The purchase of an apartment is a project that requires a substantial budget, which means that in general, personal savings are not enough to finance it. Buyers must therefore consider credit solutions with banking organizations. The mortgage is a demanding financing that requires a minimum of solvency. So that when borrowers do not meet the criteria imposed by the bank, their files are automatically rejected. However, there are several solutions to benefit from the financing adapted to your apartment purchase project.
The classic mortgage is the financing par excellence for a purchase of real estate. Granted by banks and lending institutions, obtaining it depends on a number of conditions that vary according to the organization. To start their process, borrowers can access advice on mortgages.
In general, banks will require their interlocutors to fulfill certain solvency criteria such as a stable professional situation, a regular income and a debt ratio of less than 35%. Thus, it is difficult for certain borrower profiles to obtain a mortgage, especially for employees on fixed-term contracts, and borrowers with several loans in repayment. An income that is too low in relation to the amount requested is also an obstacle to obtaining a mortgage. Regarding the interest rate, it is currently very low, which encourages savers to invest in real estate. However, to benefit from the best rate on the market, you have to compete.
The approved loan is real estate financing that is part of the family of assisted loans. It makes it possible to finance part or even the entire cost of the purchase of an apartment without a means test. The approved loan is granted by banks and lending institutions that have entered into an agreement with the State in order to facilitate access to housing for a certain type of household. The duration of the agreed loan is from 5 to 35 years and its rate can be fixed or revisable according to the banks. Lending institutions are free to set their rate, but within the limit of a ceiling set by the agreement.
To benefit from an approved mortgage, borrowers must nevertheless meet certain conditions. The apartment object of the purchase must become a main residence no later than one year after its acquisition. Note that it is possible to rent out the apartment purchased via an approved loan, if it is intended to become a principal residence upon the retirement of its owner. In this case, the property can be rented for a maximum period of 6 years. Allowing you to fully finance the apartment purchase project, the approved loan cannot be combined with a conventional mortgage.
The zero rate loan is a form of mortgage that is actually government assistance. Such a loan does not cost the borrowers anything since it is the State that will bear the interest. The administration fees are also exempt so that the borrower only repays the exact amount he borrowed from the establishment. Unlike the agreed loan, the borrower is not able to finance his entire project with a zero-rate loan. The device is only intended to cover a maximum of 40% of the purchase amount, however, it can be combined with a conventional mortgage. To benefit from the interest-free loan, borrowers must have the status of first-time buyers, that is to say, they must never have owned their home or not have owned it during the 2 years preceding the application for financing.
To have access to the zero-rate loan, you must not exceed a ceiling of resources which is fixed according to the family situation of the applicant or the geographical location of the property to be purchased. Online PTZ simulators allow you to know your loan eligibility in a few minutes. Since the 0% loan does not cover the entire budget for the purchase of the property, it must be supplemented by a classic mortgage, a personal loan or a personal contribution. The repayment period of such a loan depends on the profile of the beneficiary and begins after a deferred period without repayment to allow him to pay his other debts.
