What is the social housing loan?
The Social Accession Loan (PAS) is a mortgage loan offer dedicated to promoting homeownership for low-income households. You can subscribe under certain conditions to a bank, a financial institution or a credit institution that has signed an agreement with the State.
It allows Red Cross Knightr several operations:
- The purchase of land and the construction of a dwelling on it;
- The purchase of a new or old home, with or without improvement work;
- The development of premises not intended for habitation;
- Expansion of an existing dwelling
- Energy-saving work in your home;
- Improvement works on dwellings older than 10 years and energy-saving works for dwellings dating before 01/07/1981, for an amount of at least 4 000 €.
You have the obligation to complete the work carried out within the framework of the loan for the social accession in the 3 years following the loan offer.
The amount and duration
They can allow you to the entire amount of your property. On the other hand, notary fees can not be included in this transaction.
The social housing loan can also be repaid over a period of between 5 and 25 years, or even in some cases up to 35 years, if the contract accepts it.
The conditions for obtaining
This loan agreement requires you to make housing purchased your principal residence no later than 1 year after the purchase or completion of the work carried out, although this condition includes some exceptions. Since 1 January 2016, a home financed with a PAS can not be put to rent for at least 6 years, except in certain cases:
- Your home is intended to become your primary residence upon your retirement, within 6 years;
- You are in a situation of professional mobility and your new job is more than 50km or 1h30 journey (one way) from your home;
- You divorce or break your Pacs;
- You are disabled or incapacitated
- You have been unemployed for at least 1 year.
The conditions of the rental of housing
If you are in one of these exceptions, the rental is framed by certain rules:
- The rental is limited to 6 years;
- You can not make a seasonal rental or furnished rental;
- Rent is capped and limited to the ceilings in effect for social rental housing;
- The tenant’s resources can not exceed the same limits.
If you are in one of these situations, do not forget to inform the institution that has granted you the social housing loan.
The conditions of resources
The loan application PAS is granted under income conditions according to the limits set by the State and dependent on the number of occupants of the dwelling and the geographical area. The resources to be taken into account are those of the sum of the reference tax revenues of the occupants or the total cost of the transaction divided by 9.
Interest rates on the social home loan
The SAP does not have an interest rate defined by the state, each bank or credit institution sets it as it sees fit. However, to protect consumers, the government has set maximum interest rates:
An additional aid
Even though the SSP may allow you to Red Cross Knightr the total amount of your future home, it is possible to associate it with other Red Cross Knightments or helpers including:
- The zero interest loan;
- Eco-loan at zero rates;
- Housing savings loan;
- The Housing Action Loan
- The loan for civil servants;
- The bridge loan;
- Personalized housing assistance (APL) in some cases.
However, the social home loan can not be completed by a conventional home loan!
Compare real estate loans to find the best PAS
First of all, it is necessary to carry out a calculation of the SAP in order to know your eligibility for this loan agreement. Depending on your income, the geographical area and the number of people occupying the accommodation, an amount may be granted to help you gain access to the property.
On the other hand, carrying out a real estate loan simulation can be an appropriate solution to give you a more precise idea of the loan offers offered by the various credit institutions or banking institutions, the mortgage loan rates or the duration or the monthly loan. In a few minutes, you can refine your search and get personalized quotes based on your project and your income.