#32 德国买房 Step-by-Step: Buy An Apartment in Munich & Get a Mortgage with a Blue Card! NewHomeDiary 1
Hi, I’m Olivia. Let’s start with some well wishes: Happy New Year! Wishing you peace, health, and happiness!
One of my wishes for 2025: I hope our new home can be handed over smoothly. Fingers crossed the developer stays strong and doesn’t go bankrupt! 🤣🤣
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00:00 Intro
01:00 Step 1: Determine your budget, down payment (Eigenkapital). Check credit score (Schufa). Learn key terms for buying a home & getting a mortgage.
02:25 Step 2: Consult a mortgage broker or bank for a loan capacity assessment.
04:21 Step 3: Define your requirements and direction for home hunting.
06:02 Step 4: Visit properties on site.
06:37 Step 5: Sign a reservation agreement (Reservierungsvertrag). The notary (Notar) gets involved.
09:03 Step 6: Negotiate your mortgage and submit the loan application.
10:27 Step 7: Receive the loan contract and schedule the notary appointment (Notar Termin).
11:53 Step 8: On notary day, complete the notarization for the purchase contract and mortgage.
12:44 Step 9: After the notary appointment, pay various bills.
13:27 Step 10: Make payments in installments.
14:00 Step 11: Final property inspection upon completion.
14:17 Step 12: Handover!
14:37 Outro
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Some key terms related to buying a property and securing a mortgage in Germany:
💰 Mortgage Terms
Eigenkapital (Equity): Personal funds for the purchase, typically 20%-30% of the property price.
Baufinanzierung (Construction Financing): A loan from the bank to finance property purchase or construction.
Tilgung (Principal Repayment): The portion of monthly repayments used to repay the principal, usually starting at 2%-3%.
Sondertilgung (Extra Principal Repayment): Additional payments beyond the monthly schedule, reducing interest and loan term, often limited by the contract.
Zinsbindung (Fixed Interest Rate Period): The period during which the mortgage interest rate is fixed (e.g., 5, 10, 15 years).
Bereitstellungszinsen (Commitment Interest): Interest charged on unused loan amounts after a specified period (e.g., 6-12 months).
Effektiver Jahreszins (Effective Annual Interest Rate): The annual rate including all costs, making loan comparison easier.
Annuitätendarlehen (Annuity Loan): A common loan type with fixed monthly payments, where the principal portion increases over time, and interest decreases.
KfW-Darlehen (KfW Loan): Government-subsidized loans for energy-efficient construction or renovations.
Auszahlungsauftrag (Disbursement Order): Request for the bank to release loan funds to the seller.
Grundschuld (Land Charge): A form of mortgage registered in the land register, securing the bank in case of default.
Grundschuldbestellung (Land Charge Registration): The process of registering a land charge, managed by the notary and bank.
Vorfälligkeitsentschädigung (Prepayment Penalty): Compensation owed if the loan is repaid early during the fixed interest period.
Schlussrate (Final Payment): The final loan installment, often due upon property completion.
Restschuld (Remaining Debt): Unpaid principal after the fixed interest rate period.
Anschlussfinanzierung (Follow-Up Financing): A new loan to refinance the remaining debt after the fixed interest period.
✍🏻 Property Purchase Terms
Finanzierungszertifikat (Loan Certificate): Document proving the buyer’s financial ability to purchase the property.
Reservierungsvertrag (Reservation Agreement): Agreement to reserve a property.
Baugenehmigung (Building Permit): Official approval from local authorities for construction or renovation.
Bauschreibung (Construction Specification): Details on the construction, materials, and quality standards of the property.
Lageplan/Flurkarte (Site Map/Cadastral Map): A map showing the property’s location, boundaries, and surroundings.
Energieausweis (Energy Certificate): Mandatory document detailing the property’s energy efficiency (grades A+ to H).
Teilungserklärung (Declaration of Division): Defines ownership of individual units and shared areas in multi-owner properties.
Kaufvertrag (Purchase Agreement): Notarized contract detailing the price, conditions, and payment terms.
Notar (Notary): Key figure who drafts and oversees the signing of contracts to ensure legality.
Fälligkeitsmitteilung (Payment Notification): Issued by a notary, notifying when payments are due.
Notarkosten (Notary Fees): Approximately 1.5%-2% of the property price.
Nebenkosten (Additional Costs): Extra costs such as tax and notary fees, typically 7%-15% of the property price.
Grunderwerbsteuer (Property Transfer Tax): One-time tax on property purchase, ranging from 3.5%-6.5% depending on the state.
Grundbuch (Land Register): Official record of property ownership and rights.
Auflassungsvormerkung: A pre-registration in the land registry to ensure that the property can‘t be transferred to another party before the official ownership transfer is completed.