What after 10

(1) The borrower can terminate a loan agreement with a fixed borrowing rate in whole or in part,
1.
if the fixed interest rate ends before the time specified for repayment and no new agreement on the borrowing rate has been made, subject to a notice period of one month at the earliest for the end of the day on which the fixed interest rate ends; if an adjustment of the borrowing rate has been agreed in certain periods of up to one year, the borrower can only terminate the contract for the day on which the borrowing rate ends;
2.
in any case after ten years have elapsed after full receipt with a notice period of six months; If, after receiving the loan, a new agreement is reached on the time of repayment or the borrowing rate, the time of this agreement takes the place of the time of receipt.
(2) The borrower can terminate a loan agreement with a variable interest rate at any time with a notice period of three months.
(3) A termination by the borrower is deemed not to have taken place if he does not repay the amount owed within two weeks after the termination takes effect.
(4) The borrower's right of termination according to paragraphs 1 and 2 cannot be excluded or made more difficult by contract. This does not apply to loans to the federal government, a special fund of the federal government, a state, a municipality, a municipal association, the European Communities or foreign regional authorities.
(5) Borrowing rate is the fixed or variable periodic percentage that is applied per year to the loan drawn. The borrowing rate is bound if a borrowing rate or several borrowing rates have been agreed for the entire term of the contract, which are expressed as a fixed percentage. If no fixed borrowing interest rate has been agreed for the entire term of the contract, the borrowing interest rate is only binding for those periods for which it is determined by a fixed percentage.

footnote

(+++ § 489: For non-application see § 10 Abs. 5 KredWG +++)