October 11, 2018 Cash loan insurance is a form of security – both for the bank and the borrower. It is a combination of two services occurring in the financial-banking and insurance sectors. When unforeseen situations arise, the unpaid portion of the cash loan is regulated by the insurance company. In the article you just started reading you will find information about types of cash loan ins...
Financing a huge purchase is not easy for most of us. Few can buy their homes without having to make a loan. Almost all the time, a big purchase, and a fortiori a real estate purchase, is done to two. Unity is strength, as they say, and getting together helps to get better terms of purchase and credit.
Reimburse a credit when there is no marriage contract
When no marriage contract has been celebrated, the so-called “community reduced to acquests” which corresponds to most marriages in France, the debts contracted by one of the two spouses engage the property of the “community And the borrower’s own property. The community of property is everything that has been purchased by the spouses, together or separately since the day of the marriage: a purchase of housing after the marriage is thus part of the community of property. The property of the spouse who has not borrowed, which he already possessed before getting married, is thus not endangered. In the case of the purchase of real estate, it is very rare that a banker agrees to grant credit without the signature of both spouses.
Article 1415 of the Civil Code tells us: “each spouse may only pledge his own property and income, by a bond or a loan, unless they have been contracted with the express consent of the another spouse who, in this case, does not engage his own property “.
Repay a credit with a marriage in a universal community
With the universal community, all the assets of both spouses without exception are pooled. The spouses are totally supportive, including for mistakes made by one of the two vis-à-vis the credit. This is, we suspect, the most dangerous regime at the individual level.
Repay a credit with a marriage in separation of property
A marriage in separation of property engages only the spouse who buys, as in common law. It is perfectly possible for a married person under this regime to have another co-borrower than his spouse. This matrimonial regime is the least risky on an individual basis, involving only the property of the borrower and not those of the spouse.
Make a credit separately with your spouse?
It is possible, to buy the same property, that each of the borrowers make a credit on his own, separately. For example, Monsieur asks for a loan from his bank, Society General for example, by using his PEL (home savings plan) and Madame does the same with his bank, such as Credither. The credit requested by each is thus smaller to buy the apartment or the house. The credit is obtained provided the other spouse also gets the credit. This solution is not very widespread, and is not necessarily very advantageous: there are two credits to negotiate, two contracts, and a “risk profile” more complicated. It is indeed advantageous to borrow from two from a single bank.
Credit without a co-borrower
We have seen that it is simpler to make a credit for two, and therefore it is more difficult to make a credit without a co-borrower, to make a credit on your own. Of course, who says “difficult” does not say impossible, what matters in the end, it is the income, according to the eternal 1/3 rule: the credit monthly can not exceed one third of the monthly income. All credits that the borrower repays are counted. It is therefore possible to buy without co-borrower, as long as we can afford to buy alone.