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Home Savings Loan from Home Savings Plan (PEL)
Verified 25 January 2024 - Directorate for Legal and Administrative Information (Prime Minister)
If you have had a home savings plan (HSP) for 4 years, you can take out a home savings loan. This loan is to be used to finance the purchase or construction of housing or real estate works. The characteristics of the loan (eligible expenditure, interest rate, payment or non-payment of a premium) depend on the date of opening of the ELP.
What applies to you ?
FYI
it is also possible to obtain a home savings loan from a home savings account (CEL).
Open since March 2011
Loan saves housing can be used to do any of the following:
- Purchase of the main residence (new or old)
- Construction of the main residence (land purchase and construction work)
- Expansion, repair or improvement of the main residence (elevation, energy saving, facade renovation of a condominium building...)
- Acquisition of shares in residential civil real estate investment businesses (CREPS)
- Financing of premises for commercial or professional use which also includes the principal residence
FYI
the real estate concerned must be located in metropolitan France, in the overseas departments (Guadeloupe, Martinique, French Guiana, Reunion), in Saint-Pierre-et-Miquelon, in New Caledonia, in French Polynesia or in Mayotte.
Have a PEL completed
To be eligible for a home savings loan, you must have a housing savings plan (PEL) at the end of its contractual term, i.e. a plan that has reached the end of its contractual term.
The contractual duration of the ELP is 4 years, so the plan comes to an end at the end of the 4th year.
But this contractual term can be modified by mutual agreement between the bank and you, in periods of one year.
If the ELP contract period is reduced by one year, the plan will expire at the end of the third year.
If the contractual term of the plan is extended by one year, the plan will expire at the end of the fifth year.
The one-year extension may be made several times in a row, up to a total of 10 years.
Thus, in the case of successive extensions, the PEL can therefore come to an end at the end of 5, 6, 7, 8, 9 or 10 years.
Have loan rights
The amount of the loan that will be granted to you is calculated on the basis of the total amount of interest you have earned on the PEL on the date of the last anniversary of the plan.
These interests constitute your loan entitlements.
If a family member has an ELP, they can to assign his rights to a loan. This can allow you to get a loan if you don't have a loan entitlement or get a larger loan than you're entitled to.
In order to use the loan rights of a family member, your PEL and your loved one's PEL must have expired.
If the two plans are not domiciled in the same bank, the loan must be granted by the bank where the plan with the highest amount of interest acquired is domiciled.
The members of your family to whom you can assign your loan rights or receive loan rights are:
- Your spouse
- Your children or your spouse's children
- Your grandchildren or your spouse's grandchildren
- Your parents or your spouse's parents
- Your grandparents or your spouse's grandparents
- Your siblings and their spouses or your husband/wife's siblings
- Your nephews and nieces or your spouse's nephews and nieces
- Your uncles and aunts or your husband's uncles and aunts
Apply for a loan
If you hold a PEL that has expired, and you have loan rights (generated by your plan or received from your relatives), you can apply for the home savings loan.
In principle, you have to ask for the loan at the bank where you have your PEL.
But you can choose to ask another bank.
Before granting you the loan, the bank may require the elements usually required for granting real estate loans:
- Proof of sufficient resources to repay the loan
- Guarantee: bank guarantee or agreement mortgage or legal social mortgage of the money lender
- Borrower Insurance
But the bank can't require you to domiciled your income in its establishment.
The amount of the home savings loan you can take advantage of is calculated in 2 steps.
The calculation is based on the following:
- Loan entitlements (total interest accrued on PEL less the State premium, if added to interest)
- Home Savings Loan Rate
- Minimum and maximum repayment term of the home savings loan
- Minimum and maximum amount of home savings loan
First of all, the bank calculates the total amount of interest you will have to pay to repay the home savings loan.
This total interest to be repaid is obtained by multiplying your loan rights by a coefficient of 2.5 (1.5 if you buy shares of IPSC).
FYI
You can ask the bank for a statement showing your loan entitlements.
Then, the bank calculates the loan amounts whose repayment, simulated on the basis of the statutory home savings rate, corresponds to your total interest payable.
This operation identifies several amounts that vary depending on the duration of the refund.
The shorter the repayment term, the higher the loan amount. The longer the repayment term, the lower the loan amount.
