Colloquially, the terms "construction financing without schufa" and "construction financing despite schufa" are often used identically. However, on closer inspection there is quite a difference. In the end, however, the solution for both circumstances again looks identical.
Real estate financing without schufa
In germany, it is completely the same whether it is a loan in the amount of 1.000 euros, or for construction financing with a volume of 200.000 € – the local banks ask first at the schufa regarding the creditworthiness of the applicant. Now, however, no one has to worry if a direct debit for 40 euros was not honored eight weeks before the loan application.
If he otherwise shows a proper account management, nothing stands in the way of a construction financing. But let's first look at the facts of a construction financing despite or without schufa.
Construction financing without schufa / without equity capital
- Real estate financing even with several negative schufa entries.
- House financing and housing loans of 50.000 to 300.000 € are possible.
- Purchase of real estate despite negative credit rating (houses and apartments).
- Real estate purchase without equity is possible.
- Loan amount up to 50.000 € above the mortgage lending value (example: mortgage lending value 150.000 € -> maximum loan amount 200.000 €)
- The credit free of schufa is available for free use: in addition to construction financing and home purchase, renovation, conversion, modernization or expansion are also possible.
- From 4.35%* eff. Annual interest
Here you can make a free and non-binding credit inquiry with our partner bon-kredit:
The examination takes place within 48 hours.
Construction financing without schufa check from abroad
This statement does not mean that there are no schufa entries for the applicant – newspaper subscription, cell phone contract – everything is reported to schufa. Construction financing without schufa means rather that the bank, with which a credit inquiry is made, does without a schufa inquiry. In germany this is an impossibility. However, what applies to germany does not necessarily apply to other countries. Again and again the term "credit without schufa" or the term "swiss credit" circulates.
The second formulation already gives an idea what it is about. Switzerland, as well as liechtenstein, does not know any institution such as schufa. Against this background, the credit institutions located there also do not make a schufa inquiry. This also applies to construction financing. Detached from the own credit rating, it was in the past quite interesting to apply for a construction loan in switzerland and benefit from the favorable exchange rate between the swiss franc and the euro.
- With a construction financing without schufa the schufa inquiry is omitted.
- This practice is common in switzerland and liechtenstein.
Construction financing despite schufa – so it is also possible in germany
The "construction financing despite schufa" means fully formulated a "construction financing despite weak schufa and insufficient credit rating". Depending on the weight of the schufa entries, construction financing despite schufa may also be possible in germany. The interest rate is based on the creditworthiness of the applicant. With weak schufa it turns out accordingly high. However, a loan application despite schufa is superfluous if the applicant has hard schufa criteria. These include
- Outstanding warrant
- Impending or pending personal insolvency
- Pending default summons
The fact that with such a constellation a concerning would like to apply however still for a construction financing, is rather improbable.
- A construction financing despite schufa is also possible with weak credit rating.
- Hard criteria exclude a processing of the inquiry.
Real estate loan despite negative credit rating and little equity – how does it work??
Swiss and liechtenstein banks work according to the same business principles as the german banks. Mortgage loans are not distributed after the watering can principle, but provide quite formal requirements. These include that
- The applicant is of age.
- Has an account with a bank located in germany.
- Registered in germany.
- Has an income that leaves room for the monthly installment.
- A registration of a land charge on the property to be financed or an unencumbered property in the property of the applicant takes place.
If these criteria are met, there is nothing to prevent the financing application from being reviewed.
How to get a construction financing without schufa information?
If you wish, you can search for a suitable financier in switzerland or liechtenstein yourself. However, it is much easier to turn to an intermediary in germany who specializes in construction financing without schufa. These brokers have a network of banks, and know quite quickly which provider comes into question in the individual case. Special requests can also be taken into account, such as financing 100 percent of the purchase price, even loans that increase the value of the property by up to 50.Exceed 000 EUR.
- Swiss and liechtenstein banks set minimum lending standards.
- Intermediaries based in germany have specialized in construction financing without schufa.
Pay attention to the seriousness of the intermediary for the home loan / housing loan!
In the overarching business field of "credit without schufa" are certainly also black sheep, who want to capitalize on the financial problems of consumers yet. However, it is quite easy to distinguish between serious and dubious providers.
- There are intermediaries who have been successfully brokering construction financing without schufa for several decades.
- Serious offerers do not require any fees in the apron.
- Usually, trustworthy intermediaries finance themselves exclusively from a commission paid by the financing institution, just as in germany.
- Documents are not sent to borrowers for horrendous cash on delivery fees.
- The loan agreement is not dependent on the conclusion of a life insurance policy or a building savings contract.
The experiences of customers with the construction financing without schufa, which you can apply here, are almost all very positive.