Renovation credit – Renovate a house

Whether for the complete renovation of a home or small jobs, the loan makes it possible to finance the purchase of the materials and/or the regulation of the professionals carrying out the renovation. Here’s how to finance your renovation work, even when you have credits in progress.

Finance the renovation of a house

Finance the renovation of a house

Many French people are opting for the purchase of an old house or an apartment that has remained in its own right, which then implies carrying out work to bring up to date the habitat and if necessary, apply the current standards and recommendations (electricity, double glazing, energy savings). Thus, the bill can quickly rise depending on the nature of the work to be done because on the one hand the materials can be expensive, and on the other hand, the quote can quickly inflate with the workforce if one uses a company works. The credit thus makes it possible to finance this work and several options are possible.

Renovation: the mortgage and the loan

Renovation: the mortgage and the loan

The mortgage is a loan dedicated to the purchase of real estate but also the financing of works, on the sole condition that they must be of an amount greater than 75 000 €. Below, it is the consumer loan that prefigures as the only alternative. If the mortgage requires significant amounts, the rate is often more interesting because a guarantee is required from the lender (mortgage, deposit). On the other hand, no need for a guarantee for consumer credit, but as for any loan application, the proof will be requested from the borrower.

Renovate your property with credits in progress

Renovate your property with credits in progress

Many households already have credits in progress and wish to apply for a new loan to finance the renovations. In this case, the credit consolidation allows the borrowing in progress to be raised and to add an amount dedicated to new financings, such as the work loan. The repayment period is rescheduled to offer the borrower a monthly payment adjusted to its repayment capacity, often smaller than the old ones. For this solution, the best alternative is to try the simulator of repurchase of loans (comparable to an online calculator), it allows to have an outline of the new reduced deadline. This simulation is completely free and without commitment.

  • Repurchase of credit with only 1 loan
  • Credit for works of 20,000 euros

Payday loan without interest?

In its simplest form, borrowing means that one person has extra money that he or she is willing to give temporarily to person Two, who on turn is in dire need of extra money at that very moment. Good Finance promises to repay the money he borrowed. He also pays person compensation for the time he has not yet recovered his money.

This compensation is called interest. Interest is a loan guy, they are always together. But is it possible to get a payday loan without interest?

Credit Card Loan Can Be Free

Credit Card Loan Can Be Free

If you have an annual credit card, you can take advantage of a “free” loan, which is no interest or other costs. In this case, you will have to pay off the full amount as soon as the first invoice is issued, which will result in no interest or even billing costs.

A payday loan without interest is possible, but…

A loan without interest is possible, but…

In reality, it is a little more complicated. While a payday loan without interest is possible, there are a few important things to keep in mind, and at least keep in mind the old adage that there is no free lunch. There may be other costs in addition to interest.

You have to pay off the loan in one way or another because it is a debt.

Interest versus other expenses

Interest versus other expenses

Often, there are always some costs involved in loans. If there is no interest on the loan, other costs are usually added to it. Payments of interest are often made, for example, in the form of a billing surcharge or withdrawal fee.

For example, there are instant no-interest tips if you pay off the loan with all its costs on the first due date. The interest rate on these loans is 0% up to the first due date. Instead of paying interest, these loans often have to pay a 10% withdrawal fee and an account management fee of EUR 4.90 per month.

First payday loan without expenses

First loan without expenses

Sometimes it is possible to spot loan deals that offer a loan at no cost. In most cases, this is a loan offer that is specifically aimed at new customers.

In this case, the purpose of the lender is not so much to get the proceeds of the first loan taken by the customer, but to get him hooked on the product. This would allow the customer to become a regular customer who would raise loans time and again, even at higher costs and interest rates.

This marketing trick will also allow for completely no-cost loans (no interest, withdrawal fees or other potential costs) on the first occasion.

The current APR also takes into account other expenses

The current APR also takes into account other expenses

There may be many disagreements about the effectiveness of a real APR in a loan comparison, but it also reveals costs other than the nominal rate. It also takes into account the cost of processing the loan, the advertising costs incurred in paying the loan and the opening and service fees.

If the actual annual interest rate on the loan is 0%, it is probably a truly no-interest loan.

 


Real estate credit: and interest rates decline, fall back

 

The decline in fixed interest rates continues and it is not the borrowers who will complain.

The decline in fixed interest rates continues and it is not the borrowers who will complain.

According to the latest figures provided by the online broker Pruntisum, banks have applied new cuts to their rates. The movement varies between -0.05 point and -0.10 point , which brings the duration 15 years under the bar of 3% ( 2.90% ). That of 20 years – the other term of reference – is not left at 3.20% , against a rate of 3.30% a month earlier.

These are attractive levels for borrowers … who are only indicative. Additional discounts can be applied by banks, depending on the profile and project of their customers.

Objective of these “rebates”? Revitalize a real estate market at half mast. “This new drop can be a breath of fresh air for real estate professionals ,” says communication director of Pruntisum.

Borrowing Council: do not wait to renegotiate your credit

Borrowing Council: do not wait to renegotiate your credit

Clearly, this widespread decline, observed since October 2013, represents ” a breath of fresh air for real estate professionals .”

