What happens when you suddenly no longer need the home loan – perhaps because the purchase contract has not been concluded? Simply refuse to accept the loan amount? If you go that far, you have to expect that it will be expensive here.
The reason: With the construction finance contract, you usually also have a purchase obligation .
Purchase obligation simply explained
In principle, the bank can assume that an application for a building loan will also be accepted. This applies to the simple installment loan as well as the house loan. After all, banks generally also borrow the necessary capital.
The acceptance obligation represents a security for the lending bank, since building owners hereby undertake to accept the agreed amount. As a rule, there is a specific deadline for the purchase commitment, within which the loan is to be called.
Since the obligation to accept is anchored in the contract for the building loan, the refusal to accept the obligation constitutes a breach of duty. ard to their calculation, similar principles apply as for the prepayment decision. Households that are confronted with non-purchase compensation should have their calculation checked.
Can the compensation from the acceptance obligation be avoided?
One way to circumvent the purchase obligation is to cancel the financing within the stipulated period. As a rule, 14 days are provided here, some banks also allow one month.
On the other hand, it can pay off to check the cancellation policy for errors. Existing errors lead to an inhibition of the cancellation period, which is also known as a cancellation joker.
A third option is to combine bank loans and promotional loans. If the acceptance obligation is tied to its approval, the building owner can opt out of the construction money in the event of a refusal – without having to finance the expensive non-acceptance compensation.