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regulated mortgage loans

REGULATED MORTGAGE LOANS

Loans

Prêts réglementés PC/PAS

The Classic Loan (Prêt Conventionné – PC) and the State-subsidized Loan (Prêt à l’Accession Sociale – PAS) are regulated mortgage loans intended to finance the purchase of a principal residence or a construction project.

  • -50%
  • APPLICATION FEE

(1) Subject to application approval by BNP Paribas.

In detail

Purpose of the loan

MultiplesIt's your choice

The PC and PAS provide financing for new or existing housing to be used as a principal residence, with or without works. These two loans can also be used just to finance works in a principal residence.

Repayment

An adaptable loanat any time

At your request, or at the suggestion of BNP Paribas, you may make your loan payments in advance, either partially or totally.(2)

(2) In certain situations, penalties will apply.

Further details

Please note

Under conditions provided by French law, you may qualify for APL (French housing benefits) subsidies when granted a PC/PAS loan.

Detailed characteristics of the

REGULATED MORTGAGE LOANS

Download the pdf

  • Eligibility, Income conditions, Purpose of the loans, Amount, Term, Rate
  • Supporting documentation, ACCEPTANCE PERIOD, Availability of funds
  • Repayment, Guarantees, Insurance, Loan maturity
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Eligibility

The PC and PAS loans are available to qualified individuals of legal age.(1)

It is possible to establish a joint loan, including one with a co-borrower who may be a de facto spouse, provided that they produce a sworn proof of cohabitation.

Reminder: in terms of the fiscal year of reference, it is the Year N-2 income that is being considered.

(1) Subject to application approval by BNP Paribas.

Income conditions

Classic Loan (PC): a loan agreement with no required income conditions.

State-subsidized Loan (PAS):

  • Social housing acquisition loans are granted based on the limit for income received during the fiscal year of reference and the geographic location of the housing (Zone A, Zone B1, Zone B2 or Zone C)
  • The total taxable income of each person living in the borrower's home must be taken into account, even if they are not borrowers or co-borrowers
  • It is mandatory that a PAS be offered to persons meeting the income conditions in the tables below
  • If the borrower refuses this type of loan, he must waive it expressly in writing

In an effort to harmonize with the Zero-interest Loan, for offers issued in Metropolitan France as of 2011-06-01, the income caps are based on the number of persons who will occupy the housing and the location of the housing in terms of the Zones A, B1, B2 and C provided for in Article R. 304-1 of the Construction and Housing Code.

Number of persons who will occupy the housing

Zone A

Zone B1

Zone B2

Zone C

1 person

€36,000

€26,000

€24,000

€22,000

2 persons

€50,400

€36,400

€33,600

€30,800

3 persons

€61,200

€44,200

€40,800

€37,400

4 persons

€72,000

€52,000

€48,000

€44,000

5 persons

€82,800

€59,800

€55,200

€50,600

6 persons

€93,600

€67,600

€62,400

€57,200

7 persons

€104,400

€75,400

€69,600

€63,800

8 persons and more

€115,200

€83,200

€76,800

€70,400

Purpose of PC/PAS loans

New housing:

  • Purchase or construction (with or without land purchase)
  • Purchase of land for housing construction

Please note:

  • Conversions of office spaces to housing not intended for habitation, as well as additions to existing housing by extension or raising the height are included under housing construction
  • If the land is acquired free of charge, only the cost of the construction works is considered
  • The cost of land purchased within 2 years of the date the loan offer is issued may be considered in the cost of the development

Existing housing:

  • Purchasing existing housing and financing works for necessary improvements, if applicable (there are no conditions regarding the age of the housing)

Works
You can use a PC/PAS Loan to finance works if they cost a minimum of €4,000.
These works are required to be:

  • Improvements on housing completed at least 10 years ago
  • Works intended to reduce energy costs within housing existing on 1981-06-01, or for which a construction permit had been applied for by that date
  • Works for adapting the housing to meet the needs of physically handicapped persons

Important: the works financed by a PC/PAS Loan must be executed within a period of 3 years from the date the loan offer is issued.

Particular financing situations
A PC/PAS can finance the following particular types of developments, among others:

  • Leasing to buy: this is a deferred sale, in which the property is transferred after it is leased for a period by the buyer
  • Cash adjustment: a cash adjustment is the amount of money a person pays to compensate for the excess value of the property(ies) he receives when there is an exchange, or when a joint tenancy is divided up
  • Joint tenancy housing: a PC/PAS may be granted to 2 or more borrowers who are purchasing housing jointly
    It can also finance the repurchase of part of jointly held housing, as well as any improvements made to the housing
    It is possible for each co-owner to apply for a PAS to finance his share
  • Bare ownership/usufruct: a PC/PAS may finance the acquisition of bare ownership of a property provided that the borrower (or his ascendants, descendants, or those of his spouse) already is a usufructuary, and that the housing is used as the principal residence of the borrower (or his ascendants, etc.)
    A PC/PAS may also be granted for a transaction in which only the usufruct is acquired, when the applicant (or his ascendants, descendants, or those of his spouse) already is a bare owner of the property concerned, and the housing is used as the principal residence of the borrower (or his ascendants, etc.)
  • For more specific transactions, we invite you to contact your BNP Paribas advisor

Location
The property may be located only in Metropolitan France.