A “puff” that could be called renegotiation of credit . This financial technique is for a borrower to subscribe to current conditions (include: at a cheaper rate) a new mortgage to repay his old loan.

Although many credits were renegotiated last year, banks are still ” fond of this type of file .” Notice to interested borrowers before a ” possible rate increase “.


Mortgage loan: how long for a monthly payment approaching the amount of rent?

Property tax and mortgage insurance

You can be a candidate for the purchase of real estate without paying much more than a tenant for housing, except the property tax and mortgage insurance. 

You can be a candidate for the purchase of real estate without paying much more than a tenant for housing, except the property tax and mortgage insurance. T

The equation therefore consists of matching the monthly installments of mortgage loans with the amount of rent . What are the consequences on the duration of the loan? Our study in 7 very different cities, for a 3-room apartment of 75 square meters.

13 to 16 years to finance a T3

13 to 16 years to finance a T3

A real estate price around 1000 € / m²: this is how we welcome you in the middle-sized cities of central France. An apartment of 75 m² in Roanne is trading at 72 000 €, which places it at 525 € per month on the rental market. The price in Bourges remains under the € 100,000 (€ 580 rent) for the same property. In Roanne, with a contribution of € 7,500 to cover notary fees, a mortgage of € 72,000 for monthly payments of about € 520 is repaid in 13 years according to a simulation of credit immo Credit Guide , with a rate of 1.10% excluding insurance. In Bourges, with a mortgage of € 96,000 over 16 years, monthly payments amount to € 586 and the rate to 1.35% excluding insurance. Add 9 000 € notary fees to finance your property in the capital of Berry.

A purchase spread over 20 and 23 years

A purchase spread over 20 and 23 years

From one end to the other of the Hexagon, Lorient and Montpellier share the proximity with the sea. The first one faces the ocean and displays a price of the real estate of 1800 € / m² for a house 3 rooms, accessible with a real estate loan of 132 000 € over 20 years (1.60% excluding insurance) to stick to the amount of rent (675 € per month). The second radiates the beaches of Herault, with a strong appeal making it the 7th city of France with nearly 280 000 inhabitants. Logically the price of real estate is higher (more than 2700 € / m² on average), which is true for an apartment of 75 m² (205 000 €). It takes a mortgage of 23 years (1.60% excluding insurance) to match the amount of rent (950 €).

From Bordeaux to Paris, plan a contribution!

From Bordeaux to Paris, plan a contribution!

If the property prices rose in Gironde Pessac for a home (almost 3,400 € / m²), there is even more to the heart of Paris for an apartment in the 13th arrondissement (8500 € / m² on average ). If it takes a budget of 252,000 m² to afford a pavilion close to Bordeaux, the amount explodes in the capital for housing equivalent area (638 000 €). In both cases, a 30-year mortgage is not enough to match the monthly payments to a rent of € 825 in Pessac and € 1920 in Paris. It is therefore necessary to provide a contribution of over € 80,000 in the Gironde and about € 230,000 in the 13 th (notary fees included).


67,000 euros credit – now even from 675 euros a month

Consumers can make a few purchases with a € 67000 loan. You can use it to renovate an apartment, buy new furniture or pay bills.

Whenever equity is not enough, a loan can help 67000 do exactly what has long been postponed.

Who can afford the loan

Who can afford the loan

Loan seekers who are interested in a € 67000 loan are wondering if they can afford it at all. Important in the application is that the customer is solvent. Only then can the bank grant a loan 67000 euros.

The loan seeker must prove with a 67000 euro credit a good creditworthiness. This is documented with different documents. These are checked by the bank. If it comes to a loan, this loan will be awarded 67,000 euros with different installments.

The customer has to decide which term he chooses. He also needs to know what the installments are for each month. He should not go to the limit. A little money should always be left for the emergency.

A credit comparison can help to find out how expensive the € 67000 loan is.

Credit comparison for consumers

Credit comparison for consumers

Who chooses the online credit comparison creditend, which should have a term of 120 months, equivalent to 10 years. The loan 67,000 euros is then afflicted with a rate that a good earning can still afford.

The Bankive offers this loan 67,000 euros with a term of 120 months. The monthly rate is 675.76 euros. The effective interest is given from 3.99 percent. Once the customer has been tested, this information may differ from the comparison.

The general official bank has a fixed rate. This is only given to customers who either earn well or are civil servants. The 67000 euro loan is awarded with monthly installments of 736.91 euros. The annual percentage rate of GenPub Bank is 5.95 percent.

The extra loan has a monthly installment of 867.81 euros. The interest rate is between 9.95 percent and 15.95 percent. This loan 67000 euros is also stated with a term of 120 months.

Documents for examination

Documents for examination

The customer has to be screened for the loan. So it is only checked if there is any income at all. Applicants without a job will not get a loan 67000 euros. So the bank can already make a preliminary decision.

