The Home Savings Plan and the Home Savings Account are attractive ways to build savings for the acquisition and opening of a housing savings loan.
The housing savings plan is a scheme that was created to support people wishing to save in order to invest the amount set aside in a principal residence .
What is the principle of the Housing Savings Plan?
The principle of the Housing Savings Plan is simple. The person who wishes to save for the purpose of buying housing or a principal residence with a minimum of four years savings. The more money you save, the better the chance of having a loan.
The Housing Savings Plan can finance:
- The purchase, manufacture or renovation of a principal residence
- The purchase, manufacture or renovation of a new secondary residence
- A home for professional purposes if your main residence is part of it
What are the characteristics of the Housing Savings Plan?
It is important to note at first that not all banks are in a position to offer . As mentioned above, an must be for a minimum period of four years so that the bank customer can obtain benefits for his loan.
However, if the person breaks his for several reasons, then penalties will be imposed. It is actually quite difficult to talk about savings because the money that is immobilized and not usable by the subscriber is for the next four years.
At the opening of the , the subscriber must make an initial deposit of 225 euros minimum and each year the annual payment can not be below 540 euros , otherwise the home savings plan will be blocked and no payment will be possible then .
The savings plan housing a benefit: its ceiling, which is 61 200 euros for a rate of remuneration which is higher than a booklet A. For all that, since February 2015, the rate has increased from 2.50 to 2% gross, then 1% in August 2016. Compensation interest is calculated the same day or the fortnight, it depends on the bank and its mode of operation.
Since the minimum duration is four years, what is the maximum duration? in reality, there are not really any. Since March 2011 any PEL that lasts more than 15 years turns into a booklet.
Summary of the characteristics of the :
- The opening of an is done after a minimum payment of 225 euros
- The minimum amount that must be saved each year is 540 euros
- The maximum payment is 61 200 euros
- The minimum duration of an is four years
What is the interest of the home savings plan?
To understand the value of the , you need to ask yourself what is the purpose of a savings investment on a plan like this one .
The first principle of the Housing Savings Plan is the possibility of having a housing savings loan for a real estate acquisition. However, this should only be done as a principal residence by the subscriber.
Clearly, if the subscriber saves for a minimum of four years through an for a principal residence, he will:
- A prime rate on the part of the state on its savings force
- A housing savings loan with an attractive rate
With regard to this prime rate given by the state, this rate is 1% and can be obtained only if you take a housing savings loan. This rate applies only to the that were subscribed after 2002. If the housing complies with the sustainable development rules, the premium will be 100% of the interest earned following an , and this, since year 2016.
The housing savings loan rate is another important element. The duration and the amount of this loan are calculated by means of the savings effort that has been realized according to the years of payments on the plan.
The rule is simple, the more the subscriber will save money, the more the home savings loan rate will be interesting , always within the limit of 92,000 euros. The rate of this loan is known in advance by the subscriber.
What are the advantages and disadvantages of the home savings plan?
The advantages of the home savings plan
- A state bonus of up to 1525 euros for a credit of up to 5000 euros
- Access to a mortgage at a preferential rate
- Little or no charge for an
- The is not subject to tax for the first 12 years
The disadvantages of the home savings plan
- From the 10th year the payments are not possible
- The has a maximum duration of 15 years
- The payment ceiling must not exceed 61 200 euros
- Even if it is exempt from all taxes, you will have to pay social levies
- Savings only occur if you block your savings for a minimum of four years
- An initial deposit of 225 euros with annual payments of 540 euros obligatorily
- A low rate of pay and interest
At what age can we open a home savings plan?
The opening of an can be done before you turn 18 , it is also for foreigners and transfer your interests to a family member if he also has a savings plan or a bank account.
What is the duration of a Housing Savings Plan?
- that began before February 2011 do not have a time limit
- New that started after March 2011 have a duration of only 15 years
Breaking the housing savings plan, is it possible?
It is quite possible to break the PEL, when the subscriber so wishes. However, if you save through a home savings plan, and want to break your savings by withdrawing money before the end of this plan, you lose all the benefits mentioned above.
How is the transfer of a savings plan from one bank to another organized?
The transfer of an from one bank to another will not lose you any benefits even if a bank can refuse this transfer. For that, you will need the two agreements, that of your bank, and that of your future bank.