How can avail a condominium loan?

Everyone has already experienced that things will get tight financially. In such a case, the relatives or the circle of friends are generally happy to help out. However, for many it is not feasible to ask relatives or friends for an appropriate amount of money. And a normal bank would immediately reject any loan application due to poor credit rating or a Credit Bureau entry. But that does not have to be the end of your financing wishes. A borrower has a good chance of getting a loan even with an unfavorable credit rating and without Credit Bureau information.

What do you need to take into account with a condominium loan?

As a borrower, make sure that the monthly repayment amounts of the loan are as small as possible. You shouldn’t put up with more than you can actually wear. Last but not least, good financing depends on low interest rates and good conditions. Many customers want a loan that is as adaptable as possible. This includes installment breaks for one or more months as well as special repayments without additional costs. All of this should provide good finance for condominium loans.

However, there are a few points that you should take into account so that nothing is put in your way as a student, self-employed, pensioner, unemployed, employee or trainee:

1. Only set the loan amount as high as absolutely necessary

In principle, the following applies: Anyone who has considered the subject of credit for condominiums should measure the funds required as precisely as possible right from the start. Anyone planning such a project must make a list of all expenses beforehand in order to always have an overview of their finances. Without a doubt, it would not be wrong to plan a small financial cushion, whereby the emphasis is on “small”, because if this buffer is too large, this would lead to high liabilities. For this reason, it is reasonable not to raise more money than is needed. It is better to compensate for the undersized needs by means of follow-up or top-up financing.

2. Draw up and structure a financial plan

If you want to take out a loan, you should realistically assess your financial situation and keep a close eye on income and expenses – also when it comes to credit for condominiums. For example, recording your own costs exactly every week is excellent: How much money is spent per day on what things? In fact, every single expenditure that has been made should be taken into account in order to really record all amounts. This has the advantage that it can be determined on the one hand where there may still be savings potential and on the other hand the optimal loan rate can be estimated quite precisely.

3. Be careful, accurate and absolutely honest

It is important to be careful, accurate and honest with all information about your own financial situation and creditworthiness – especially with regard to the loan for condominium, with all information about your creditworthiness and your own financial situation it is important to be accurate, careful and honest. You should allow yourself enough time to put together all the evidence and documents conscientiously. This is the only way to draw a serious, accurate picture of your financial situation, which in turn has a positive effect on the chances for an instant loan or an emergency loan.

What can a good mediator do for you?

The main activity of an intermediary basically includes helping to find a suitable “loan without Credit Bureau” at a German or foreign bank. The assistance extends not only to mediation, but is also often extended to include detailed advice for debtors. A really good broker will give you detailed advice on the financing offer by showing you the advantages and disadvantages. He will also support you in compiling all the necessary documents for the loan despite Credit Bureau application.

Advantages and disadvantages in mediation


  • Obtaining loans even with poor credit ratings
  • Advisory service before submitting the application
  • Assistance in compiling the application documents
  • Connections to lesser known banks and financial institutions
  • Reasoning aid for difficult personal circumstances or large amounts of funding
  • Good chances of cheap lending rates
  • Mediation of loans even with poor creditworthiness


  • Doubtful offers are not always immediately recognizable
  • Risk of obtaining overpriced loans
  • Possible fees for obtaining credit

Since many intermediaries have good contacts with lesser known financial institutions, there is a high probability of negotiating more favorable terms for condominium loans. Even negotiations in difficult conditions are easily possible. In the case of small banks, the applicant’s creditworthiness check is still largely carried out manually, so that the intermediary can credibly justify a negative entry in the Credit Bureau, for example.

Therefore, such an entry in the credit check is not as important as in a large bank, where such a procedure is largely automated. In contrast, with normal banks, a request for a loan for a condominium is usually hopeless right from the start.

This is how serious creditors differ from dubious credit brokers

This is how serious creditors differ from dubious credit brokers

An intermediary who is reputable will invariably act in your best interest when it comes to condominium credit. Since the agent receives his commission from the bank, you generally do not incur any expenses or other payments.

Reputable intermediaries can be recognized by the following features:

  • When you call, you can actually reach someone who gives a competent impression
  • You will receive specific information on target and effective interest rates, terms and loan amount
  • You do not pay any funding fees
  • The company has a website with address, imprint and contact options

The factors of a dubious mediator

  • Cash on delivery of the documents
  • Offers in the form of a financial restructuring
  • Unsolicited home visit
  • Costs are raised for the consultation and regardless of the conclusion of the contract
  • You will be promised a 100 percent loan approval
  • Financing depends on taking out residual debt insurance
  • Calculation of expenses or additional costs
  • The broker only takes action if you sign a brokerage contract

The Advantages of Foreign Banks on Condominium Loans

The Advantages of Foreign Banks on Condominium Loans

The financing of larger projects via foreign financial institutions is becoming more and more popular. This is not just a new car or a planned vacation trip, but also {the strong capital for opening your own business}. In addition to the normal route to a house bank, consumers have now discovered the Internet to take out a loan from a foreign bank that exactly meets their needs. Choosing a credit institution abroad has the advantage that the lending guidelines there are considerably easier than with us in Germany.

