Hey Guys,
I am thinking of buying a flat in my home country and I thought of taking private credit of 100k from a bank. Is it possible to get that much? I read the upto 100k is possible and 10yrs term you could have it. I hold a PR and I already took a private credit of 20k euros to pay my education loan back. Initially when I was checking via check24, smarva. It was mentioned that I can get the interest rate of 4.x for 20k, But I used my Mitarbeiterangebote(MA) through my company and got a interest of 2.4 percent fixed for 20k in SWK bank. In few months, I would be paying back this credit and thinking of asking the same bank (SWK) for 100k and ask them for a lesser interest rate, since I am already a customer with them also good reliability. In addition to it, I now got my PR also. Lets say my salary in 60% of this requesting kredit. What are my chances to get 100k directly or with MA? Does anyone have an experience in this? Pour your suggestions
check the below imaage : Getting 100k euros loan in India vs Getting 100k euros as private kredit in germany. loan term : 10 yrs
Such a huge difference. almost 12,000 euros as interest for 100k in germany and In India almost 30k+ euros as interest for 100k for a minimum 6.9 percent.
Thanks.
4 comments
Rather unlikely without any form of security. There’s quite a difference between 20k and 100k.
So you want a German bank to give you a credit to buy property in a foreign country? – it’s very unlikely that this is going to happen. Maybe if the bank has a branch in your home country.
You know, the normal procedure for loan for a property in Germany is that the bank makes an entry in the so called Grundbuch (you can Google that), what makes the bank basically a Co-owner and gives the bank the right go take possession of the house if you’re not able to pay off the loan… I don’t think something like that works across national borders.
Just ask them honestly all they can do is say no. Nobody of us can judge this confidently.
Someone asked basically this exact question here a few days ago. That wasn’t you?
Same answer that I gave him: why aren’t you taking the loan out in your country where you’re buying the property? Presumably mortgages are a thing there? The loan will be secured with the flat and I can’t imagine the interest rate would be much worse. What you’re seeing is not great for a home loan. German banks do not want to mess with this since it won’t be practical for them to secure the loan (assuming you don’t have other collateral to put up)