Scenario 1 – Nationwide providers in a construction financing comparison
the Comdirect* gives potential borrowers the opportunity to submit a so-called “online financing request” directly on the homepage – this is good, but unfortunately not possible anonymously. The minimum loan amount for new financing is EUR 50,000 from the Comdirect Bank – so if you need a lower loan, you have to switch to another bank. A special repayment of ten percent per year is possible, the longest fixed interest rate is 40 years at the Comdirect Bank. The initial minimum repayment is one percent. For our scenario, the Commerzbank subsidiary offers an effective interest rate of 2.95 percent, so the offer from Comdirect Bank is in the middle of the results of our test.
1822direct* offers good service online. The subsidiary of Frankfurter Sparkasse GmbH offers an effective annual interest rate of 2.94 percent for our test scenario, but with a higher monthly rate than at Comdirect. Online, future homeowners can immediately find out the effective annual interest rate and the monthly rate depending on the duration of the debit interest at 1822direkt. For this you have to provide initial information about the property value, equity, household size and your postcode. The subsidiary of the Frankfurter Sparkasse also cites a representative example.
The Santander Bank also enables you to inquire about initial conditions and calculate an offer via their website. Based on our information, we have to calculate with an effective annual interest rate of 3.37 percent for our construction financing if we choose an initial repayment of 2.5 percent. What we particularly like about Santander Bank is the clarity for potential customers: if you provide your information to Santander Bank, you will immediately receive a comprehensive overview of the debit and effective interest rates depending on the fixed interest rate.