Borrowing money from our eastern neighbors can in many cases be a lot cheaper than taking out an average loan with a bank or lender in the Netherlands. Especially taking out a mortgage in Germany is much cheaper than the Netherlands. In Germany, borrowing with a BKR registration is still possible, because some banks fail to check whether you are BKR listed. This gives the German banks a lot of extra hassle, which they prefer not to have.
Maximum borrowing in Germany
In all cases, German banks lend you only 80% of your maximum loan, because in Germany it is assumed that in the event that you take out a loan you are able to pay the remaining 20% of the loan amount yourself. The idea behind this is that the banks are less at risk if the repayment can no longer be paid for certain reasons. If there is nothing more to get from you, the bank will no longer be able to recover its money, which means that the bank will suffer large losses. If the bank only takes out loans with people who are financially profitable, the bank is much more likely to pay off. Banks in Germany will also request information about your income, although this should not cause any problems because the minimum income in Germany is lower.
The German banks have no revolving credit, but only work with a personal loan. A personal loan is a loan in which you know in advance how much interest you have to pay, how much you have to pay per month and when the repayment takes place.
Borrow money now in Germany
If you borrow in Germany, you therefore borrow a maximum of 80% of your maximum loan. But that does not have to be a problem for you as a Dutchman, because 80% is also a lot of money. Borrowing in Germany can be done online at many modern banks. It is then a matter of downloading an application form or completing it online and sending it back to the bank in question. You will then receive a loan proposal containing the loan amount and loan contract. If you agree with this, you will receive the loan amount in no time after submitting your account details (including your IBAN and BIC code)!