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What is a Wüstenrot home savings scheme?

It’s a home buyers savings scheme which is a savings scheme combined with a home loan solution.

It applies to the financing of projects for your main residence in Luxembourg or Germany.

What are the benefits?

  • You finance the purchase of your main residence;
  • Interest expenses and the amounts saved can be deducted from your taxes(1);
  • You know in advance the fixed interest rate offered by Wüstenrot for Phase 2 of the loan.

How does it work in pratice?

Phase 1: the home savings scheme

To begin with, you take out a bullet home loan with BGL BNP Paribas(2).

With a bullet home loan, you only pay the outstanding loan interest, and repay the principal when the loan matures.

At the same time, you pay a portion of your savings into a house saving account with Wüstenrot. You can deduct the premiums paid from your taxes(1).

At the end of this scheme, your savings will help repay part of the bullet loan taken out with BGL BNP Paribas.

Phase 2: the amortised home loan

At the end of the home savings scheme, you have two options:

  • Either take out an amortised loan with BGL BNP Paribas(2), under the applicable terms and conditions;
  • Or take out an amortised loan with Wüstenrot, at the guaranteed fixed rate at the time the home savings scheme is set up.

This solution offers you security. Ideally, we’ll be able to offer you a more favourable interest rate. Otherwise, you have access to the interest rate initially negotiated with Wüstenrot.

How much is tax deductible?

Since the 2017 tax reforms, tax allowances on home savings accounts depend on taxpayer ages(4). Taxpayers aged under 40 benefit from a higher tax-deductible ceiling.

Please note: it is the age of the youngest taxpayer in the household that determines the applicable limit!

  from 18 to 40 years of age in other cases
Family situation No spouse with spouse(3) No spouse with spouse(3)
Taxpayer EUR  1,344
EUR 2,688  
EUR  672
EUR 1,344  
Taxpayer  + 1 child EUR 2,688 EUR 4,032 EUR 1,344 EUR 2,016
Taxpayer +2 child EUR 4,032 EUR 5,376 EUR 2,016  EUR 2,688
Taxpayer +3 child EUR 5,376 EUR 6,720 EUR 2,688 EUR 3,360
etc (per additionnal child) + EUR 1,344 + EUR 1,344 + EUR 672 + EUR 672

Please note: it is imperative that the money be used for your main residence: building a house, converting or restoring it, or repaying your mortgage, in order to benefit from the tax advantages.



A home savings account doesn’t necessarily need to be attached to a home loan! You can start building your savings to help you purchase your home later on, while already benefiting from tax breaks.

Not only do you benefit from tax reductions – your savings are also guaranteed. What’s more, you receive interest income at a rate agreed on with our partner Wüstenrot, when the savings scheme is set up.

Good to know for Belgian and French border workers

Resident and cross-border taxpayers can open a home savings scheme in Luxembourg and benefit from tax deductions.
On the other hand, Wüstenrot only grants fixed-term loans on assets located in Luxembourg or Germany.

(1) Tax deductibility varies based on the personal situation of each client and is subject to change.
(2) Offer subject to terms and conditions and approval of your application by the bank.
(3) Partners will be taxed jointly.
(4) The children's bonus is granted for children for whom the taxpayer obtains a child tax allowance.