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What are the rules before taking out a work loan?

What is a work loan?

Want to do some work at home? Whether it is to enlarge a room or to improve the energy performance of your home, it is possible to take out a work loan. So what are its features? Who can benefit ? How to get it? All our answers.

What are the eligible works?

How to apply for a work loan?

The employment loan is quite simply a consumer credit intended for people who wish to carry out development work, renovation or acquire movable property in their main or secondary residence. It also makes it possible to finance almost all the work that can be carried out by construction professionals. The job loan therefore covers all the costs: from the purchase of the equipment to the installation. All loan application procedures are carried out with your bank. The amount of the loan can go up to 75,000 euros and the duration of your credit cannot exceed 15 years.

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How to know your borrowing capacity?

Whether it is necessary work or comfort work, the work loan can be requested for various interventions: extension of your home, furnishing, maintenance work, renovation or even equipment for your home. From the living room to the garden, you can carry out all types of work, large or small.

Carry out a work loan simulation

Your request is made according to your type of work.

What is the duration of a work loan?

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For any request, you will be asked:

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First of all, it is necessary to determine the total amount of your project. It will of course not be the same if it is a question of repainting and furnishing a room or building an annex to your house. Before taking out a construction loan, get an estimate from various building professionals to get an estimate of your budget. To this are added your possible personal contribution as well as possible aid to finance your work. Also, as with any other loan, it is important to calculate your borrowing capacity, including other outstanding credits. Therefore, your debt ratio should not exceed one third of your income to be sure to repay your monthly payments without problem.

What is the maximum amount for a works loan?

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Before contacting your bank, take the time to compare the different offers in order to benefit from the best financing and the conditions best suited to your profile. Several online loan comparators allow you to carry out a work loan simulation for free. How? Nothing could be simpler: enter the amount you want to borrow and the repayment period. The credit comparator will then obtain personal offers for your loan, in particular the credit agency that will allow you to find the best option for your project.

Since the borrower does not need to provide a quote in the first place to prove the use of the funds, he will also not need to provide invoices to release them. The funds will be released automatically after signing the contract with the credit institution.

What works can be included in a works loan?

In general, the duration of a job loan is 10 years, but it may be necessary for it to be longer. A mortgage can last up to 360 months or 30 years, depending on the financial institution.

What type of loan for workers? The work loan In order to finance the work, it is possible to take out consumer loans. The amount is between 200 and 75,000 euros. Many financial institutions offer this type of product.

How does a construction loan work? How it works? The loan mechanism remains very classic: a bank or a financial organization lends the amount of the work and the borrower reimburses part of the amount paid each month, plus interest.

What is the maximum loan amount?

What is the current interest rate for a job loan? On average, it amounts to 2.94%. Same budget but over a period of 36 months: the best work loan rate is 2.40%, with an average of 5.49%. For a budget of 30,000 euros over 60 months, the minimum interest rate for a works loan is around 3.15%, with an average interest rate of 4.03%.

What is the maximum amount for a works loan?

The employment loan ceiling is €10,000 for an annual nominal interest rate of 1% excluding insurance and a maximum duration of 10 years. Insurance is optional and the price is fixed.

What is the maximum duration of a job loan? What is the maximum duration of a work loan? In general, the duration of a job loan is 10 years, but it may be necessary for it to be longer. A mortgage can last up to 360 months or 30 years, depending on the financial institution.

Do banks verify invoices? Verification of work loan invoices allows banks to protect themselves against this type of fraud. They also often wait for proof of payment (presentation of bank cheque, credit card slip, transfer advice) before releasing the amount seized.

What works can be included in a works loan?

It can finance your equipment – ​​cooker, washing machine, shower cubicle – as well as the materials – flooring, paint, tiling, insulation –. And for your small works as for your very large projects, the construction loan also supports the intervention of a professional.

What work can be included in a Crédit Agricole mortgage? The work loan covers the purchase of raw materials as well as the services provided such as construction, foundation work, extension, insulation, furnishings, etc.

What work can be included in a Crédit Agricole home loan?

What does not fit in a work loan? The answer is quite simple: everything. Equipment, materials and even services provided by professionals. A work loan is a loan and is suitable for all your development projects. Contrary to popular belief, this is not limited to the shell or the purchase of equipment!

What is the maximum duration for a work loan?

In accordance with the Lagarde law of July 2010 reforming consumer credit, the maximum amount that the lender can grant to the borrower in the context of a personal loan is 75,000 euros, against 21,500 euros previously.

What is the delay between loan offer and release of funds?

The employment loan ceiling is €10,000 for an annual nominal interest rate of 1% excluding insurance and a maximum duration of 10 years. Insurance is optional and the price is fixed.

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