Rental real estate: tips for having a loan despite the new rules

Les règles pour souscrire un crédit immo changent, avec des effets contraignants non négligeables pour certains investisseurs locatifs. Mais il existe des parades pour les contourner.

The bridle tightens for individuals wishing to invest in rental real estate.From January 2022, banks will be obliged to respect the letter, under penalty of sanctions, the rules for mortgage issued in January 2020 by the High Council for Financial Stability (HCSF), chaired by the Minister of EconomyBruno Le Maire.

The borrower files must respect two rules: not have monthly payments above 35% of monthly income, and go into debt over 25 years maximum.So much for the principle.In fact, banking establishments have the ability to accept up to 20% of “extraordinary” files per quarter.An exception above all intended, in 80% of cases, to the buyers of a main residence.Only 20% of this derogation can be reserved for credits for rental real estate or intended for the purchase of a second home for example.In the end, the share of this “non -compliant” production outside the main residence will be limited to 4%.If it increased from 7.8% to 5.2% of total production between January and July 2021, it still remains above the limited set by the authorities.Banks will have to be even more selective.

La disparition du calcul différentiel

"The financing of rental investments has dropped sharply in just 6 months, testifying to the difficulty for this type of investor borrowers, already owners of their main residence with therefore often a credit in progress, to borrow since the end of 2019",Underlines the broker youfinance.A situation that arouses questions from several readers of Moneyvox, such as Redseamaxx which asks us to specify the new conditions for rental investment.Bad news for him, as for others: the calculation of differential debt disappears.It allows you to take into account rents in deduction of credit monthly payment.They are now considered to be income.

“The differential calculation was practiced by several banking brands for the benefit of the best files.It allowed investors to use the debt lever to build up a heritage.It is now over, ”explains Astrid Cousin from Magnolia.

Credit Immo: Should we calculate the debt rate of 35% before or after tax?

Ce que change la fin du différentiel

The spokesperson for the Magnolia broker provides an example for an investor who buys an apartment of 200,000 euros with a credit over 25 years at the interest rate of 1.16% with insurance at 0.34%.It receives 4,000 euros in income and intends to receive 900 euros per month of rents with this investment.He already reimburses a credit for his main residence of 1,067 euros and the monthly payment of the new loan is 825 euros, insurance included.

“The abandonment of the calculation of differential debt has led to the exclusion of credit from many investors.This could become problematic because 60% of the rental fleet belongs to private donors who are essential to maintain a sufficient level of rental offers and avoid inflation on rents, ”abounds Sandrine ALLONIER, Director of Studies to TOUFINANCE, who delivers anothersimulation below.

Des solutions alternatives

But some banks develop tips to get around these new rules.For property income taken into account, it is now up to 90% of the rents received or to be collected that are retained, against 70% so far.For borrowers' resources, such as commissions, bonuses or variable remuneration, 90% of their value over the last 24 months are integrated against 50% before.Another possibility implemented for the relay loan: 80 or even 90% of the value of the property in the event of signed compromise is considered against 60 to 70% before."Banks set up solutions to finance more borrowers despite the recommendations, but they are still attentive to the rest to live of course," says Sandrine Allonier.

Another parade that is on the rise: the grouping of credits in one to reduce global monthly payment.An operation that allows you to free up the margin to finance a new project.But which, on the other hand, has the consequence of most often lengthening the period of repayment of the credit, and therefore generally to increase its cost.

Find the best real estate rate

Exemple de regroupement de crédits

Here is the simulation provided by Toufinancer for a 41 -year -old employee with 4,333 euros in monthly resources (salary and property income) wishing to finance a new rental of rental real estate.He currently has a loan monthly payment of 800 euros per month to reimburse for his main residence with a capital remaining (CRD) of 142,000 euros.He also has a second real estate credit for a Pinel investment of 540 euros per month and a CRD of 92,000 euros.In this context, its debt rate is 31%, which does not allow it to carry out a new real estate project.

After a grouping of credits, he can for example make a rental investment of 105,000 euros agency fees included + 15,000 euros in work.The repurchase of the two credits in progress and the financing of the new property, all costs included, will allow the implementation of a new loan of 363,000 euros to 1.75% over 25 years with a single monthly monthly payment of 1,495 euros per month.The debt rate after operation stands at 34.5%.

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