The main purpose of an approved loan and the conditions for obtaining it
The loan under agreement makes it possible to finance 100% of your project, including real estate agency fees but also the potential work costs that might be necessary following the passage of expertise (in the case in particular of a housing conformity over 20 years old).
The loan approved can save you money if you are due.
The conditions for obtaining an approved loan are as follows:
- The accommodation must be the main residence;
- This main residence must be that of: the borrower or his ascendants, descendants or spouses. But it goes even further, because it can also include the ascendants and descendants of the borrower’s spouse;
- The occupation time of this principal residence must be at least 8 months per year, throughout the duration of repayment of the loan. There are, however, exceptions such as specific professional reasons, more serious health reasons or even in cases of force majeure.
What about the rental suites?
It is possible for the borrower to rent his accommodation financed by an approved loan, in the following very specific framework.
Following the end date of the work, if the borrower buys or builds in preparation for his retirement and his return from abroad (including the French overseas departments and territories), he must then declare it to his bank. having granted the loan under agreement and will thus be able to rent their accommodation for a period of maximum 6 years.
Or, if the borrower can no longer allocate the accommodation in question to his principal residence as well as to the paying agency for personalized housing assistance (APL) in the event of receiving assistance, he may then rent his accommodation on simple declaration to his bank.
When taking out a loan under agreement, the borrower must comply with many rules:
- During the entire repayment period of the loan, the accommodation cannot be transformed into commercial premises;
- It cannot be used for seasonal rental or furnished rental for a period longer than 4 months per year;
- The accommodation cannot be used as a second home or used as an accessory to an employment contract.
The approved loan allows the borrower to have recourse to APLs , without any income condition. On the other hand, it is important to know that the approved loan is also suitable for the acquisition of a rental residence but also for financing SCI and bank guarantees.
TO REMEMBER !
- Check that you can benefit from the loan under agreement
- Check the conditions that you must fulfill
- You cannot rent if you opt for an approved loan except in certain cases