften (life insurance companies)
- Hypothekenbanken (mortgage banks)
The following Informations are especially for customers who want finance a private residential in Germany.
How to get a mortgage loan in Germany?
If you want a mortage loan from a bank in Germany, the bank checks your income and your financial background first. Then they check the private residential.
For a loan you have to....
- ...live in Germany (main residence)
- ...work in Germany (and pay taxes here)
- ...cover round about 10 (20) percent of the buying price and costs by equity capital (the origin of the equity capital will be proofed to prevent money loundering)
If your main residence ist not in Germany, you are without a chance to get a mortage loan from a german bank (except for foreign investors who want to finance a apartment building or something like that).
Further informations are coming soon!
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