Anyone who has more than three children in Germany can call themselves rich in children. Large families usually have to deal with very high living costs and an increased need for financing. Many people also need a lot of food, clothing and other everyday items.
The apartment, the car and the furnishings must also be coordinated accordingly. No wonder that there is always a desire for a loan for large families. But the banks don’t make it that easy for large families. The same creditworthiness requirements apply to them as to all other borrowers.
Apply for a loan for large families
In order to apply for a loan for large families, there are a number of requirements that must be met. At least one parent must have a correspondingly high and regular income. The income must not come from a self-employed activity and must be so high that the bank recognizes it as security. In the best case, both parents even earn an income, which makes the conditions for a loan significantly better.
All monthly expenses are deducted from this income. Finally, there is still enough money left to pay the monthly installments for the large family loan. Child benefit or maintenance are not considered income in this context and are not included in the calculation.
For families with many children, residual debt insurance should always be considered. It steps in when unemployment or illness can no longer serve the credit. Nowadays you always have to expect that something like this can happen. It becomes very critical when the bank uses a garnishment due to a lack of residual debt insurance to collect the outstanding claims.
Building finance for large families
If the loan for large families is to be used to finance a house or apartment, the federal government and the federal states provide very special financing programs for large families that promote the purchase of residential property. The conditions must be differentiated according to the federal state. However, interest rates are usually quite cheap and lending arrangements somewhat relaxed. Large families with less money have a chance to receive support. Corresponding offers can be requested from the banks.
But regardless of which product and which provider you ultimately choose: A comparison in advance is essential. This is the only way to find the best offer and to contact the bank quickly and directly. For the comparison, comparison computers are available on the Internet, which create corresponding offers in the shortest possible time.