In the game that leads you to meet with bankers to finance a property, you have to use your trump cards. Discover the right strategy to win the game and get your loan.
The meetings between buyers and financiers are going well given the attraction of the French for real estate. Indeed, it is usually necessary to go through the "bank" to finance the property. To get the upper hand, borrowers need to play their trump cards at the right time to get their financing in hand!
Asset n°1: the personal contribution
Many buyers are trying their luck to get a real estate loan. This is a good initiative since interest rates on real estate loans remain very attractive, at an average of 1.05% in August according to the Baromètre Crédit Logement CSA. However, it remains to obtain the sesame of the banker to have its credit. Especially since the rules will be tightened from January 1, 2022. Indeed, the HCSF (High Council of Financial Stability) is going to make compulsory its recommendations concerning the real estate credit. They are based on the following three measures:
- the debt ratio may not exceed 35% ;
- the maximum duration of credit is limited to twenty-five years;
- the waiver rate is 20% (percentage of cases for which the bank can waive these rules).
In practice, these criteria have been applied since January 1, 2021. However, the HCSF does not mention the personal contribution, which the banks particularly appreciate. The higher it is, the more it allows buyers to stand out. This is why the share of this contribution tends to increase to be ideally located at approximately 15% of the total cost of the project. Under these conditions, buyers have a good head start in obtaining their credit.
Advantage n°2 : a limited indebtedness
Fixed at 35%, the debt ratio remains an essential criterion for obtaining a real estate loan. This ratio is all the more important as it is now calculated in a way that puts certain borrower profiles at a slight disadvantage.
Starting with modest households with less than 20,000 € of annual income, which may be constrained by this rule. If they are making a first purchase, the banks will ensure that their effort rate does not exceed the threshold of 35%.
The same applies to investors whose rental income is reduced. They are no longer deducted from the monthly loan payment but added to the income, which means that their debt ratio is reduced.
The solution is often to consolidate credit, which results in a lower monthly payment.
Asset n°3: sound banking management
Unless you have a personal fortune, there are other ways to seduce your banker! This involves good management of your bank accounts and avoiding repeated overdrafts. Better still, it seems important to schedule regular payments into a home savings plan, for example, which proves your ability to put money aside. A behavior that the bank advisor will welcome!
Asset n°4 : a well defined project
Buying, yes, but not at any price! Banks try to appreciate the quality of the project in terms of location, valuation, negotiation... All these elements must be taken into account when buying a property.
This is why it is important to carry out real estate prospecting alongside the notary. The negotiation department of his office accompanies the buyers so that they position themselves on products sold at their fair price. This avoids overpaying for housing at a time when the pressure on prices is felt quite strongly.
Christophe Rafaillac