Promoting access to real estate credit without weighing on public finances, it’s possible!, Real Estate News/Analysis


At a time when most of the amendments to the 2023 finance bill relating to aid for the housing sector have been rejected for their budgetary cost, in particular a new system for deducting loan interest for the acquisition or renovation of main residences meeting strong environmental requirements (letter A of the DPE), the online broker Pretto is relaunching a track which has the merit of not weighing at all on State expenditure.

Pretto thus proposed this summer to authorize the exceeding of the ceiling of 35% of maximum debt for the purchase of a property with high energy efficiency or to finance energy improvement works. ” We consider that this increase in indebtedness would not imply an increase in credit risk, because these investments go hand in hand with a reduced heating load, and therefore an improved real living allowance, but they also correspond to an asset whose value is protected over time, in a context where environmental obligations on goods are set to increase “explained the president of Pretto, Pierre Chapon. The idea is attractive because it would be virtuous for the borrower, the bank and the planet. ” An investment in an asset whose value is sustainable in the face of growing energy efficiency constraints presents a lower risk, both for the household and the lender “says Pretto.

Compressed Borrowing Capacity

This debt ceiling of 35%, closely monitored by the banks, depends on the requirements set by the High Financial Supervisory Board (HCSF) with a small margin of derogation. Supervisory authority of the financial system, the HCSF is placed directly under the authority of the Minister of Economy and Finance, Bruno Le Maire. With the rapid rise in borrowing rates that we have been witnessing since the beginning of the year, borrowers continue to see their borrowing capacity reduced. For the most modest categories who cannot provide more personal contribution, this completely calls into question the feasibility of an acquisition project. The rise in housing prices also accentuates this phenomenon of eviction.

Bring the debt ratio up to 38%

Concretely, for files already reaching the ceiling of 35%, Pretto suggests an increase to 38% which would make it possible to borrow up to an additional 8%. For a borrowed amount of €200,000, this would allow for example to add a works budget of €16,000. Before taking into account any aid for renovation (MaPrimeRénov’ and CEE), this budget could in particular finance the insulation of the attic of a house, with in passing up to 30% savings on the heating bill, or the installation of a heat pump, which can generate up to €1000 in energy savings per year. With reduced bills, the increase in the living allowance of buyers would limit the potential risk generated by an additional debt ratio of up to 38%.

Wear thresholds

Furthermore, Pretto continues to call for a reform of the methodology for calculating the usury rate, which has been a major source of inequalities in access to credit in recent months, to bring it closer to the reality of the rates. practiced in the market. This would mean, for example, relying on the average of the effective rates of the previous month by applying a wear margin of 1 to 2 points instead of a third of the average of the effective rates of the last 3 months.


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