The Social Accession Loan (PAS): Advantages and Disadvantages

 

The Social Accession Loan (PAS) is a loan intended to allow households with modest incomes to access property. This loan is subsidized by the state. However, obtaining it is subject to strict criteria.

What can you finance with a PAS loan?

What can you finance with a PAS loan?

  • The construction of a detached house (including the purchase of the land and a garage).
  • An apartment.
  • The purchase of an apartment, an old house (including renovations or enlargements).
  • But also to adapt existing accommodation to the access and to the needs of disabled people.
  • The extension of a dwelling.
  • Or work to save energy, insulation, etc.).

Who can benefit from a PAS loan? How to contract a PAS ?

Who can benefit from a PAS loan? How to contract a PAS ?

Any household meeting the following criteria:

  • Have income, not exceeding a resource ceiling.
  • A reasonable overall debt ratio. (including credits in the process of repayment, and credits intended to finance housing)
  • You should know that if you want to access property, the SAP can in some cases finance the project alone!
  • To build the file, you must go through your bank advisor. He alone is authorized to put together your file.

If you have a homeownership loan, and it does not finance the whole amount required, it can be completed in various ways:

  • With your possible personal contribution.
  • A classic home loan.
  • A home savings loan. (provided that you have opened a Housing Savings Plan or Account)
  • A PTZ (Zero rate loan). Or PTZ +.

Info : The calculation of the debt ratio is not quite the same as that of the mortgage, to put it simply, know that if you are a beneficiary of the APL (Personalized Housing Assistance), you will have more luck to see your file NOT accepted. Your banker will be able to advise you usefully.

Documents necessary for the preparation of the file by your banker :

Documents necessary for the preparation of the file by your banker :

  • Proof of income for both spouses (pay slips).
  • The building permit.
  • Your tax notice n-2 (that of income going back two years).
  • A supporting document stipulating the price of the acquisition or the construction project.
  • If the loans are also used to finance works, quotes will have to be provided.

Please note : Owners of housing financed with a PAS are subject to certain constraints:

Please note : Owners of housing financed with a PAS are subject to certain constraints:

  1. This construction or purchase must be for use of main house.
  2. As long as the loan is not repaid, the accommodation must be inhabited at least eight months in the year.
  3. the PAS-funded house or apartment cannot be rented.

Advice : The Social Accession Loan can have a fixed rate or a variable rate. We advise you to opt for the fixed rate, because in the event of tight budget, the increase of the maturities could put you in difficulty.

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