For credit for condominiums, an insufficient credit rating or a negative Credit Bureau entry are therefore not so important. Such online loans are generally granted by Infra Bank. This situation could be particularly interesting for borrowers who have been rejected by Cream Bank and who quickly need an injection of money. These include, for example, the unemployed, trainees, the self-employed. Students, probationary workers or retirees. These people in particular find it difficult to get a loan when it comes to condominium loans.

Which is why a Swiss loan is a good alternative

Which is why a Swiss loan is a good alternative

It is often difficult for a private individual who is in a tight financial situation to obtain a loan. The reason: The chances of financing are significantly reduced with debt or with poor creditworthiness. In such cases, a so-called “Swiss loan” would be a reasonable option. This means a loan that is approved by a Swiss financial service provider. A negative Credit Bureau entry is irrelevant for these institutes, because there is no such request in general, which makes it extremely easy to find a loan. This is especially ideal when it comes to the loan for condominiums.

Obtaining a loan without checking the creditworthiness as well as various proof of income and collateral is logically not possible even with Swiss financial institutions. If your only concern is the Credit Bureau entry, but your credit rating is okay so far, the Swiss loan for condominium loan would be a realistic option.

This is how credit for condominiums certainly works

Many consumers who are looking for a condominium loan or “despite poor credit rating” generally think of a “loan without Credit Bureau”. Nevertheless, the creditworthiness is checked equally by all renowned financial service providers. Because in addition to Credit Bureau, there are other credit bureaus that offer such a service.

Strictly speaking, everyone has a scoring at the largest credit agency in Germany, Credit Bureau. If you have a credit card or have opened an account with the bank or savings bank, such a value has already been created for you. In this way, you don’t get a “loan without Credit Bureau” from {a bank}. However, what could work is a “loan despite Credit Bureau entry”. Paradoxically, many consumers mistakenly think that they have a “negative Credit Bureau entry”, although the statistics convey something completely different: the {large part} of the entries are positive

It is best to check beforehand whether the Score Index is really so negative that it might be difficult to approve your loan application at a bank. Once a year, Credit Bureau allows companies and private individuals to query the “Credit Bureau Score” free of charge. Since 2010, it has been possible to obtain self-disclosure to see what information is stored at the credit agency.

According to the Federal Data Protection Act (BDSG) § 34, you are in principle entitled to this information free of charge, once a year. You can request your own score (Credit Bureauscore) and information about whether any institute has obtained information about you in the past few months from “MeineCredit Bureau”. Your scoring depends on various “ratings”. These ratings can range from 1 to 100. 100 is the best score anyone can get. In this case, an extremely low probability of failure is assumed. Defaults on the other hand are much more likely to occur if someone only has a score index of 50.

Our tip: This is how you can “delete a negative Credit Bureau entry”

Due invoice not paid – this has happened to everyone. There can be various reasons for this: You were currently in a financial bottleneck, were on vacation at the time or had a new postal address due to a move. An unpaid mobile phone bill can also cause problems. The loan application that was submitted is rejected due to an unfavorable Credit Bureau. It therefore has consequences for applying for a loan if the request for payment leads to a reduction in the score.

On the other hand, as a consumer, you can have a bad entry deleted at Credit Bureau. Enormous amounts of data are stored at the credit agency. As a result, the information provided may often be out of date or incorrect. In any case, as a consumer, you should exercise your right to self-disclosure in order to have old entries removed. You can request such deletion directly from the credit agency. However, the removal will only be implemented on the condition that the claim has been paid within six weeks and does not exceed USD 2,000.

Deletion of Credit Bureau data – your data at Credit Bureau

The Credit Bureau data will be automatically deleted after a certain period of time without any action on your part. For example, this happens with:

  • for information about inquiries after 12 months; This information is only passed on to Credit Bureau contract partners within 10 days
  • for loans to the day, 36 months after the year in which the loan was repaid in full
  • for reports on unpaid claims, each after a period of three full calendar years (that is, at the end of December 31 of the third calendar year following the entry)
  • in the case of claims from mail order companies, if these have now been paid

The advantages of a Swiss loan

Individuals with money problems can often not get a loan. The reason: The chances of financing are significantly reduced with debts or poor credit ratings. A Swiss loan can be a real option in such cases. It means a loan from a Swiss credit bank. Since such banks do not carry out Credit Bureau queries, there is no obstacle to finding credit. When it comes to condominium loans, this is a priceless asset.

