New real estate: what are the specificities of real estate loan
The off-plan purchase for “Sale in future state of completion” allows the purchaser to choose his housing before construction. This is why we also talk about buying on plan. Area, layout and equipment are specified by contract, with the date of delivery. What does the purchase of off-plan real estate loans change?
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In addition to reduced energy consumption, the purchase of a new apartment saves on notary fees : about 4%, against 8% in the old. In addition, the purchase off-plan through a new real estate program opens up a property tax exemption for 2 years and tax incentive systems are provided for investors. The acquisition of a new home also opens the right to a zero interest loan. It should be noted that this assistance is subject to income, first-time accession and geographical location conditions.
Off-plan purchase, special financing
The peculiarities of the off-plan acquisition for real estate loans mainly reside in the financing schedule. Here, the property does not yet exist or only partially when the buyer takes out his mortgage. As a result, he will be able to finance his housing as and when it is built. He must pay the notary fees that are in principle from his personal contribution as in the old. The construction of the foundations then involves the payment of the equivalent of 35% of the selling price. When the watertightness of the property is realized (out of water), the purchaser frees again 35% of the price. Lastly, he will have to pay 25% at the completion of the works then 5% at the site reception. This segmentation has the effect of generating additional costs – the interim interest -, which weighs down the rating compared to a conventional real estate credit in the former.
No double penalty for buying off-plan on credit
The amortization of a property loan for a purchase off-plan starts with the handing over of the keys and not with the signing of the loan agreement. This obviously takes a financial weight from the buyer, who does not have to pay rent at the same time as monthly payments during construction of the property.