Pay out the building savings sum, when and how?
Good morning,
About six years ago, as a trainee, I took out a building savings contract with LBS through my savings bank, with the goal of eventually accumulating €10,000. Unfortunately, my bank advisor wasn't able to help me much during a recent phone call, as he didn't have much of a clue about the subject, which I was a bit surprised about.
Well, yes, it was sold to me at the time as capital-forming benefits, so my employer paid €30 into my account monthly. Currently, about €1,700 has been deposited into my account. My bank advisor says you have to deposit 40% of the target amount (i.e., €4,000) to be able to access the target amount.
Is it that simple? The bank is losing €6,000? Can I just finish paying in the €4,000 on top so I can have the target amount paid out directly?
Does anyone know anything about this?
(1 votes)
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You get the 6,000.00 as a loan, but also only if you use it “economically”. Of course you have to repay the amount.
Understand… the consultant recently asked me what I would save the money – at the time I was not told that it was necessary to use it for “building”. He then simply entered, to acquire a condominium – with 10k I will acquire at most the empty cardboard on the street and to the homeless…
So that means I wouldn’t even get the money available for free and must pay the remaining 6,000€ as credit? So, in the end, building saving is only a form of low-interest investment? Then I can quit the quash, right?
If the money was six years old, you can cancel the contract. The charm of a construction-saving contract is the low interest of the construction-saving loan. For this, however, you have to use the amount in a commercial manner.
You don’t have to worry about low interest rates. In recent years there have been no interest anyway. Probably your construction savings contract is much better spent than it would have been on a savings account.
If you cancelled the high closing fee for umme…
If you cancel, you will only receive the paid amount plus the very low interest rate. Since it is a VL contract, I do not know whether a termination is possible. You should ask again. The final fee is either lost.
Meaning I’d just get back the previously paid money, right? Of course, the final fee would be gone, but I would have to pay it back, or do I see it wrong?
I don’t think you understood the principle of a building contract.
Why you only pay 30€ for a 10,000€ construction contract I also find little and stupid. You have to pay €4,000 for 11 years. This is far too long, because it should be paid out or distributed after 7 to 8 years.
The principle of the construction contract is to give you a favorable loan.
For this, you save 40% of the total construction fee, which would be €4,000 in your case. If the rating is reached then your contract will be assigned, i.e. you will get the 4,000€ incl. the interest accrued plus a favourable loan of over 6,000€. You then have to pay the loan back in a few years at the specified conditions.
You can also dispense with the loan and only take the €4,000 after allocation, the contract is also terminated. But then you paid the high closing fee for free.
In the future, I advise you to better inform you about financial contracts, because you usually think about many years and should also agree with the terms and the costs and fees incurred.
I understand – Well then at the conclusion of the contract I was still immature and just 18 years ago. My employer lured me with the payment of “reasonable benefits” and my bank has made this construction saving contract out of it. After a few years, I wanted to research what the benefits are for me. The sum was still at €20,000 until recently, and then I calculated, at €30 mtl. deposit of VWL, that this lasts 20-25 years and that this could not be. So something looks like an asshole from the bank or I see it wrong and was just naive?
Unfortunately, this is so that, above all, young people have no idea of financial products and complete every crap they get frightened and don’t even ask how the product works and what it costs. There are always impossible high sums that do not make any sense because then the provison is highest.
Therefore, in the future eyes open and never immediately sign something and make a few weeks smart and ask for the people who are honest with you and these are not the bankers.
So somehow there are missing parts of the statement.
On the one hand, the benefits which the employer pays are normally 7 years bound before the payout, I am not sure how exactly that is related to the connection of a construction contract.
The realization that the bank minus makes should be white enough that you didn’t understand anything or you lack an info. You could find out the documents on this building-saving contract, that should be described everything relevant to you.
For the construction saver itself, I am not sure what you have exactly with the discussion or what information you may have disappeared, but a construction contract normally consists of 2 components. 1. To the saved capital and 2. to the interest rate x guaranteed credit.
By target amount I could imagine is meant the possible payment of the loan (that you would of course have to pay back)
Or just the capital without a loss.