Occupancy conditions:

  • The housing must be the principal residence of the borrower (or his ascendants, descendants or those of his spouse). Therefore, the borrower must occupy the housing at least 8 months per year (except for professional obligations, reasons of health or cases of force majeure)
  • Entry into possession must occur no later than one year after the declaration of completion of the works or one year after the purchase, when this date is later than the completion of the works
  • When a property is purchased for the purpose of being occupied after the borrower retires, the period for entry into possession may be extended to 6 years, with it being mandatory that the borrower lease out the property
  • There are other regulatory exceptions to the occupancy rules for the housing. Please contact your BNP Paribas advisor for more details.

Borrower commitment
The borrower must make the commitment that, throughout the loan period, the housing financed by means of a PC/PAS not be:

  • Converted into commercial or business premises
  • Rented out seasonally or furnished for more than 4 months per year
  • Used as a secondary residence
  • Occupied pursuant to a work contract

Besides the property that is the object of the transaction, the loans may also finance:

  • Land registry charges or real estate charges, including survey fees and related costs, excluding the fees for notary services and registry fees for development sites or existing properties
  • The purchaser's negotiation fees
  • The cost of the works, including the fees related to carrying them out
  • The fees for liability and property insurance
  • Construction-related taxes
  • The cost of the site inventory

Amount

When a building is being purchased (with or without works), the amount of the loan is to be at least €4,500 and at most equal to the total transaction, including all taxes, but not including the fees related to the purchase.

For works alone, the amount is at least €1,500 (provided that at least €4,000 worth of works were carried out) and at most equal to the total cost of the works.

Term

The term of the loan is at least 5 years, with a maximum of 30 years, regardless of the purpose of the loan (purchase, construction or works).

Interest rate

The interest rate is fixed or variable, as the borrower prefers. It may not exceed a fixed limit set by law by the SGFGAS (management company for the guarantee fund for home-ownership access).

Calculated example (PAS)

  • Amount of the loan: €100,000
  • Term: 240 months
  • APR: 5.47%
  • Mortgage guarantee: €825
  • Insurance: €22.50 per month(3)
  • Application fee: €420
  • Monthly insurance payment included: €676.94
  • Total cost of the loan: €63,800.60, of which €5,490 is insurance and €57,065.60 is interest.

(3) Two borrowers under age 35, insured at 50% each.

FAQ ()

  • What can be financed with a State-subsidized Loan (PAS)?
  • A private individual can apply for a government-guaranteed PAS to finance:

    - The purchase of a new home: individual house or apartment, located in a housing complex with possible extensions and a garage
    - The construction of housing, an individual home with its extensions and garage and possibly the purchase of land
    - The purchase of existing housing or home and any possible land with improvement works, if applicable
    - Converting office space to housing that was not originally intended for habitation (development linked to a housing construction project)

    The PAS can also finance works alone, from a minimum amount of €4,000 for the purpose of:

    - Improving a housing unit or an individual home, either separate or in a housing complex
    - Adapting a building or a housing unit to the needs of handicapped persons
    - Carrying out energy-saving works
    - Enlarging an existing home by extending it or raising the height

In addition

  • Atout emprunteurPersonal insuranceBORROWER INSURANCEA multi-risk asset insurance that covers your real estate investment throughout the term of your loan.
  • pret-a-taux-zero-vignetteLoansZERO-INTEREST LOANAn interest-free loan intended to finance the purchase or construction of a new home.
  • Assurance habitationProperty insuranceHOME INSURANCEInsurance to cover your home under all circumstances.

Have a question?

Our advisors are here to assist you.


Contact us


For assistance or to make a claim/contest a charge, your advisor can be reached on their direct line (a standard rate call).

BNP Paribas mortgage loans (excluding regulated loans) are intended for financing the purchase of a principal or secondary residence, a rental investment or any real estate-related works. The borrower has a ten-day cooling off period, as of the date the offer was received. The purchase is contingent upon a mortgage loan being obtained. If the borrower has made any payments to the seller and the mortgage loan is not obtained, the seller should repay these sums.

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Cardif Assurances Risques Divers, limited company with a capital of €16,875,840 – registered with the Paris RCS (Trade and Companies Registry) as No. 308 896 547 – regulated by the French Insurance Code – Headquarters: 1 boulevard Haussmann, TSA 93000, 75318 Paris – Offices: 8 rue du Port, 92728 Nanterre Cedex

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