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Building society contract ready for allocation? You have to do that
Building society contract ready for allocation? You have to do that

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If the savings target of a building society contract has been reached, the expert speaks of "ready for allocation" - this means that you receive the entire amount from your building society. This marks the start of the home ownership project. In our guide we explain what your next steps should look like.

Table of contents Table of contents Bauspar contract ready for allocation? You have to do that now

  • When is a home savings contract ready for allocation?
  • Allocation of home savings
  • Acceptance of the allocation
  • Let the savings amount rest
  • Further expand equity
  • What can the saved credit be used for?
  • The most important technical terms relating to the allocation of a building society contract

Table of contents Table of contents Bauspar contract ready for allocation? You have to do that now

  • When is a home savings contract ready for allocation?
  • Allocation of home savings
  • Acceptance of the allocation
  • Let the savings amount rest
  • Further expand equity
  • What can the saved credit be used for?
  • The most important technical terms relating to the allocation of a building society contract

If a home savings contract is ready for allocation, the home savings sum should be paid out at the right time. Germans are around 40 years old on average when they buy their first house or apartment. But what does that say about your own career as a property owner? Many start with the first salary of their own to regularly save a reasonable amount of money, and conclude a building society contract for a certain amount of home savings with a building society. At this point, very few people know when and where they will buy a house or apartment. The amount of money required is therefore also unclear - the only focus is on the plan to build up equity as a solid financing basis for a building society such as LBS during the savings phase of the building society contract.

When is a home savings contract ready for allocation?

The date of the allocation of a building society contract is always open when the contract is concluded: the funds that exist for the allocation depend primarily on the savings and repayments made by the building society collective. For this reason, the building society law prohibits the naming of a fixed allocation date. Each building society will give you a non-binding, expected date, which can usually be kept. In technical jargon, the time window between the conclusion of a home savings contract and the allocation is called "waiting time". A shop steward, commissioned by the Federal Banking Supervisory Office, monitors the building societies so that they comply with the legal rules for the allocation process of the building society contract.

After a few years, on average between eight and ten, the home savings contract is actually ready for allocation: This means that the minimum balance of 40 or 50 percent (depending on the tariff) of the agreed home savings sum is saved, the minimum saving period has ended and the necessary minimum rating has been reached. The minimum rating number is calculated from the sum of your payments into the building society contract (including the interest), the savings period and the total amount of building society savings (building society savings plus loan): The rating number therefore stipulates that agreed waiting times are observed until the building society is allocated and ensures that permanently balanced collective "saver-cash benefit ratio".

If your home savings contract is ready for allocation, you can have the home savings paid out by your LBS. The home savings sum consists on the one hand of your interest-bearing savings, on the other hand from the home savings loan for the remaining 50 or 60 percent of the total amount agreed upon in the contract.

Bausparen
Bausparen

After a few years, the building society contract is ready for allocation: To do this, the minimum balance of 40 or 50 percent (depending on the tariff) of the agreed building society savings has to be saved, the minimum saving period has ended and the necessary minimum rating has been reached.

Photo: iStock / Photografeus

Allocation of home savings

As a rule, the LBS informs you a few months before your building society contract is ready for allocation. The home savings sum is paid out on application upon acceptance of the allocation.

Good to know: The contact person for all the formalities of the contract as well as questions about building finance and home loan is your local LBS advisor.

Acceptance of the allocation

Do you already have a suitable property in mind? Wonderful! Then you only need to confirm the acceptance of the allocation of your home savings sum in writing. You also state that you want to use the loan for residential purposes, i.e. for purposes such as buying, building or converting home ownership. This includes the purchase of the property on which you want to build your own four walls.

Let the savings amount rest

The building society contract is ready for allocation, but you don't have a concrete real estate project in planning yet? No problem. Sometimes the homeownership project just doesn't match the current living situation. However, it is worthwhile to continue to deposit credit into the home savings contract. Also think about increasing the amount of home savings in your contract - over time not only the property prices but also your demands on your own home will increase. Your building society contract thus secures part of the building money you need for tomorrow.