Banks usually have automatic calculators that allow to generate a table with loan amounts and the corresponding repayment periods.
You will choose with the bank the amount and duration of the loan that best suits your situation, but within the legal limits of €5,000 and €92,000.
Reminder
If you have a PEL and a CEL open in the same bank, you can get a loan from that bank from your PEL and a ready from your CEL. But the total amount of the 2 loans cannot exceed €92,000.
Example :
Loan entitlements: €500
Total interest to be repaid for the home savings loan: €500 x 2.5 = €1,250
Possible loan amounts: amounts of which repayment, based on the loan rate 3.2%shall give rise to the payment of €1,250 interest, for a period of between 2 and 15 years.
The term of the loan may be 2 to 15 years.
The interest rate on the loan depends on the date on which the PEL was opened.
Date of opening of the ELP | Interest rate on the loan |
|---|---|
Between March 2011 and January 2015 | 4.20% |
Between February 2015 and January 2016 | 3.20% |
Between February 2016 and July 2016 | 2.70% |
Between August 2016 and December 2022 | 2.20% |
In 2023 | 3.2% |
Since 1er january 2024 | 3.45% |
The State bonus is a bonus granted when funds are withdrawn from the PEL that has expired.
The premium shall be calculated on the basis of the amount of interest earned on the PEL.
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PEL opened since 2018
PEL opened since 1er January 2018 does not qualify for the State premium.
PEL opened between August 2016 and December 2017
The State premium is paid only if the ELP interest entitles you to a €5,000 minimum.
The amount of the premium corresponds to 100 % of the interest earned, but does not exceed €1,000.
The premium is increased according to family expenses.
The increase is 10% of the amount of interest earned, with a ceiling of €100 per dependent. The ceiling shall be raised to €153 where the property project financed is an energy performance project.
FYI
the State premium is exempt from income tax, but it is taxable on social security contributions.
PEL opened between February and July 2016
The State premium is paid only if the ELP interest entitles you to a €5,000 minimum.
The amount of the premium corresponds to 2/3 of the interest earned, without exceeding €1,000.
The premium is increased according to family expenses.
The increase is 10% of the amount of interest earned, with a ceiling of €100 per dependent. The ceiling shall be raised to €153 where the property project financed is an energy performance project.
FYI
the State premium is exempt from income tax, but it is taxable on social security contributions.
PEL opened between February 2015 and January 2016
The State premium is paid only if the ELP interest entitles you to a €5,000 minimum.
The amount of the premium is 50% vested interests, but not exceeding €1,000.
The ceiling of the premium shall be increased to €1,525 whether the housing project financed is an energy performance project.
FYI
the State premium is exempt from income tax, but it is taxable on social security contributions.
ELP opened between March 2011 and January 2015
The State premium is paid only if the ELP interest entitles you to a €5,000 minimum.
The amount of the premium is 40% vested interests, but not exceeding €1,000.
The ceiling of the premium shall be increased to €1,525 whether the housing project financed is an energy performance project.
FYI
the State premium is exempt from income tax, but it is taxable on social security contributions.
It is possible prepay the loan, in whole or in part, but the bank may charge you penalties as set out in the contract.
If you wish to make an early refund, you must notify your bank.
The bank may require immediate repayment of the loan if you use it to finance a transaction that is not a prescribed transaction.
Opened between 2003 and February 2011
The home savings loan can be used to do one of the following:
- Purchase of the main residence (new or old)
- Construction of the main residence (land purchase and construction work)
- Expansion, repair or improvement of the main residence (elevation, energy saving, facade renovation of a condominium building...)
- Acquisition or subscription of shares of SCPI (civil residential real estate investment Businesses)
- Construction or acquisition of a secondary residence (in the new)
- Renovation or extension of a secondary residence
- Acquisition of a residence for leisure or tourism
FYI
the real estate concerned must be located in metropolitan France, in the overseas departments (Guadeloupe, Martinique, French Guiana, Reunion), in Saint-Pierre-et-Miquelon, in New Caledonia, in French Polynesia or in Mayotte.
Have a PEL completed
To be eligible for a home savings loan, you must have a housing savings plan (PEL) at the end of its contractual term, i.e. a plan that has reached the end of its contractual term.
