To grant a home loan, the bank looks at both the personal and professional profile of the future debtor. And yet, it is advisable to take out a loan as soon as possible, while you are still young. This will make it easier to plan for reimbursement.
The bank sets many conditions, because by granting a loan, the institution runs a significant financial risk, especially when it comes to loans with long durations. It therefore imposes several criteria.
Personal contribution:the borrower must also contribute to the financing of his project. This is why a personal contribution is required. This personal contribution corresponds to the application fees as well as the guarantee fees required in the various procedures, in addition to the acquisition price.
The debt ratio is a criterion specific to all forms of credit, the repayment capacity of the borrower is an essential criterion. The debt ratio must not exceed 30% of the borrower's monthly income, because the borrower must retain the possibility of living with dignity.
The professional situation is decisive for the financial situation and the general financial profile of the debtor. It is necessary to present a stable situation, through a CDI for example. The bank is less inclined to grant a loan to a CDD or an interim. You must have a stable and regular income. In addition, the bank will also require documents to analyze the debtor's financial situation, such as the history of his bank account.
For young people under 35, it was difficult for a while to apply for a mortgage. Today, the process has been made easier, insofar as home ownership is encouraged. To this end, several types of loans have been set up to help young people borrow in their acquisition project, solutions that should not be overlooked to become a homeowner.
The zero interest loan
This is a particular form of credit, set up by the collaboration between certain establishments and the public authorities. This loan does not bear interest, it is mainly intended for first-time buyers.
The Housing Action Loan
In this case, the loan is granted at a very low rate. It makes it possible to finance 30% of the purchase price of the property. It is aimed at young people working in a company with more than 10 employees.
The real estate loan without personal contribution
Sometimes the profile is there, but not the personal contribution. In this case, it is possible to take out a loan without contribution. However, the rates will be much higher.
