If you are a national education teacher and you aspire to obtain a mortgage. Good news:you have every chance, because your civil servant status facilitates access to bank financing. However, be aware that your professional situation is not the only criterion taken into account by banks. Other elements must be considered to succeed in convincing them.
Granting a home loan is a risk for lenders. Their main fear is not being reimbursed by the borrower. However, this situation is not uncommon. Before granting financing, the bank then screens your profile. The first element taken into consideration concerns professional stability. On this point, civil servants have a lot of chances, because they enjoy job security, something that is not obvious for public sector employees. This value is particularly appreciated by banks, because they are guaranteed to recover the money lent. In this context, they reveal a certain flexibility which is manifested by a reduction in the interest rate of the credit. For a borrower, finding a low rate is a real battle horse. However, civil servants do not need to negotiate to the extreme to access this privilege. Their regular salary and job security are enough to reassure the banks.
Ditto for borrower insurance. Civil servants, including national education teachers, benefit from a reduction on their bonus. Remember that this coverage is essential to protect you against life's accidents that could potentially prevent you from continuing to repay your loan. Without borrower insurance, you will not be able to obtain your bank loan. Finally, at the level of the bond, other advantages are granted to you as a civil servant. Indeed, it is possible to take advantage of a free deposit thanks to CASDEN, among other things. Other organizations also offer this type of guarantee, to mention only the Social Credit for Civil Servants (CSF).
Apart from the many advantages offered to civil servants, the latter also benefit from loans specially designed for them. Thus, national education teachers can turn to the official real estate loan which represents an alternative to the Housing Action Loan. However, a few conditions must be met to be eligible. Already, the financing must be used to acquire a principal residence or pay the costs of transformation or expansion work. It is also necessary that the accommodation is 50 km from your place of exercise. In addition, be aware that the Civil servant real estate loan is a subsidized loan which can be supplemented by other forms of financing such as the Conventional Loan or the Social Accession Loan.
Another credit you can consider is the zero interest home loan which is also available to contract teachers in private education. This credit allows you to obtain up to 30,000 euros if you have not owned a main residence two years before the loan application and 15,000 euros if it is a question of a purchase / resale of a principal residence.
Be careful, being a civil servant does not mean that you will automatically obtain your loan. You must meet other eligibility criteria, including a healthy financial situation. The bank will scrutinize your bank statements and if it turns out that you are regularly subject to bank overdrafts and payment incidents, your request may be refused.
Your debt ratio is also analyzed. To be eligible, the cost of your current and future monthly payments must not exceed 33% of your income. The bank will also make sure that you have a sufficient living allowance, that is to say enough money to live on each month after the payment of your monthly payments.