The contractual duration of the ELP is 4 years, and the plan therefore comes to an end at the end of the 4th year.
But this contractual term can be changed by mutual agreement between the bank and you.
The contractual duration of the ELP may be reduced by one year, in which case the plan will expire at the end of the third year.
The contractual term of the plan may also be extended by one year, in which case the plan will expire at the end of the fifth year.
The one-year extension may be made several times in a row, up to a total of 10 years.
Thus, in the case of successive extensions, the PEL may come to an end after 5, 6, 7, 8, 9 or 10 years.
Have loan rights
The amount of the loan that will be granted to you is calculated on the basis of the total amount of interest you have earned on the PEL on the date of the last anniversary of the plan.
These interests constitute your loan entitlements.
If a family member has an ELP, they can to assign his rights to a loan. This can allow you to get a loan if you don't have a loan entitlement, or a larger loan than you're entitled to.
In order to use the loan rights of a family member, your PEL and your loved one's PEL must have expired.
If the two plans are not domiciled in the same bank, the loan must be granted by the bank where the plan with the highest amount of interest acquired is domiciled.
The members of your family to whom you can assign your loan rights or receive loan rights are:
- Your spouse
- Your children or your spouse's children
- Your grandchildren or your spouse's grandchildren
- Your parents or your spouse's parents
- Your grandparents or your spouse's grandparents
- Your siblings and their spouses or your husband/wife's siblings
- Your nephews and nieces or your spouse's nephews and nieces
- Your uncles and aunts or your husband's uncles and aunts
Apply for a loan
If you hold a PEL that has expired, and you have loan rights (generated by your plan or received from your relatives), you can apply for the home savings loan.
In principle, you have to ask for the loan at the bank where you have your PEL.
But you can choose to ask another bank.
Before granting you the loan, the bank may require the elements usually requested for the granting of the loan. mortgages :
- Proof of sufficient resources to repay the loan
- Guarantee: bank guarantee or agreement mortgage or legal social mortgage of the money lender
- Borrower Insurance
But the bank can't require you to domiciled your income in its establishment.
The amount of the home savings loan you can take advantage of is calculated in 2 steps.
The calculation is based on the following:
- Loan entitlements (total interest accrued on PEL less the State premium, if added to interest)
- Home Savings Loan Rate
- Minimum and maximum repayment term of the home savings loan
- Minimum and maximum amount of home savings loan
First of all, the bank calculates the total amount of interest you will have to pay to repay the home savings loan.
This total interest to be repaid is obtained by multiplying your loan rights by a coefficient of 2.5 (1.5 if you buy shares of IPSC).
FYI
You can ask the bank for a statement showing your loan entitlements.
Then, the bank calculates the loan amounts whose repayment, simulated on the basis of the statutory home savings rate, corresponds to your total interest payable.
This operation identifies several amounts that vary depending on the duration of the refund.
The shorter the repayment term, the higher the loan amount. The longer the repayment term, the lower the loan amount.
Banks usually have automatic calculators that allow to generate a table with loan amounts and the corresponding repayment periods.
You will choose with the bank the amount and duration of the loan that best suits your situation, but within the legal limits of €5,000 and €92,000.
Reminder
If you have a PEL and a CEL open in the same bank, you can get a loan from that bank from your PEL and a ready from your CEL. But the total amount of the 2 loans cannot exceed €92,000.
Example :
Loan entitlements: €500
Total interest to be repaid for the home savings loan: €500 x 2.5 = €1,250
Possible loan amounts: amounts of which repayment, based on the loan rate 3.2%shall give rise to the payment of €1,250 interest, for a period of between 2 and 15 years.
The term of the loan must be included between 2 and 15 years.
The interest rate on the loan is 4.20%.
A state premium is paid to you when you use your PEL to obtain a home savings loan.
The amount of the premium shall be calculated on the basis of the interest earned on the PEL.
It is equal to 40% the interest obtained, but not exceeding €1525.
FYI
the State premium is exempt from income tax, but it is taxable on social security contributions.
It is possible prepay the loanin whole or in part.
If you wish to make an early refund you must notify your bank.
The bank may require immediate repayment of the loan if you use it to finance a transaction that is not a prescribed transaction.
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