In many German households, sooner or later it is simply a necessity to prepare the apartment or home according to age: premises must be easily accessible, barriers must be dismantled: stairlifts or ramps, showers with a low entrance and extra-wide space around the toilet are just that some keywords. Best Bank promotes measures that serve the age-appropriate conversion with cheap financing.
Best Bank program number 159
As part of loan program 159 (age-appropriate renovation), Best Bank supports all construction measures that ensure good quality of life and reduce barriers, but also promotes the purchase of newly renovated residential buildings. You can also take advantage of the funding as a tenant or landlord, but tenants need the consent of their landlord. Acquisition or conversion of:
- Environment measures and ways to buildings
- Apartment access and entrance areas (weather protection measures, movement areas, etc.)
- Overcoming / vertical development of level differences (ramps, elevator systems etc.)
- Modification of the room geometry (free seats, threshold removal, change of room layout, etc.)
- Holding systems, support systems, controls, communication, orientation (intercoms, AAL systems etc.)
- Multi-generation living, common rooms
The implementation of the eligible measures must take into account certain minimum technical requirements, which means that the conversion must be carried out by specialist companies.
The companies must confirm in their invoices that the conversions made comply with the requirements of this leaflet.
You can find the application for download here.
The Best Bank loan covers up to 100 percent of the eligible costs of the measure, up to a maximum of $ 50,000 per residential unit. The maximum loan term is 30 years, an interest rate fixation can be agreed for 5 or 10 years. A final loan with a term of up to 8 years is possible.
The application must always be applied for before the actual conversion, through your house bank. Through this, the loan for the conversion will be made available even if the documents have been checked. The following cannot be funded:
- Debt restructuring of existing loans
- Refinancing of projects that have already been completed or started
- Weekend houses and apartments
- Areas that are used commercially
Conditions of loan
Borrowing rate and effective interest rate for loan number 159 are 1.00% pa, the interest is fixed upon receipt of the application or when the loan is approved, with a period of 5, 8 or 10 years. A repayment-free start-up period can be selected; the first year of the term is in any case repayment-free. If the first fixed interest period has expired, you will receive a prolongation offer from Best Bank Bank. During the repayment-free period, the borrower only pays the monthly interest that only applies to the amount of the loan that is actually called up.
The loan can be called up 12 months after the loan approval, an extension of the call period by another 24 months is possible. After 4 months and 2 bank working days, a provision fee is calculated, which is 0.25 percent of the unpaid loan amount per month.
It is an annuity loan, which means that the remodeling loan will be repaid to the bank in consistently high installments after the repayment term has expired. Special repayments are possible at any time during the fixed interest period, the full amount of the loan can be repaid early – however, a prepayment penalty must then be paid by the borrower. The prerequisite for the loan approval is the customary bank collateral that the borrower agrees with his house bank.