As of: January 30, 2024, 8:15 a.m
By: Markus Hofstetter
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Families can look forward to better conditions in the KfW “Home Ownership for Families” funding program (symbolic image) © Natalia Deriabina/imago
Previously, the interest rate in the KfW “Home Ownership for Families” funding program had to be renegotiated after ten years.
Soon this will only be necessary after 20 years.
Berlin - The state supports families who want to purchase home ownership through the Kreditanstalt für Wiederaufbau (KfW).
These include the “Home Ownership for Families” (WEF) and “Young Buys Old” programs.
KfW “Home Ownership for Families” (WEF) funding program: Improved conditions will apply from March
The WEF funding program is aimed at families and single parents with at least one minor child.
One condition is that the taxable annual income is not higher than 90,000 euros.
For each additional child, the income limit increases by 10,000 euros.
The application must be submitted to KfW before construction begins.
The good news: There will soon be improved conditions.
This is reported by the
Handelsblatt
.
Accordingly, the previous interest rate fixation period of a maximum of ten years will be extended to 20 years from March 1, 2024.
This eliminates the need to renegotiate the interest rate after ten years.
KfW funding program “Home Ownership for Families” (WEF): The interest rate is set on the day of commitment
The new construction and first-time purchase of self-used, climate-friendly residential buildings and condominiums is supported.
A purchase up to one year after construction acceptance is considered a first purchase.
Climate-friendly means that it must be built according to the EH40 efficiency house standard.
Residential buildings that are heated with oil, gas or biomass are not eligible for funding.
The maximum amount for the low-interest loan is 170,000 euros for one to two children and 200,000 euros for three to four children.
From five children onwards, the maximum funding amount of 220,000 euros is reached.
Anyone who also builds according to the specifications of the QNG sustainability label can access a higher loan volume.
For one or two children the maximum is 220,000 euros, for three or four children 250,000 euros and for five children or more 270,000 euros.
The interest rate is based on the capital market.
“The determination is made on the day the commitment is received from KfW.
This interest rate then applies for the entire fixed interest period,” it says on the KfW website.
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KfW funding program “Young buys old”: Affordable loan for the purchase of an existing building in need of renovation
KfW also supports families with children who do not want to build a new building but instead want to purchase an existing building in need of renovation.
The “Young Buys Old” funding program will start in summer 2024; details about the loan conditions are not yet known.
What is certain, however, is that the low-interest loan is linked to restructuring requirements.
Anyone who buys an old building must renovate it according to the rules of the “Federal Energy Efficiency in Buildings Program” (BEG).
Families are not only financially supported when purchasing, but also during the subsequent renovation.
The BEG offers grants and funding for better insulation or the installation of more efficient and climate-friendly heating.