Since Friday morning, the new version of the zero-rate mortgage loan came into effect. If the basic rules remain the same, namely that the device is reserved for the first-time buyer , a lot of flexibility has been brought. The PTZ plus will be able to finance up to 40% of the cost of the operation, will now be as much new as the old, and the borrower will benefit from even broader repayment conditions. Astro finance takes stock of these exceptional conditions, which should allow more young households to become owners.
Who can get a zero rate loan in 2016?
The objective of the PTZ + is to help young households to own their main residence. This financing is only available to buyers who have not owned their home in the two years preceding their request.
But of course there are exceptions, which concern people with a disability card who are unable to work. Beneficiaries of an education allowance for a disabled child (AEEH) or an allowance for adults with disabilities (AAH) are also exempt from the prior non-ownership requirement.
It should also be noted that households victims of a natural or technological disaster which made their accommodation definitively habitable, may depart from the two-year rule. However, they must complete their request for PTZ plus within two years of publication of the catastrophe order.
Be careful however, they must meet the resource conditions imposed by the system.
Income representative of the middle classes
The zero-rate loan is granted to households whose reference incomes do not exceed a certain ceiling. Said ceiling is determined according to the geographical area and the number of people intended to occupy the premises.
It is important to know that this is tax revenue for year N -2 , that is to say the second year preceding the request for PTZ +. It should also be remembered that it concerns the entire income of all tax households intended to inhabit the accommodation thus acquired.
Let the prospective buyer be reassured, these ceilings are particularly representative of the incomes of the French middle class. For example, a family of three living in Gennevilliers (92, in zone A) is eligible for the scheme if their reference income does not exceed $ 61,200.
Indeed zone A includes “the agglomerated part of the Ile-de-France” among others, a site where the price of the real estate is relatively high, and where therefore only significant incomes allow to become owner.
However, if the same family wishes to buy their accommodation in one of the municipalities in rural area C, they will only be entitled to it if their resources do not exceed $ 37,400.
Another example, parents with two children looking to buy in Nantes (44, zone B1), can request a loan at zero rate if their tax income does not exceed $ 52,000.
Remember that the tax reference income is different from the amount entered on a salary slip, or on the operating balance sheet of a self-employed worker. The calculation is carried out by the tax authorities, which, after applying exemptions and withdrawals, deduct an allowance and certain charges. More clearly, it is simply the income indicated on the applicant’s tax notice .
To find out if your income is eligible for a zero-rate home loan, simply consult your tax notice from 2 years ago.
New, old, works, the zero rate loan finances everything
One of the great novelties of 2016 is that the purchase of old with works can be financed thanks to PTZ plus. Because, as the updated official decree specifies, financing can also allow “the acquisition of housing that has already been occupied”. In 2015 the new owner then had to carry out work there, making it possible to renovate in such a way that the premises would be fiscally assimilated to a new premises.
This very vague definition is now replaced by “the minimum amount of improvement work […] is equal to 25% of the total cost of the operation”. More clearly, if a family buys old housing to renovate for a value of $ 200,000, they will have to carry out work on it of around $ 66,500.
The good news is that it can be as much thermal renovation as it is sanitation, fitting out additional living space, or even creating additional space. Beautiful real estate operations in perspective.
40% of the real estate project financed without interest
The big news in the 2016 version of PTZ plus is undoubtedly the 40% increase in the participation ceiling. Again there is a spending limit, but overall a family of three wishing to buy in zone B1, for example in Rennes, will be able to benefit from a zero-rate loan in the amount of $ 92,000.
Here again, the legislator has drawn up a scale, depending on the area of occupation and the number of people intended to live in the acquired accommodation.
But they will only start to reimburse after 5 years, and again for the wealthiest of them. The deferral of monthly payments can thus reach 10 years, or 15 years depending on the income of the borrowers. Thereafter, the repayment of the capital will extend from 10 years to 15 years, always according to the means of the borrowers.
Sell your home to buy another with a PTZ
Already since spring 2015, there is a trick to continue to benefit from a PTZ +, when you sell your accommodation to buy another main residence. In practice, the holder should reimburse the capital remaining due with the proceeds of the sale. He couldn’t get a new zero-interest loan again unless he waited two years before buying a new home.
However, he can ask his bank to transfer the PTZ to a new real estate transaction. He will continue to reimburse in the same way as before, but his monthly payments may be used to finance this new property. Please note, however, that the same conditions apply, particularly in terms of resource ceilings.
In addition, the bank is not obliged to accept, it reserves the right to refuse the transfer of the PTZ, for example if it considers that the guarantees provided are insufficient.