How to Apply for the Mortgage in France?

How to Apply for the Mortgage in France?

France is one of those countries where foreigners have almost the same rights as the citizens. Any good person with a good credit history regardless of the passport can use the French banking services.

Conditions for Obtaining a Loan for the Real Estate

Since 2012, prices for French real estate have continuously fallen. Of course, it can’t be called a collapse; the decline was about 2% per year. But the negative dynamics was on the face. In 2015, the market has stabilized. At the same time, foreign buyers have never lost interest in real estate in France. Even at the peak of falling prices, it remained an expensive purchase.

Therefore, potential buyers will be opportunely able to apply for a mortgage. Fortunately, in France, large banks such as BNP Paribas, Société Générale, La Banque Postale, and BPCE are willing to work with foreigners. Of course, the requirements for foreigners are tougher than for the Frenches. Also, you may be asked for additional documents.

Documents for Mortgage Registration in France

To get a mortgage in France, you need to submit the following documents:

·         An international passport;

·         A certificate of marriage or divorce, marriage contract (if any);

·         The preliminary contract for the purchase and sale of real estate;

·         NDFL for the last two years, as well as data on wages for the last three months;

·         The labor contract (for employees);

·         An extract from bank accounts for the last three months;

·         Documents confirming the availability of additional income, for example, from the rental of housing or bank deposits;

·         The certificate of ownership of real estate and utility bills. To get a mortgage in France, citizens of countries that are not members of the EU should own any property;

·         The information about monthly payments for other loans and loan agreements (if any);

·         Tax returns, regulations, and balances for the last three years (for entrepreneurs).

The foreigner who wants to buy a property in France in a mortgage may be required to give additional documents, for example, a certificate of health. All documents must be translated into French and notarized. It usually takes about 30 days to review a package in a bank. And within 10 days the borrower has the right to refuse the loan without any consequences. For example, if he has changed circumstances and money is no longer needed.

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