Whether you are self-employed looking for personal credit, or a professional with a temporary lack of cash following the default or delay of one of your important clients or even locked up following non-payment of several monthly payments of your installment loan, the owner’s loan can prove to be the ideal solution to escape from a temporary situation of financial asphyxiation. Owner’s credit can also be a preferred tool if you wish to take out an installment loan at an attractive rate which is likely to improve a property that you own. A few words of explanation.
What is owner credit?
There are essentially two forms of owner credit which serve two different purposes:
- Owner’s credit to improve the comfort of a property you currently own. In this scenario, you decide, for example, to buy a beautiful fitted kitchen or to do work at home to change the frames in order to better insulate your property. In both cases, you increase the value of your home. From then on you will be able to take out a landlord loan and benefit from an attractive APR. This is a sort of classic installment loan but comes with an attractive APR because you are the owner of the house which will accommodate the improvements for which you are taking out a loan;
- Landlord credit to help you get out of a temporarily depressed financial situation. In this case, it is more of a classic mortgage loan through which you finance obtaining your liquidity by putting your home as security.
Who is a homeowner loan intended for?
- In the first case, that is to say the owner’s loan which is similar to an installment loan: any person who owns real estate who wants to improve its comfort can take out a owner’s loan and benefit from interest rates. attractive.
- The self-employed person, the liberal profession holder or the person listed can, under certain conditions, obtain a proprietary loan with a view to receiving liquidity aimed at getting them out of a temporary debt situation.
What are the conditions to benefit from a landlord loan:
- Be domiciled in Belgium or Luxembourg;
- Be the owner of a house located in Belgium or Luxembourg;
- When the owner’s loan is similar to the mortgage loan, it is desirable to borrow a minimum of €25,000 to cover the costs of setting up the mortgage (notarial certificate);
- The property must be free of encumbrances or at the very least, the repayment of monthly payments must be regular.
