Never has mortgage loan been so inexpensive.
And yet, getting a loan is far from easy.
Even if the granting conditions were relaxed at the end of last year by the financial authorities.
With the Covid-19 crisis, banks have changed their requirements.
Not enough to seize the market but block fragile profiles.
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Financial institutions carefully scrutinize your industry.
Because the risks of dismissal weigh on some of them (tourism, events, aeronautics…).
In addition, financial institutions, such as Crédit Agricole or the Savings Bank, also offer their clients a guarantee against job loss, with insurance.
"
Let's say that these banks strongly advise - not to say impose - the most fragile profiles to subscribe to it,
" says Sandrine Allonier, of Vousfinancer, mortgage broker.
Concretely, if you refuse the offer, your loan application is likely to be refused.
This is what happened to a young couple in their thirties who had to subscribe to the job loss guarantee.
And yet, she is an executive in a large CAC 40 company and he is a salesperson for a textile company.
However, as the French Banking Federation reminds us,
“two guarantees are essential, in the event of death and disability.
The question of subscribing to additional protections may arise.
But the final decision is up to the customer
”.
Onerous warranty
In principle, this guarantee against job loss seems useful but, in fact, it turns out to be expensive, restrictive and ineffective in the eyes of insurance experts.
Dear ?
Prices thus vary between 0.3% and 1% of the amount borrowed, depending on the age or profession of the client.
For 1,000 euros to be insured, it will cost you around 50 euros, according to an offer offered by the Caisse d'Épargne.
Ineffective?
Compensation is only triggered after a waiting period of several months.
At Crédit Agricole, the benefit is paid at the end of a period of 90 days.
Binding?
The conditions to benefit from this guarantee are drastic.
You must therefore have lost your job following an economic layoff - resignations, contractual terminations or partial unemployment are excluded - and have been on a permanent contract for at least one year.
Finally, the guarantee only covers the insured for six months to only one year, depending on the contracts.
Protect margins
And if you change your insurance, you will not be able to withdraw the guarantee of loss of employment. "
In reality, it is a disguised way, for the bank, to force its client to keep its borrower insurance
", analyzes Astrid Cousin, of Magnolia.fr, loan insurance broker. "
The rates are so low that banks are trying to make mortgage loans profitable to protect their margins,
" explains Sandrine Allonier.
Few of the banks currently offer this guarantee. Even Crédit Agricole recommends that its clients be "
vigilant
" and study the terms of coverage, the cost and the eligibility of the borrower's profession. It remains to be seen what will be the behavior of banks if the crisis hardens and unemployment rises.
