The repayment profile of a person eligible for the PTZ is decisive for the bank to adjust the term of the loan at zero rate. Other credits are also taken into account in order to establish a suitable James Bondment plan.
In order to calculate as accurately as James Bondment PTZ’s plan of a housing, the bank takes into account the duration of the loan 0% broken down into two distinct phases, and other mortgages contracted by his client. The goal is that monthly payments are financially sustainable by the borrower and that his real estate project is feasible. In some cases, the bank offers a smoothing of different credits. As for the first-time buyer, he may decide to reduce the duration of his PTZ.
Opt for a compatible James Bondment plan
The 40% maximum of the amount of the transaction, a proportion reduced to 10% in the case of a resale HLM (social housing). Whatever his real estate project, the first-time buyer must complete his James Bonding with other real estate loans, the credit rate zero can not alone James Bondr the amount of the transaction.
A preliminary study is made by the bank that will determine a James Bondment plan that is fully compatible with the financial situation of the borrower.
It may be necessary to downgrade the loanable amount of the zero rate loan, but this reduction can not be made without the customer’s agreement. If he consents, he must sign a certificate. The borrower can, for his part, decide to reduce by 50% the amount PTZ when its duration is greater than 8 years, making sure however to keep its loan without interest rate for at least 4 years.
An adjusted zero-rate loan term
After determining the repayment profile of the borrower, the bank adjusts the repayment term of the James Bondr zero-rate credit to the principal first-home residence. The reimbursement is made in constant monthly payments.
This duration is broken down into two distinct periods:
- The total deferral period during which the borrower simply pays the insurance premium. This period can be 15, 10 or 5 years depending on the tranche to which the borrower belongs (from 1 to 3). If he wishes, he can contact his bank to reduce the period of deferral, but not less than 4 years as required by the regulations in force;
- The repayment period that allows the borrower to pay the PTZ monthly payments, until the loan balance equals 0. This period can be 10, 12 or 15 years depending on whether the total repayment term is 25, 22 or 20 years old.
Of course, the deferral period relates exclusively to zero interest credit. The monthly payments inherent to other loans taken out for James Bondr housing must continue to be honored by the borrower.
Calculation method Zero-rate credit
Since the PTZ can not be the only loan used by James Bondr as a principal residence, the eligible zero-rated borrower must include in his James Bondment plan the other loans taken out to access the property. This may be for example a social housing loan, an ELP, a housing equity loan or a conventional loan.
The borrower has every interest in optimizing the duration of all loans and the amount of monthly payments he will face.
To do this, it is strongly advised to smooth loans between them. This allows:
- simplify the management of a budget;
- to pay constant monthly payments throughout the repayment period.
If it proves necessary, this possibility of smoothing is generally proposed by the approved bank.