Under the Residential Property Directive , which was drafted by the EU and has been adopted as law earlier in the year in Germany , it is more difficult for young families and senior citizens to obtain a construction loan . The reason: the new directive requires more collateral and, above all, that borrowers can have a fixed income – also and above all over the repayment term. So if parental leave, breakdowns, probationary periods, pensions or serious illnesses or the passing of life could “get in the way”, then there is not so fast a loan. But statistically, according to media reports, it can not be fully proven.
Young families and senior citizens are having difficulty accessing a construction loan through the EU Residential Credit Directive. The policy wants to react, there are already talks.
FAZ reports on EU guideline on more collateral for building loans
” In times of low interest rates, it makes sense to invest in your own four walls. However, a new law will spoil many older customers and young families “, the Frankfurter Allgemeine Zeitung summarizes the problem as early as July 2016. This is due to a new EU directive, which was implemented as a law in Germany – somewhat stricter than in other countries. This law is intended to prevent the emergence of real estate bubbles and other non-secured financing for new buildings. For renovations, the purchase of real estate and renovations there are special rules. Existing loans are not affected.
The new, demanded by the banks mindfulness of the applicants for a construction loan, the FAZ summarizes as follows: ” For older customers, the banks now have to calculate that they could die before the loan expires. For younger people, they sometimes use very cautious forecasts for the future salary development and the resulting pension entitlements. “
Banking associations can hardly prove the effect
The problem can be logically understood; Due to the increased amount of credit, which results from the current low interest rate situation, it is statistically difficult to prove. This is currently indicated by the Handelsblatt. With regard to the problem of lending and / or credit denial among young families and older applicants, the paper writes: ” The crux is that, statistically, this unequal treatment put forward by the lobbyists can hardly be proven. […] The negative effects would be overshadowed by the overall high demand for credit as a result of the low interest rate level. “
In addition, a study by the Federal Association of German Cooperative Banks (BVR) is cited, according to Handelsblatt states: ” Based on the aggregate figures on the development of loan balances , as regularly listed by the Bundesbank statistics, the harmful effects can not be read directly .” – Nevertheless, if you list all individual cases of rejected loan requests regardless of the balancing statistics, then the problem becomes apparent.
Federal Minister of Justice Heiko Maas in the Rheinische Post
The topic of the EU Directive on the Protection of Construction Loans was also part of a comprehensive interview conducted by Rheinische Post with Federal Minister of Justice Heiko Maas. In this, the SPD politician said that it should not be that just older bank customers due to the EU Directive would be even more difficult to borrow. With the Federal Ministry of Finance one is therefore already ” in good conversations “. It is possible to re-adapt the implementation of the directive or to provide a little more clarity and thus legal certainty for the individual criteria.
Online loan comparison: Can you take out a loan?
Take a loan online – it’s easy and fast. If you see yourself in the mentioned groups, so among the young families or among the seniors, then you are welcome to use our free loan request. Of course, this free loan comparison for construction loans, but also for other uses, also accessible to all other target groups. You can flexibly and as often as you want to change the loan amount, the term and the purpose until you have found the right offer. Afterwards you have the opportunity to submit a non-binding loan request directly online.