Of course, even with Swiss financial institutions, you cannot get a loan without checking the creditworthiness and various collateral and proof of income. If it is an entry in Credit Bureau alone that worries you about financing, Swiss credit could be a realistic option for you, provided your credit rating is so far in the green.

What is the “APR”

In the case of a loan for a condominium, due to the greater risk, the loan costs are sometimes somewhat higher than normal. The “effective annual interest rate” or “effective annual interest rate” plays an important role. The annual cost of a loan related to the nominal loan amount is referred to as the “APR”. It is declared with a certain percentage of the payment amount. For loans whose interest or other price-related factors can change during the term of the loan, this interest rate is referred to as the initial “annual percentage rate”

A fixed borrowing rate is agreed when a loan is taken out for the full term. In plain language, this means that regardless of the numerous fluctuations in interest rates on the capital markets, the nominal interest rate on which the “loan” is based remains stable. If you value planning security, a fixed borrowing rate would be just right for your loan. The interest rate on the “loan amount” therefore remains unchanged throughout the credit period. So you are permanently protected from the unpleasant surprise of a rate hike.

What does the loan term mean

A loan can have very different repayment terms, which are essentially defined by the loan term that the borrower chooses. This means that the longer the “loan term” is selected for a loan, the lower the individual installments that the borrower has to repay, and vice versa. It is therefore worth considering the various options with regard to the loan term. Please note that some loans have a limited selection of terms.

What exactly is the term of the loan or loan term? Simply put, this is the time interval from the payment of the loan amount until it is fully repaid. The duration actually depends on the amount of the nominal interest and the repayment. The term is understandably primarily influenced by the repayment rate. With a relatively small repayment amount, it will of course take a comparatively long time to fully pay the loan amount and thus the loan including the processing fees. By the way, there are special loans with very long terms (at least five years). These are known as long-term loans.

What are loan fees

Loan fees are often referred to as a processing commission, closing fee, loan processing fee or processing fee. These fees are usually the costs that the credit institution was allowed to calculate until 2014 for the effort required to process an application for a loan or a credit request. In May 2014 there was a change in the law on this subject. The calculation of the “loan fee” for activities in connection with a loan request was declared unjustified.

Incidentally, this also applies to determining the creditworthiness of the borrower. Currently, processing fees depending on the respective loan may no longer be required since 2014. In general, these costs were approx. 1 – 3 {{percent}} of the loan amount, for example, for a loan of USD 10,000, already USD 150 to 450. Processing fees that have already been paid by borrowers for the loan request or the loan application can therefore in principle be reclaimed.

What is a lender

Lenders, as legal or natural persons, lend money to the borrower or borrower for a certain period of time at an appropriate interest rate. Legislation generally speaks of the “lender”. In this context, however, one often hears the terms “lender” or “creditor”.

For the lender, a loan is associated with a considerable risk of default, which is why a higher interest rate is predominantly required. Lenders can include an insurance company, a credit bank or a building society. Of course, borrowers also have rights and obligations that are laid down in the German Civil Code.

What is the monthly rate

What is the monthly rate

“Loans with poor credit ratings” are also to be repaid in individual monthly installments. For loans, the monthly installment contains a significant component – the interest rate. The bank calculates the interest rate based on the prices currently charged for interest on the capital market. The borrowers later pay this interest plus a corresponding surcharge for their loan.

Another important component in the “monthly installment” of loans is the repayment. The borrower normally determines the size of the repayment rate depending on his income. With {longer-term loan contracts}, the repayment is usually one percent per year. Should the loan amount and thus the loan amount z. B. are repaid in a shorter period of time, the borrower chooses a higher repayment. On the other hand, the monthly charge – depending on the amount of the repayment amount – is then significantly increased.

In particular, it is the interest rate and repayment that mainly result in the monthly installment for loans. In most cases, however, the monthly installment for loans also includes the brokerage commissions from the credit intermediaries and the processing fees charged by the banks. Although these costs are almost always included in the interest, on the other hand they are part of the total monthly loan.

What is a debt rescheduling loan

What is a debt rescheduling loan

When rescheduling, a person tries to obtain a loan to use the money to pay for an existing loan that was taken out at a more expensive rate. This financing model is also called a debt rescheduling loan. Debt restructuring also makes sense if different loans are to be combined into one. You can therefore disclose more than one loan for debt rescheduling. It goes without saying that the “debt rescheduling loan” is not taken out from the same bank, but from another bank. Nevertheless, financing for a debt rescheduling can in turn be taken from the same bank.

You see, debt restructuring has several advantages. The basic purpose is, however, that the debt rescheduling loan means that you will have less financial expense than before after taking up your new loan. It can help you save money if the interest is even marginally cheaper.

