La Banque Postale launches the “renovation advance”, repayable at resale

Your heating system dates from a bygone era, but the cost to be replaced remains too high for your finances, despite state aid. This problem, encountered by many low-income families with poorly insulated housing, will undoubtedly be solved. La Banque Postale undertakes this Wednesday to distribute the “renovation advance”. This government scheme allows individuals, subject to the means test, to take out a loan at a fixed rate of 2% to finance energy renovation work.

Without having to pay back immediately. The balance will be paid either on the resale of the property or on the death of the owner. Crédit Mutuel, according to the association, should launch this same product “in the coming weeks”, we say to the management. Two other mutualist groups have also reported to the Ministry of Housing, and could join the system in the coming months.

“We are very happy to launch this new product. The heavy problem of thermal filters has never been completely solved. With this innovative credit, families no longer have outstanding debt, boasts Philippe Heim, director of the Bank’s management Postal. This illustrates our desire to support the just transition of our society, allowing people excluded from traditional financing solutions to also be actors of the energy transition. This loan can be combined with the “Eco Loan at zero rate ” to finance work between 10 and 50,000 euros. And especially “MaPrimeRénov'”, launched on January 1, 2020, from which 650,000 families benefited last year, for a total amount of 2 billion euros .

“1.3 billion have been paid to the most modest families. Unfortunately, some maintain a balance between 10 and 30%. Precarious families cannot, sometimes, assume it”, insists Emmanuelle Wargon, Minister of Housing. This new system emanates from the mission report of Olivier Sichel, director general of the bank, published last March “for a massive, simple and inclusive energy rehabilitation of private housing”.

“To improve energy performance, the price of the bond will increase”

In concrete terms, the conditions of submission for the “advance renewal loan” remain at the discretion of the issuing banks. La Banque Postale has chosen to reserve it for its popular customers, subject to the means test. The family income must not exceed the limits of the National Housing Agency (Anah): 19,565 euros per year for a single person, 28,614 euros for two, 34,411 euros for 3 and 40,201 euros for a family of four . They have to provide quotes from the companies to get the funds.

Homeowners over 60 will benefit from a “deferred total amortization” and have the choice to pay the interest on the mortgage loan over time, or “in fine”. For others, the deferment is only “partial”, and they have to repay the interest for the duration of the loan. The amount of the “life loan”, at least 3,500 euros, must not exceed 70% of the value of the property before the work, according to the estimate of an expert. “In the end, the works will be paid for by the creation of value they will generate,” points out Philippe Heim. To improve the energy performance of the house or apartment, the price of the property will necessarily increase. This will not burden the heirs, if the loan is returned to the estate. »

The president of the Banque Postale management estimates between “500,000 and 700,000” the number of French people who could be interested and eligible. All those who do not have the necessary resources to pay the rest with their funds, or repay a conventional consumer loan. “For these families, it is a double penalty. On the one hand the energy expenditure is huge, and on the other hand their living conditions are not comfortable, argues Emmanuelle Wargon. The advance renovation loan strengthens our arsenal. Tomorrow , everyone should be able to find a solution to renovate their home.”

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