Types of mortgage accessible differ according to the professional situation and the geographic location of the borrower. But there is another criterion: affiliation to a pension fund. In fact, many retirement contribution organizations offer their members the benefit of subsidized credits in the context of the acquisition of their main residence: this is the retirement fund loan.
What is the Pension Fund loan?
What if your pension fund helped you become the owner of your home? The retirement fund loan is a mortgage complementary, that is to say, it is backed by a main loan. The limited amount alone makes it impossible to acquire real estate. But its use in addition to a conventional loan comes to decrease the total cost of the financing of housing, because of many financial advantages, in the same way as the employer loans like the “1% employer” (real estate interest rate more attractive than normal, reduced additional costs, etc.).
Access to a retirement fund loan is only possible when purchasing a principal residence, both new and old. The amount that can be obtained is generally between $ 3,000 and $ 15,000, repayable over a maximum of 15 years, but more often over 5 or 10 years. This loan remains more attractive than conventional loans granted by banking establishments.
Who can benefit from this type of credit?
Access to this type of loan is reserved for borrowers affiliated with a retirement fund (including complementary or mutual) partner of the system. The granting conditions are then a function of the organizations: ceiling on resources (rarely), amount requested, duration of reimbursement. Most often, they require a minimum contribution period (between 1 and 5 years).
Please note: despite its title, this loan is not only for people who have reached retirement age, but also for working people. This is why your status (employee, manager, self-employed, manager, civil servant, farmer) also plays a role in the conditions for obtaining this additional credit.
To find out if a retirement fund loan can be added to your financing plan, you must contact your affiliate organization directly.
Pension fund and work loans
In addition to the retirement fund loan dedicated to the financing of real estate, organizations of this type also grant work loans at particularly advantageous rates – subject to means. And that, only for a principal residence, that you are owner or tenant.
These credits are granted with a view to carrying out renovation and equipment works (for energy improvement, for the installation of sanitary systems or the repair of plumbing, for the installation of wallpaper or a wall covering. soil, etc.). Or even to adapt the accommodation to the needs of a person with a disability or dependency (widening of the doors, adaptation of the shower or bathtub, installation of grab bars, etc.).
Note that unlike the retirement fund loan for the purchase of real estate, these work credits are reserved for retirees.