What is the total loan amount

What is the total loan amount

The total loan amount includes all fees that the bank additionally charges the borrower for an approved loan. It is therefore not just the amount of the loan taken out, but the total amount including all ancillary costs that the customer repays to the financial institution within the term of the loan. What exactly are the costs and which are added to the pure loan amount? These are any processing fees or commissions as well as the total interest payable. Since all “fees and expenses” are included in the “total loan amount”, this may be considerably higher than the nominal amount of the loan.

The {costs} for taking out residual debt insurance in the course of borrowing also belong to the total loan amount.

What is the loan amount

What is the loan amount

If the borrower is approved, the loan amount is then paid out net. The payout may be lower because the “loan amount” is not paid out in full as a total. This also applies to a loan or a “Swiss loan”.

When a loan application is made for a loan amount, the bank determines the commercial balance sheet for a commercial applicant and the available income for a private person. A second aspect is the size of the loan amount. The applicant’s income is checked for a loan amount of USD 300.00 in the same way as is usual for a loan amount of USD 100,000.00.

A fixed monthly installment for repayment within a certain period of time is generally agreed for the loan amount. As far as these loan terms are concerned, they are always laid down in the loan agreement. If the borrower has the corresponding monthly income, he can repay the loan amount even before the contract expires. Whether these special repayments are subject to fees or are offered at no charge must be found in the respective financing contract. If the last installment was finally paid, it can generally be assumed that the loan contract will also automatically expire. Approval of a new loan amount must be agreed in writing by the borrower with the bank.

What are the credit rating criteria

You cannot get a loan without checking the creditworthiness. The credit rating is based on the result of the credit check and determines the surcharges on the loan. The result depends primarily on the “creditworthiness criteria”. In principle, the credit bank charges lower interest rates with an excellent credit rating. If the credit check gives a good result, it undoubtedly has considerable advantages. Each bank usually has its own credit rating criteria, which often differ significantly from those of other financial institutions. However, there are no differences between the individual banks in the credit rating criteria. All of the factors listed are also the same for every borrower.

  • What is the monthly earnings?
  • What is the employment relationship like?
  • Is the borrower a contract agent, officer or official?
  • Who’s the employer?
  • Where is the borrower’s place of residence?
  • Are there entries at credit agencies such as Credit Bureau etc.?
  • Does the applicant keep a budget book with an input-expenditure account?
  • Are there assets in the form of land or real estate?
  • What is the marital status?
  • Are there any guarantees and loans?

These are the prerequisites for a condominium loan

These are the prerequisites for a condominium loan

For your desired loan, you can influence the decision of the loan broker to your advantage. However, the following preconditions must be met for this:

  • Legal age
  • German address
  • Account with a German financial institution
  • secured monthly income
  • sufficient creditworthiness
  • for earmarked financing, collateral such as a car or property

A so-called private loan or credit private, which various credit intermediaries offer, can usually be obtained despite a poor credit rating. “Lending money without Credit Bureau” does not work through a normal bank. Instead, one or more private individuals appear as lenders in this case.

Notes on condominium credit

Notes on condominium credit

If you want to apply for financing with a bad Credit Bureau score or unfavorable Credit Bureau, then first think about whether you are able to repay the loan without any major difficulties. It is usually not without reason that the bank rejects a loan application.

Please keep the following in mind: It is one of the main business principles of lending banks that as far as possible all loans that {consumers receive} are repaid on time with interest. The financial institutions are clearly very interested in lending. If payment behavior was previously very inadequate, it can be expected that there will still be no timely repayment. Therefore the application will of course be rejected. But even with a positive Credit Bureau, the loan application can be rejected. This is the case if the necessary funds are insufficient or the minimum income is so small that the loan cannot be repaid.

When it comes to applying for funding, such as a “loan without Credit Bureau”, it would be advantageous to compare your income with the monthly expenses as realistically as possible. This procedure makes it easy to check whether there may be difficulties with the repayment later. Unfortunately, very few people initially think that long-term financing can sometimes lead to financial bottlenecks and then it will be difficult to pay the loan on time. This could be, for example, the broken car, a damaged fridge or a high payment request from the tax office.

There is the option of competent advice on a “loan with Credit Bureau entry”, and that from a professional credit advisor. You get exactly the support you need, because on the one hand you get excellent advice on how to really find the right offer and on the other hand you have someone at your side who can assess your financial situation with you if necessary. People who do not inform themselves sufficiently about a carefree “taking out a loan despite Credit Bureau” are often caught in a debt trap – with unforeseeable economic consequences. In addition, the loan broker can provide expert advice on the aggregation of various loans, that is, “debt restructuring despite Credit Bureau”.

If your Credit Bureau score is not sufficient, the financial institution may refuse a “credit with Credit Bureau” or a “credit with Credit Bureau entry”. Definitely call up your Credit Bureau score once a year. It costs nothing and you can be sure that everything is correct. If not, ask for the removal of incorrect or outdated data.

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