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Negative loan
A negative loan is simply a loan in which the borrower has to repay less money than he has borrowed by the end of the term. That sounds very good for the borrower, but like all things in life, a negative loan has certain advantages and disadvantages. Before graduating, you should therefore inform yourself carefully and weigh the pros and cons of each other.
The Two Types Of A Negative Loan
In the context of a bauspar loan, the notion of negative loan has been known for some time.
Recently, however, there has also been a second variant of the negative loan, from which the low-income earner in particular can benefit. In order to acquire new customers and retain them for a long time, banks not only waive interest on small loans of up to 1000 euros, but even place them in the minus range. A negative loan is created.
The principle of the negative loan for a building saving loan
If you apply for a bauspar loan from a bank or other lender, you must pay interest and additional costs, for example for the notary and the land register entry, in addition to the borrowed sum. In the case of higher loans with a sum in excess of 15 thousand euros, the lending banks and institutions can be entered in the land register to secure the loan, so that they can still obtain their money in the event of the borrower’s insolvency. The residential property is thus deposited, so to speak, as a pledge.
However, if the borrower now only needs a building saving loan for a smaller sum, which is less than 15 thousand euros, the lender can waive the entry in the land register. As the registration of mortgages and the notary required for this cost corresponding fees, these are not applicable. The saving now results in a negative Loan.
The obligations of the borrower in the case of a negative loan for building saving
However, if a borrower meets the conditions and receives a negative loan related to a home loan, he must meet certain criteria. This naturally includes impeccable creditworthiness and a fixed and sustainable income. Furthermore, he may not encumber or even sell his real estate without the knowledge of the lender until the loan has been paid in full. In addition, the property may not be offered as collateral to other creditors as a matter of priority. Ultimately, at first request, the fundamental right must be registered in favour of the lender, if the latter so wishes.
The principle of the negative loan for low-income earners
In this variant, the borrower has to pay back less money at the end than he has borrowed. Currently, online loans are being offered with a negative interest rate of 0.4 percent. This means that with a loan amount of 1000 Euro only 994 Euro have to be repaid. However, the borrower has to do a lot to save the 6 euros.
The Obligations of the Borrower in the case of a Negative Loan for Low Income Earners
At first, this variant of lending for a negative transaction for the bank sounds like, because in the end it receives less back than it has given. Why the banks nevertheless make a profit when they grant a negative loan, results from the habits of the people. Customers who have had a positive experience with a lender usually come back. In addition, the inhibition threshold for a new loan decreases if the first conclusion of a loan proves to be easy. Customers are thus tied to the financial institution and come back at a later date. Then you will receive a “normal” loan, in which interest will also become due again. The financial institution can thus also attract people who would not normally borrow money.
In addition, the financial institution can thus access the sensitive personal data of potential customers. Because to get a negative loan, you have to put all the financial facts on the table when you apply. Consumer protectors therefore warn against this type of lending.
bottom line
With a negative loan, the borrower can save cash. There are no hidden processing fees. However, he must disclose his financial resources. Who would like to know more about the principle of the negative loan, can inform also on the basis a video.