Real estate: zero credit reform will not come into effect in January 2024

The state-funded zero-rate credit (PTZ) will indeed be extended in 2024, but we will have to wait a few more months before it comes into force. “The Finance Act for 2024 will ratify the main lines of the new system. In January, it will be supplemented by an implementing decree, which sets out all the characteristics and sets the date of entry into force, probably between 1.ahem February and 1ahem april”Bercy tells us. This delay gives banks time to adapt their information systems to the new characteristics of the zero-interest loan.

The goal of the system overhaul? Reach an additional six million households to increase the number of eligible households to 29 million. The scheme, created in 1995 to support households buying their main residence, was due to end on 31 December 2023. Bruno Le Maire announced in October that it would be extended to 2027 in a slightly different version.

Specifically, PTZ will reorient itself to new apartments in busy areas and to old housing with work in relaxed areas. “Therefore, new detached houses are leaving the system, disappointing for many households in the provinces,” notes Samuel Massieu, Head of Banking Partnerships for Cafpi for the Grand-Ouest and Grand-Est regions.

“Housing Crisis”

The French Construction Federation (FFB) is also moved by this. “The government is playing with fire by amputating the new PTZ. We’re not going to break the system in the middle of a housing crisis,” regrets its president Olivier Salleron. A choice that Bercy fully embraced “in order to be consistent with our goals in the fight against artificial turf”. The tense zone (A) also includes 209 other municipalities.

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Another innovation is that the income ceilings for benefiting from the system are reassessed and a fourth tranche is created for incomes between €37,000 and €49,000 per year. PTZ can represent 20% of the purchase price of the property for this new tranche.

For the most modest households (less than 25,000 euros of income in a stressed area), the share (PTZ’s share of operating financing) is 50% of the purchase price of the property, compared to only 40% previously. “The amount of PTZ to which the borrower is entitled depends both on his income and on the area in which the property is located”, deciphers Fabienne Amblard-Larolphie, director of the individual market at Caisses d’Epargne, which offers people under 35 an additional loan with 0% up to 20,000 euros.

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