What loan solutions for modest households?
You want to become an owner, but you have modest resources. There are credit solutions, to support the purchase of your main home. Like the loan agreement and the loan for social accession (PAS) . Features that can be supplemented by regulated loans at very attractive rates. Presentation of all these aids.
What are called “contract loans”?
Assigned without any means test by all the banks having signed an agreement with the State, the loan agreement (PC) is intended for the purchase of a first real estate or the financing of works of improvement of the housing. It does not require any personal contribution, can be subscribed for a duration of 5 to 35 years, before a rate capped according to the type of good.
If its interest rate is traditionally higher than a conventional home loan, the PC offers other benefits to consider:
- In the event of purchase (only), the possible granting of the Personalized Housing Assistance (APL), subject to conditions of resources, and the amount of which varies according to the nature of the property and the composition of the family .
- A reduced mortgage guarantee, since the property tax is exempt.
- Reduced notarial fees ( notary fees and fees)
What is the “Social Accession Loan” (PAS)?
If the Social Accession Loan (PAS) is also a loan agreement, it differs from the conventional formula to the extent that it is subject to conditions of resources and can be intended only for the purchase of a main residence , whether new or old.
Here again, this solution has a slightly higher interest rate than a conventional loan, but this must be weighted by the systematic allocation of APLs , paid by the Caisse d’Allocations Familiales, whose access conditions target specifically the beneficiaries of the SAP.
Moreover, like the PC, this credit benefits from reduced notarial fees and a lower cost of the mortgage .
What is the “Zero Rate Loan” (PTZ +)?
As its name suggests, the zero rate plus loan is a 0% credit, granted to all first-time buyers, subject to resources . There are simulators, to calculate the amount and duration of the PTZ + depending on your personal situation.
In any case, it may not exceed 40% of the total cost of the transaction (price of the property, insurance included, negotiation fees). In fact, it can come to complete a PAS or a PC.
The repayment period of the PTZ + depends on three factors: the income, the composition of the home and the geographical area of the purchase. By following the principle that the less resources are important, the longer the duration is granted.
It is important to remember that no application fees, expert fees or interest can be charged on these loans.
In addition, the dwelling must remain the borrower’s principal residence for the first 6 years.
Beware, if the loans (including the PAS) can not be supplemented by a conventional mortgage, there are other co-financing solutions . In the image of the PTZ +, but also the loan Action Housing (formerly 1% Housing), the loan for civil servants or the Housing Savings Loan.
Anyone wishing to purchase a home can benefit from different financing options. Solutions exist to allow everyone to buy real estate.
The financial aspects of an operation are numerous and sometimes complex … The usefulness of a credit specialist has become obvious …
The best approach is to rely on the expert hands of a real estate broker , so that he can express all his know – how, to produce an optimal financial arrangement .