How to Benefit from the Social Mortgage Loan in Wallonia

Are you looking to buy a home in Wallonia, but your income is limited and you're struggling to secure a traditional mortgage? The Accesspack is the solution. This social mortgage loan allows you to borrow up to 100% of the property's value at an attractive interest rate. It is designed for households with modest incomes who wish to purchase their first home. Read on to learn how to use the Accesspack and the conditions you need to meet.

What is Accesspack?

The Accesspack is a social mortgage loan available in Wallonia to help low-income households buy, build, or renovate their home. It is offered by the Société Wallonne du Crédit Social (SWCS), except for large families, who can apply to the Walloon Housing Fund. This loan is specifically for the purchase of your first home, and it cannot be used for a second property. It can also be used to pay off an existing mortgage that helped finance the purchase of a property.

Conditions for Accesspack

The interest rate on the Accesspack ranges from 1.3% to 2.5%, depending on your income: the higher your income, the higher the interest rate. However, if you're under 35, you will benefit from a 0.4% reduction on the applicable rate based on your income level, making the offer even more advantageous.

With the Accesspack, you can borrow up to 100% of the property's value, and in some cases, even up to 125%. The repayment period can vary from 5 to 30 years, depending on your preferences and financial situation.

Who Can Benefit from the Walloon Mortgage Loan?

To qualify for the Accesspack, you must meet the following conditions:

• Domicile: You must be domiciled in Belgium, specifically in Wallonia.
• No other property: You cannot own any other property.
• Insurance: You must have both life and fire insurance for the property.
• Income: Your household’s taxable income must not exceed €65,000 per year, after deducting €5,000 for each dependent.
• Property Value: The property you wish to buy must not exceed €260,000 in value.

If you meet these requirements, you can benefit from the Accesspack.

Costs Associated with Accesspack

Although the Accesspack is a loan, there are some costs involved. These are much lower than those for a traditional mortgage:

• Application fee: €40
• Appraisal fee: €260
• Solidarity contribution: 0.2% of the loan amount

Additionally, you should consider notary fees and registration duties when purchasing your property. These costs are approximately 15% of the property's value and are necessary to officially register the transfer of ownership.

How to Apply for Accesspack?

Applying for the Accesspack is straightforward. Simply visit a social credit office near you, where a financial advisor will assist you in completing your application. The advisor will help determine if you are eligible for the loan and explain the next steps. Once your application is accepted, you just need to sign, and the purchase of your property will be finalized.

Conclusion

The Accesspack is an excellent solution for people in Wallonia with modest incomes who wish to buy, build, or renovate their first home. With favorable interest rates, the ability to borrow up to 100% of the property's value, and lower costs compared to traditional mortgages, this offer provides an accessible way to achieve your homeownership goals. Check if you meet the conditions and contact a social credit office to take advantage of this beneficial loan program.