Further expand equity

If you already know that you need more equity, it makes sense to conclude an additional home savings contract or to increase the home savings sum. However, this is also possible during the regular term.

What can the saved credit be used for?

When it comes to building savings, many people immediately think about building or buying a home. However, a home savings contract can do even more. The LBS offers you the following options:

  • Building savings for the modernization of the home

    Who does not know that? The heating in the house is no longer running optimally and the windows are also now behind the current quality standards. The result: high energy costs. But other small or large defects can also occur in your own home over time. A home loan savings contract prepares for this and, when it is ready for allocation, can be used for maintenance measures or repairs - including an increase in the value of the property.

Modernisierung
Modernisierung

Building savings can also be used to modernize your home.

Photo: iStock / hanohiki

  • Building savings for future housing needs

    Are you still not sure when you want to build or buy a property, but still want to have reserves in store? In this situation, too, a home savings contract is an option. As a home saver, you can decide flexibly what you want to use your home savings contract for, be it for property purchase, construction or renovation.

    Tip: If you are under the age of 25, you can enjoy special benefits as a home saver with Wohn-Riester. In addition to the basic allowance of 175 euros, you also get a one-time starter bonus of 200 euros. But you can not only benefit from Wohn-Riester, other state grants are also possible. Worth mentioning here, for example, is the employee savings allowance for capital-generating benefits. Find out more on the website of your building society or in a personal consultation.

  • Building savings for children and grandchildren

    As a home saver, you can also give your children and grandchildren a secure future by saving money for them every month. As a legal guardian, you can even invest a portion of the child benefit every month. Calculated over the years, this accumulates a considerable amount of money. In addition, you give children and grandchildren the prospect of a low-interest home loan.

Familie mit Sparschwein
Familie mit Sparschwein

As a home saver, you are also able to give your children a secure future by putting money back for them every month.

Photo: iStock / Rawpixel

  • Building savings as a pension

    The statutory pension amount is often no longer sufficient to maintain your accustomed standard of living when you retire. Having your own home can be an attractive form of retirement provision. As a home owner, you no longer have to worry about rising rental prices or a possible termination on the part of the landlord. Further advantages of signing a contract: While you enjoy the advantages of residential Riester and state subsidies, secure yourself low interest rates for your future loan.

The most important technical terms relating to the allocation of a building society contract

Building savings is easy. But you can't get by in the financial world without technical terms. Building society savers should know these terms with regard to the allocation of the building society contract.

Valuation dates

Dates on which LBS provides the (individual)

Assessment numbers determined and the order in which the

Building society contracts can be allocated. Some state building societies

have determined four other twelve valuation dates, at the end of each quarter or at the end of the month.

Allocations are usually made two to four months after

Valuation date.

Rating number Measured variable that expresses how long a home saver saved how much money.

The LBS then determines the order in which the loans meet

be awarded. Those who save a lot early are more likely to get their loans

as someone who takes his time saving. The individual

Rating number is on the annual account statement.

Minimum rating number When a home saver has reached the minimum rating, the LBS

allocate the home loan. It ensures that the savings

the building society community long enough for the

Financing is available.

Minimum savings balance The amount that a home saver must have paid into the contract at least

to be able to claim the loan. It is

- Depending on the tariff concluded - usually 40 or 50 percent

the home savings sum. The minimum savings balance is one of several

Allocation requirements.

Minimum saving time Period between the conclusion of the building society contract and the

Allocation date or valuation date

(depending on the savings conditions of the respective LBS).

It is one of the prerequisites for the allocation of the home savings sum.

Depending on the tariff, it is 12 to 60 months.

waiting period Time between contract conclusion and allocation.
allocation This provides home savings credits and loans for payment.

The procedure differs from region to region. The most important requirements

The allocation includes the expiry of the minimum saving period and the achievement

of minimum savings and minimum rating number.

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