The functioning of Housing Savings is based on two successive phases.
- The first is to build capital through a regular economy (PEL) or free economy (CEL).
- The second starts when the holder comes to the end (operation at maturity) and realizes his real estate project. It consists of borrowing capital savings on capital savings, which depends both on the amount of interest earned and the duration of the loan .
It is allowed only one CEL and one PEL per person, but the combination of both operations is possible.
The various operations
The saver has the choice between two formulas.
- The CEL on the one hand, which allows to save freely as on a bank booklet, which opens right to loan after 18 months on advantageous terms.
- The ELP , on the other hand, is more restrictive. It allows to obtain a mortgage after 48 months . The credit rate granted is higher than that of the CEL.
Housing savings loan
The interest of housing savings lies in the possibility offered to the holder to borrow at the end of the savings phase.
The borrower will however have to meet the requirements of the bank and therefore, not to exceed the debt ratio of 33%.
Assignment of rights to loan
The holder of an ELP or a CEL can freely transfer his right to loan to certain members of his family: children, parents, brothers and sisters.
The transfer of home savings transactions is free from one bank to another .
The state premium is paid at the end of the housing savings on the express condition that the holder uses the mortgage to carry out a project which may be either the acquisition of the principal residence or a second home .
In case of withdrawal in the first two years, the state premium is lost and the plan is automatically terminated. Amounts paid are returned at the interest rate provided by the non-premium transaction. On an ELP, if it occurs after the second anniversary, funds remaining on the plan continue to report as on a CEL.
New ELP: the reform on 1 March 2011
As of March 1, 2011, housing savings were reformed but did not have retroactive effects. Its goal was to halt the decline in plan openings that have occurred for nearly 8 years.
With a maximum duration of 15 years , the device offers a more interesting rate that can be revalued. But at 2% in 2015, we can doubt that the formula finds favor with savers. In addition, the interests of Housing Savings operations continue to suffer social security contributions in the first year or 15.5% at present.
The state bonus is € 1,525, reduced to € 1,000 if the housing does not benefit from the BBC standard or if the loan is less than € 5,000. It is distributed only as part of the financing of a principal residence.
Other investments to discover
- Placing cash from 1 to 5 years
- To privilege, if you do not wish to take a risk