You can request a loan deferral in the following cases: carrying out of works, construction of your house or the acquisition of a property in a future state of completion (VEFA – acquisition of a Sale in the Future State of Completion ).
What is deferred loan
What is called deferred loan is the possibility of repaying no capital during a certain period, but only interest (or not, depending on the deferred loan case chosen) and additional costs such as borrower insurance, which will be debited at each due date. There are two types of loan deferrals: partial deferral and total deferral.
the loan deferral allows you to adjust your loan according to your current situation
What is a total loan deferral and why this name?
Total because, during a certain period, no reimbursement of capital or interest is made. The borrower will only have to pay the costs related to loan insurance. Therefore, unpaid interest will have to be added to the principal owing. This is called negative amortization.
In a case like this, the borrower is then faced with specific interests, called interim interest. This is the amount that your bank lends you and for which you do not make any repayment over a certain period. Consequently, the capital remaining due is recalculated during the loan deferral period since there is added to this, the interim interest.
If your first loan term is more than one month after the first release of funds by your bank, then your first monthly payment will include the interim interest in proportion to the number of days that have exceeded 1 month following the release of funds.
Pay attention to the famous value dates and try to get your funds released the same day of the due date (after the payment thereof), in order to avoid the payment of interim interest. Even if in reality it is rare for this to happen.
TO REMEMBER !
- Request a deferral in the case of work, construction of your house or VEFA
- The deferred loan allows you to reduce part of your monthly payment for a given period
- Attention, remember to calculate the cost of the deferral before you start (we can help you if necessary)