The home loan without SCHUFA is basically available, although at first glance the prospect seems unlikely. The background: In the field of consumer loans, there are limits for the awarded loan-free loan amounts. These exceed in the rarest cases 5,000 euros. So should there be a home loan without SCHUFA?
Home loan without SCHUFA: background
A poor score and / or negative entries in the SCHUFA file of an applicant, including enforcement measures up to the impending compulsory auction make it much more difficult to conclude a planned real estate financing. However, if the applicants are actually efficient and important parameters are correct, there can be financing possibilities through the home loan without SCHUFA even in such cases. There are not a few interested parties who want to buy or build a home, but currently have no white SCHUFA vest. Each bank, which determines the credit rating by SCHUFA query, determines this immediately. The creditors then get problems to borrow for their planned property. In some cases, they would be able to repay the loan, because their negative entry is based on a minor failure (unpaid mobile phone bill). If that is the case, they should look around for the home loan without SCHUFA.
Under which conditions is the home loan without SCHUFA available?
The basic requirement for financing with a bad credit rating is the general repayment ability of the applicant. This includes a sufficient, secure and durable income, in addition, the property to be financed must be valuable. A certain equity is the third essential condition. Although there are some providers of home loans without SCHUFA even without or with very little equity, but in such cases, all other conditions must be very good. Nevertheless, the interest rate will increase significantly in such cases. For example, a scenario would be conceivable in which a civil servant couple would like to take out the home loan without SCHUFA, but a spouse has not paid an invoice because of a dispute with his mobile provider and was therefore “punished” with a negative SCHUFA entry – a very common one nuisance. These applicants actually have a top credit rating, yet most likely they will not get a loan from any German bank. Like a castle, the negative SCHUFA entry blocks all conventional financing channels. If this couple now takes a home loan without SCHUFA, this would probably also be available without equity.
Home loan without SCHUFA: When is the financing futile?
Applicants who are insolvent or who have submitted the sworn statement will no longer receive financing even without a SCHUFA request. The second important point is the permanently secured income, because a home loan without SCHUFA is finally repaid over many years. A self-employed person with an uncertain business situation – readable on weak and fluctuating income – therefore has just as bad an opportunity as an unemployed person. There can be a single exception (but not in case of insolvency or sworn affidavit): The house loan without SCHUFA is also available as a backward mortgage on an existing, already largely paid-up home. These loans do not depend so much on income, but of course they have to be redeemed. Otherwise, the borrower could lose his home.
Expiry of the house loan without SCHUFA
The prospective customers must look for a specialized financial intermediary, with which it can give the house loan without SCHUFA. There they should ask the conditions and check to what extent they fit their financing needs. Interest rates can be two to three percent higher than the usual real estate financing rates. It therefore remains to be considered to what extent the project should be carried out immediately. A slightly negative SCHUFA entry such as the unpaid mobile phone bill will remain in the SCHUFA file for three years after it has been completed. If credit seekers can imagine waiting for these three years, they should probably be able to save equity during this time, and do without the home loan without SCHUFA. The interest savings would be very high, if they can fall back on a usual financing later. Otherwise, the process is not very complicated:
- The financial intermediary can apply online for a home loan without SCHUFA.
- Most intermediaries promise to get in touch with the applicant in 24 to 48 hours.
- This is followed by a credit-based interest rate offer.
- Applicants will be informed about the exact conditions. In addition to the interest rate, the term, a possible fixed interest rate and the resulting repayment installment, this also includes key data such as the possible mortgage lending value for the loan. This results in the necessary equity.
- If the applicants accept the offer, they conclude a loan agreement with the financing, usually foreign, bank.
- As with any real estate financing, the bank is first entered in the land register.
- The credit intermediary should work on the home loan without SCHUFA without any cost.
When is it advisable to take out home loan without SCHUFA?
There are situations where you would like to give the prospective customers a home loan without SCHUFA. Sometimes real estate bargains can be found on the real estate market, of which hardly anyone currently knows anything. In the course of a family discount, by the forthcoming identification from garden to building land and by other circumstances are to have land or houses for a very short time to special conditions. Anyone who learns about it and determines that it is the ideal object for their own needs should register their interest. In this situation, a slightly negative SCHUFA entry should not prevent the project. If it is feasible, home loan without SCHUFA would be the absolutely right way for those interested.