(Credit: Reuters) Crédit Agricole Île-de-France has opened a new offer loan at zero rates reserved for first-time buyers without access to PTZ funded by the state.
Now or never? While property prices in Paris are about to soar, and that mortgage rates could also go up, there is not much time to make an interesting operation. And Crédit Agricole Île-de-France has understood, by offering a free loan for all first-time buyers who have the right or the free loan of state nor the Paris ready housing.
The interest loan Credit Agricole is therefore not subject to any income condition, type of property purchased or precise location of the well. This is so out of the free loan of State, which applies only to new goods and renovate (with conditions) and is proposed as borrowers do not win more than a certain ceiling resource, which differs depending on the area in which is located the housing.
And it is precise to reach all first-time buyers that the IDF Crédit Agricole launched the offer, with the only real condition that not having real estate credit concur before. This interest loan can finance up to 10% of the total borrowed amount within the limit of 30,000 euros. It fulfills the same role as the conventional PTZ or additional “free” loan, which can also make replacement office personal contribution. It can thus be used as part of a loan to 100%, as confirmed Poyen Guy, the Marketing Manager at Crédit Agricole IDF.
An offer that appeals especially young
If the IDF Crédit Agricole launched the “official” communication on the new product on 29 June, the free loan is actually “sold for seven weeks”, says Romain Hamard, communications officer for Credit Agricole. And in the offering “only via advertisements on social networks and sites of small ads,” the device has already met with considerable success.
“It has already been integrated with 820 real estate loans for a total amount of 200 million euros, or 225,000 euros per project, and thus about 22,000 euros of zero-interest loan for the project,” explains Guy Poyen. The Marketing Director especially welcomes the “win-win” that already represents the additional loan for 70% of the 820 projects involve customers having no account at Crédit Agricole far.
And in the first figures we received from Crédit Agricole, the profile of borrowers using interest loan meets the eye. Reserved for first-time buyers, it logically seduced young, but the proportions are surprising: 53% of borrowers via free loan under 30 years. The share of under 26 is itself also significant because they represent 15% of borrowers, while we talk about loans mainly to finance the purchase of a property in Paris or nearby suburbs.
Following the success of this first test phase, Crédit Agricole IDF has decided to offer this free loan until 31 December 2017 or maybe more …
Read also: Real estate credit: first-time buyers borrow more … and less time!