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Features
The characteristics of the Plan Epargne Logement (PEL) home savings plan are changing as of 1 March 2011:
• Guaranteed interest of 2.50% (1) for the full duration of the
PEL(1)
• A bonus paid(1) by the government if you take out a
mortgage(2)
• The ability to save at a pace that suits you
• Access to preferential mortgage deals(2)after four years of
saving
• Minimum initial payment: €225
• Minimum regular payments: €45 per month, €135 per
quarter, €270 per six months
• Maximum amount: €61,200 (excluding capitalised interest)
• Minimum term: 4 years (possibility of being extended up to
10 years). At the end of the plan, you have a maximum of
five years to use your right to a mortgage loan. After this
deadline and if no funds are withdrawn, your PEL will be
automatically converted into a Compte sur Livret.
• Maximum savings bonus: €1,000 in general or €1,525 for a “green” home (bonus paid when the loan is taken out of a
maximum of €5,000)
• Maximum loan amount: €92,000
(1) Rate applicable for all PELs taken out between 1/03/11 and 31/12/11 excluding tax and social security contributions according to applicable regulations: 2.50% plus the government bonus equivalent to 2/5 of interest paid by the bank, i.e. 1%, up to a maximum of €1,000 in general or €1,525 for “green” homes. The conditions for receiving the higher savings bonus are defined by ministerial decree. The savings bonus is paid subject to taking out a mortgage of a minimum of €5,000. This is equal to a maximum interest rate of 3.50% if a loan is taken out.
(2) Subject to your application being accepted. Current mortgage rate: 4.20% (excluding insurance).
• A safe and profitable investment
• A savings contract offering possibilities to suit you
• Your choices at the end of the PEL
• A mortgage at a preferential rate of interest
A safe and profitable investment
The Plan Epargne Logement (PEL) home savings plan is a safe financial investment. The interest rate paid is contractually guaranteed(1). Therefore, regardless of the economic or financial climate, your savings earn interest at a guaranteed rate for the full term of the contract.
A savings contract offering possibilities to suit you
The initial payment must be at least €225. After this, for a minimum of 4 years, you need to make payments in instalments that you decide:
- Frequency: monthly, quarterly, half-yearly;
- Amount: minimum of €540 a year.
You can make additional payments at any time. You can therefore pay into your plan when it suits you best. The maximum payments are €61,200 per contract (excluding interest).
Your choices at the end of the PEL
At the end of the contract, i.e. after a minimum of 4 years, you can:
- Extend your PEL by one or more years(2), with the choice of whether to change the amount and/or frequency of your
payments.
- Apply for a mortgage loan.
- Keep your PEL as it is for a maximum of 5 years(3).
- Take out all of your savings plus interest(4).
- Let someone close to you(5) benefit from your right to a mortgage.
At the end of your PEL, you have a maximum of 5 years to use your right to a mortgage loan. After this deadline and if no funds are withdrawn, your PEL will be automatically converted into a passbook account.
A mortgage at a preferential rate of interest
In addition to the interest you earn, the PEL also allows you to take out a loan to buy a home, build a home or carry out works to your main residence. The interest earned over the term of the contract entitles you to take out a loan at a preferential rate(6). The amount of the loan - which can be up to €92,000 - will be calculated on the basis of interest entitling you to the loan earned during the savings term and depending on the repayment period chosen.
Loan rights can be accumulated and it is therefore in your interests to open a PEL for each member of your family in order to increase your borrowing possibilities.
(1) Rate applicable for all PELs opened between 1 March 2011 and 31 December 2011 excluding tax and social security contributions according to applicable regulations: 2.50% plus the government bonus equivalent to 2/5 of interest paid by the bank, i.e. 1%, up to a maximum of €1,000 in general or €1,525 for “green” homes. The conditions for receiving the higher savings bonus are defined by ministerial decree. The savings bonus is paid subject to taking out a mortgage of a minimum of €5,000. This is equal to a maximum interest rate of 3.50% if a loan is taken out.
(2) Maximum term by which the PEL can be extended: 10 years.
(3) At the end of your PEL, you have a maximum of five years to use your right to a mortgage loan. After this deadline and if no funds are withdrawn, your PEL will be automatically converted into a passbook account.
(4) When the holder is an individual resident in France for tax purposes: accrued interest as of the 12th anniversary of the plan is subject to income tax each year when registered in an account. Interest accrued since the opening of the plan is subject to social security contributions applicable under current regulations each year when registered in an account. The savings bonus paid is exempt from income tax but subject to social security contributions applicable under current regulations. When the holder is an individual resident in France for tax purposes at the time of the taxable event: interest and the savings bonus are exempt from income tax and social security contributions. However, they may be subject to tax in the holder’s country of residence.
(5) Provided that the beneficiary holds rights resulting from a PEL.
(6) Current mortgage rate: 4.20% (excluding insurance).
