You need to know this before you borrow for a home

Everyone sometimes dreams of it: their own house. But when the time comes, you must first go to the banks to take out a loan. Because almost everyone has to borrow an amount to buy a house or a piece of land. But how do you look for the best loan for your financial situation?

SEE HOW MUCH YOU CAN BORROW

SEE HOW MUCH YOU CAN BORROW

Before you visit all possible banks, it is best to make the calculation exercise yourself. Add up all your and your partner’s income together to find out how much money “comes in” each month. Then also calculate how much of your own income or your joint income you want to spend on a loan and therefore also on the monthly payment of the loan. Online you will find useful simulation tools with which you can quickly calculate how much you can borrow and how long you can do this. If you also take your savings into account, you immediately know how you are financially and whether you should borrow everything for the purchase of a house, or just a part.

SOCIAL CREDIT IS A PLAN B.

SOCIAL CREDIT IS A PLAN B.

Suppose you are told at all different banks that you cannot get a loan or that you still have to borrow 100%, because you simply cannot do otherwise, you can still go for a social loan. This is a credit with an interest rate of up to 2 percent, calculated according to the size of your family. Of course, in order to take out a social credit, you must meet a number of conditions. For example, your income must remain within certain limits and the house you will buy may not be too big. All conditions for a social credit can be easily found online.

ANTICIPATION IS KNOWING

ANTICIPATION IS KNOWING

If you are really actively looking for a home, it can be useful to visit some banks in advance to see if you could get a loan and under what conditions this will be. Suppose you suddenly found a house before, but you are not yet sure whether the bank will grant the loan, you can still include a suspensive condition in the compromise. For example, as a buyer of the house you are not tied to the purchase of the house in case the loan does not go through.

Difference between debit and credit cards

A debit card? It is not the same as a credit card. For starters, your credit card is distinguished by its relief printing. It also differs from that of a debit card. We have summarized the differences for you.

The unique features of your credit card

The unique features of your credit card

  • Your expenses are not debited from your account directly.
    • Either you pay the full amount of your purchases at once every month.
    • Either you spread this amount over several months.
  • You can withdraw money and pay anywhere in the world. Most banks block their use in the United States. Learn how to activate your credit card for the United States.
  • Withdrawing money with your credit card costs money. Including in Belgium.
    Only large withdrawals outside Europe are cheaper than with your debit card.
  • You agree with your bank on the limit of your monthly expenses.
    This monthly limit depends on your financial means.
  • Depending on the credit card you choose, you get additional benefits and are insured for free. For example, you are covered against damage and theft of your purchases, or benefit from trip cancellation insurance.

Debit or credit?

Advice for use abroad: credit card companies also issue payment cards – debit cards. But since there are also Visa and Mastercard debit cards, some countries (like the United States) may ask you the question “Debit or credit?” when you pay with your credit card. In reality, they want to know if you are paying with a credit card or with a debit card. Always answer “credit”.

Credit Card Comparison Credit Card Comparison Compare our credit cards and choose the one that works best for you.

The unique features of your debit card

The unique features of your debit card

  • Your expenses are debited from your account directly.
  • Your card is linked to one of your current accounts.
  • By default, you can only pay and withdraw money in Europe.
    Look for the Bancontact or Maestro logo.
    Do you want to be able to pay anywhere in the world? Find out how.
  • Withdrawing money from a ATM is cheaper, in Belgium and in the rest of Europe, with a debit card than with a credit card. We also recommend that you use your debit card for small withdrawals in other countries.
  • You can personalize your card by printing a nice photo on it.

Request a debit card Request a debit card

  • Online payments, anywhere in the world and without contact
  • Personalize your debit card with a photo
  • Apply for a new debit card online

Is this page useful for you? alert-func-check Yes No

Works loan simulation: renovation credit simulator

If you wish to carry out renovations or transformations in your home, we advise you to carry out a ready – made work simulation. The simulator above gives you the possibility of carrying out any type of credit simulation in order to take out a renovation credit. In addition, the rate is identical whatever the duration and the amount you wish to borrow.

Work loan simulation: instructions for use

Work loan simulation: instructions for use

As with all simulators on our website, the process remains the same.

  1. Use the slider to choose the amount you want to borrow
  2. Choose the duration and the monthly payment by clicking on the thumbnail that interests you
  3. The result of your work loan simulation is displayed
  4. Submit your loan application online

Reminder on the renovation loan

Reminder on the renovation loan

The renovation credit has several advantages, here is a brief reminder of these:

  • A cost known in advance thanks to a ready-to-measure work simulation that conforms to reality
  • No mortgage registration, therefore no deed fees, no registration fees, no notary fees, etc.
  • Availability of funds within 48 hours after signing the credit contract
  • No tranche release, we pay the full amount to your account (excluding life insurance premium)
  • No expertise before and after work

Renovation credit: compulsory documents

Renovation credit: compulsory documents

During our meeting, we will need the following items (only for signing your credit contract):

  • Front/back copy of identity cards
  • Last 3 original pay slips
  • 3 last bank extracts proving the income on the different salary slips (if deposit, the extract of the deposit is also required)
  • All other proof of income mentioned in the request
  • Quote

Work loan simulation: tax information

Work loan simulation: tax information

Before, it was advisable to take out a new mortgage loan when you intended to carry out work in your home. The mortgage loan was the ideal solution in order to be able to continue to benefit from a tax reduction. Since January 1, 2016, for all owners being free of charges, it is formally advised, in the Walloon Region, to take out a new mortgage loan for the performance of renovation works. Why do you wonder? Simply because the housing bonus has disappeared in Wallonia! We invite you to read this article to find out more about this because the situation is different in the Flemish Region and in the Brussels-Capital Region: mortgage loans: housing bonus.

In the Walloon Region, if the renovation loan is not contracted at the same time as the purchase of a house, it is no longer tax-deductible.

If you still have a mortgage outstanding, we can consider buying your mortgage.

Work loan simulation: important information

Work loan simulation: important information

You can also finance your work via a credit consolidation (solution to consider only if you already have several credits in progress and if adding a new loan is impossible)