ᐅ Is it possible to finance a fitted kitchen?

dynaudio79 schrieb:

How on earth do you come to the conclusion that something here is pushed all the way to the bottom edge of the upper lip???
Which bank still adds anything extra on top as disposable funds? We’ll take those!

I would argue that your bank says so; otherwise, this problem wouldn’t exist.

dynaudio79 schrieb:

I was told that almost all banks require proof or documentation to release funds. Some are even very strict about it. So, which bank are you referring to?

It depends on the bank. Several financial advisors have told me that if you have, for example, 20,000 € (about 22,000 USD) left at the end, you are generally free to spend it as you wish. With around 50,000 € (about 55,000 USD), for instance, you would need to repay it including interest. So, it varies quite a bit. It should also be clear that almost no bank finances a kitchen directly; if they do, it usually comes with an interest surcharge.

dynaudio79 schrieb:

This isn’t about loan-to-value ratios or equity.

That’s exactly what it’s about. You just don’t understand it. With a 60% payout ratio, any bank will also give you extra money for the kitchen.

dynaudio79 schrieb:

Well, if I only declare 75k instead of 100k, I keep that money for myself and can do whatever I want with it. But that doesn’t mean the bank gives me money for unrestricted use.

Yes, the bank does give you that money. You have 25,000 euros (about 25k) available for free use and 25,000 euros (about 25k) more in the loan. Exactly what you want. In case of doubt, though, at a higher interest rate.

Ybias78 schrieb:

For around 50,000 euros (about 50k), for example, you would repay it including interest.

No, you wouldn’t. Contracts are honored. The bank finances a house. If the house is built as planned and there is money left over, the bank has to pay it out. Where would a right of retention come from? It’s not stated in the contracts anywhere. As I said, this works in the Volksbank sector and at least Deutsche Bank — I know this both as a banker and a customer.

In the end, you have to compare apples to oranges. If you get 25,000 for the kitchen and then pay 0.5% more interest on the entire loan, that’s a bad deal.

nordanney schrieb:

That’s exactly the point. You just don’t understand it. With a 60% loan-to-value ratio, every bank will actually give you extra money for the kitchen.

Yes, that’s exactly the money the bank gives you. You have €25,000 (27,500 USD) available for discretionary use and an additional €25,000 (27,500 USD) loan. Exactly what you want. Although, possibly at a less favorable interest rate.

No, that won’t happen. Contracts are honored. The bank finances a house. If the house is built as planned and there is money left over at the end, the bank has to pay it out. Where would a right to withhold come from? That is not stated anywhere in the contracts.
As I said, in the Volksbank sector and at least Deutsche Bank this works – I know this both as a banker and a customer.

This has been confirmed to me by all financial advisors (Check24, Dr. Klein, Interhyp, and some smaller ones). That’s why I’m just passing it on.

Ybias78 schrieb:

This was confirmed to me by all financial advisors (Check24, Dr. Klein, Interhyp, and a few smaller ones). That’s why I’m just passing it on.

I think there is a misunderstanding. You only said "you will pay it back," probably meaning "you can do it." But then, you either have to be allowed to make that much prepayment (which is unlikely), or you pay a "penalty" for it.
However, it does not mean that if there is an extra 50,000 euros (about 54,000 USD), the bank won’t release it. That’s actually not the case; you have the amount stated in the contract.