The employment relationship must be indefinite with this high credit. The credit bureau of the consumer is also screened. Often the decision will be made here whether the 670000 euro credit is awarded. If loans exist that have not yet been repaid, the bank will either demand to repay the old one with the new loan or it will reject an application.

At a high monthly rate, it will be difficult to service two loans. Attachments may not be registered at all. Then, in most cases, a loan default will occur. So the credit bureau must be very good, otherwise the bank can demand collateral.

67000 Euro Credit – Collateral?

67000 Euro Credit - Collateral?

With such a high 67000 euro credit often a credit security is demanded. This is mainly due to the long term. This is often awarded at the age of 10 years. So the customer can not guarantee that he always has the same employer in the time.

The economic situation is uncertain, so banks will not take any risks here. A loan security is with this loan 67000 euro often an insurance. This is either a life insurance or a residual debt insurance.

A life insurance must be taken up only if none exists. If the borrower does not have insurance, he can apply for the loan with the bank at the same time.


How to finance a home extension?

 

 

A new child or teenager who wants more space? A telework project? A desire for a relaxing room? It’s time to push the walls or think about laying out unused spaces in your home. To cover the estimated budget of these expansion works, the work loan is a financing solution to consider.

House extension: possibilities and constraints 

House extension: possibilities and constraints 

Choosing to add a room to a house can take many forms:

  • the dwelling has convertible attic space, which simplifies the operation;
  • either extend the living space by extending the basic structure.

It is then possible to create a veranda, very bright, or a room adjacent to the house to install a room or an office. Depending on the configuration of the housing and the available land, an elevation can create a new floor. Whatever the solution considered, it is essential to find out about the Local Urban Plan (PLU) in force in the municipality of residence.

This contains details in terms of extension and architecture:

  • for an extension up to 40 m2, a simple prior declaration of work in the town hall will suffice;
  • Beyond, it is essential to file a building permit.

A rule that changes if the total surface of the house exceeds 170 m2, extension included. The limit is then reduced from 40 m2 to 20 m2. Limit beyond which recourse to an architect will be obligatory.

What cost for a house extension?

What cost for a house extension?

The cost of a home extension varies according to the solution and especially the materials envisaged:

  • for the creation of a veranda, so with the use of steel and glass, a budget of around € 2,000 / m2 is needed;
  • an expansion with the construction of a new breeze block room is estimated at around € 1,500 / m2;
  • the wood solution remains the least expensive with a cost per m2 of € 1,000;
  • the elevation, if it seems complicated to achieve, is not the most expensive. The average price, without accommodation, is around € 1,400 / m2.

Among the precautions to be aware of, it is good to know that it is better to maintain the staircase of a house in its place of origin. Its deletion or removal would raise the bill by an additional € 5,000 minimum. Another financial consequence to the extension of a house is the revaluation of the property tax and the housing tax with the new living space.

Finance expansion with work credit

Finance expansion with work credit

If the budget does not exceed 75 000 €, the loan for the extension of the principal residence can be contracted with a lender without going through the bank. Once the solution has been chosen and the quotes established, it is then possible to make an online simulation for the home expansion credit in order to prepare its budget. The tool will specify according to your capacity of debt and the amount to borrow the duration of the credit consumption and the monthly payments to be envisaged.


Conditions for the redemption of credits

 

Eligibility for loan consolidation is determined by the borrower’s financial situation and the credits it currently repays. Here are the main terms and conditions for loan buy offers.

Eligibility for Credit Redemption: Loan Conditions

Eligibility for Credit Redemption: Loan Conditions

To regroup its credits, it is naturally necessary to have loans to buy back. A grouping can be made from two loans, to which it is possible to add an amount dedicated to a new financing (optional). In terms of amount, this funding can be established from 1 500 € (evolutionary criterion according to the standards of credit institutions) and can extend over a period of 420 months maximum (35 years), for a grouping real estate loans. The nature of the credits is not a hindrance to the operation, it is quite possible to combine real estate loans, consumer loans affected and unallocated but also loans conventionné (see our infographic on the credits eligible to the repurchase of loans).

Eligibility for repurchase of loans: financial conditions

Eligibility for repurchase of loans: financial conditions

Just like a conventional credit, the borrower must meet standards to obtain financing. Credit institutions require a stable income and a long-term employment contract for the borrower and/or co-borrower, ie permanent, permanent civil servant, liberal profession, auto entrepreneur (with seniority), etc. The state of health of the finances is also examined during a feasibility study, the analysts calculate the debt ratio (it must not exceed 50%), the rate of rest to live (that is to say the amount remaining after deducting expenses) and the mortgage ratio or quotient for the owners.

Simulate eligibility for credit consolidation

The feasibility study for the loan consolidation is free, ie the borrower can not be charged until the credit agreement is signed and the deadline retraction exceeded. He can thus simulate his project and obtain an estimate of his future reduced monthly payment. This makes it possible to compare its current situation with that proposed. Eligibility criteria may vary from month to month (depending on credit institution policies), a failed application may be feasible a few months later. The borrower can simulate at any time his project to stay informed of the standards in force.

  • Divorce by mutual consent and credit surrender
  • Credit Redemption Organization