Beyond the regulated credits (loan with zero rate, loan with the social adhesion …), there are solutions of loan which free from any regulation : the loan in fine or depreciable, the loan relay, the PEL ( Housing Savings loan), the Housing Savings Account (CEL) and, in addition, the Housing Action loan (formerly Housing 1%).
What is the classic bank loan or free bank loan?
A conventional bank loan is a borrowing solution, which is not constrained by conditions imposed by the state. In fact, it can be freely allocated by a credit institution to various projects : purchase of housing, land, financing of works, etc., and for an extremely flexible period, which can reach 40 years.
If the loan offer is not subject to any regulation, the lender must respect certain rules . Before any proposal, it must inform the borrower of the risks of such credit and check its ability to repay. Then, the wording of the offer must include the mandatory information: fixed or variable rate loan (or revisable), duration, amount, guarantees requested (mortgage, deposit), insurance …
What are the different types of unregulated loans?
The loan in fine or the loan repayable
Conventional, the amortizable loan is reflected in monthly payments that cover, at the same time, the repayment of the capital borrowed and the interests. To differentiate from the loan in fine , whose monthly payments cover only the interest, before repaying in full and in one go, the amount of the credit at the maturity of the credit. Note that this formula primarily targets owners wishing to rent the property that is the subject of the loan.
The loan relay
As its name suggests, the bridge loan is a source of funding known as transition. Its purpose is to allow a homeowner to buy a new property without having sold the previous one. For a period of 1 to 2 years maximum, it is built on the basis of the value of the current housing, possibly supplemented by a mortgage. On sale, the borrower repays the bridging loan in full, only to pay the monthly installments of the traditional loan.
ELP and CEL
The ELP and the CEP are two savings schemes, intended for a purchase of real estate at a preferential rate or for the financing of works in the main dwelling . The first, whose ceiling is set at 61,200 euros, can allow a loan of 5,000 to 92,000 euros; the second, whose ceiling is set at € 15,300, can allow a credit of € 23,000, 18 months after its opening. If these systems do not currently benefit from an attractive interest rate (3.20%), the State grants a premium for any subscription of a credit (under certain conditions), up to € 1,000 for the ELP and € 1,144 for the CEL.
The Action Logement loan, in addition
The 1% Housing Loan, renamed “Action Logement” since January 2010, is granted on a means-tested basis to employees of private companies with more than 10 employees , regardless of seniority, as well as pre-retirement employees. or retired for less than 5 years.
Only for the purchase of a principal residence, this device gives the right to a preferential rate (1.75% excluding insurance) to finance up to 30% of the total cost of credit granted, for a period of 5 to 20 years , in the limit of 25 000 €, depending on the geographical area.
Not regulated, these borrowing solutions must be carefully studied and compared (type of rate, repayment period, loan fees). Do not hesitate to use a real estate broker to find the most suitable credit for your situation.