On French territory, households with modest incomes very often renounce property. However, access to purchase is a right regularly encouraged and even supported by the various governments, within the framework of the Social Accession Loan currently for example, the PAS.
In France, even with the guarantee of a stable job, it is sometimes difficult to convince a financial institution of the reliability of its file to become the owner of an apartment or a house. Incomes that are not high enough, an insufficient or even nil initial contribution or even the absence of a family who can act as guarantor are disadvantageous elements that can even prove to be prohibitive. However, the purchase of a property is particularly profitable to constitute a first capital. This heritage remains, moreover, transmissible to his family. By repaying a home loan, the buyer invests in his future unlike the payment of weekly rent. Fortunately, PAS is one of the possible solutions, a key that can open multiple doors.
The PAS is therefore a loan with a lower rate than others and which was created in the 1990s with the aim of opening up access to property for low-income households. To benefit from it, you must not exceed a certain ceiling of resources calculated according to the tension of the real estate market in certain areas. It covers the purchase of land, a house or an apartment, whether new or old. It can also be used to carry out renovation work at one’s home for an amount greater than €4,000.
Note that it only concerns the purchase of a main residence, which can only be rented after a period of more than six years… To be forgotten, therefore for a rental type investment. It covers the entire purchase price and its interest rates remain capped to protect the buyer.
To benefit from it, you have to contact several financial institutions. Many banks have signed an agreement to this effect with the French State. The ideal is, as often, to consult several banks in your locality concerned by the PAS in order to put them in competition and choose the best fixed or variable interest rate.
The Social Accession Loan also gives access to particularly attractive financial aid. Firstly, the Personalized Housing Assistance (APL) is paid each month to the beneficiaries of the PAS in order to help them repay their loan and cover current expenses. The PAS also includes a right to PTZ+ (Zero Rate Loan). This loan, which mainly concerns first-time buyers, covers part of the purchase of new or old housing without interest, provided that renovation work is carried out there.
With a PAS, you can also unlock aid for civil servants, a Housing Action Loan (former 1% housing loan) or even an additional loan granted to French people repatriated from overseas. Not only does the Social Accession Loan give access to property, but it also helps to build up a reliable file with your banker and to anticipate repayments.