The term of a mortgage loan is being extended (subject to certain conditions) to 27 years
The Ministry of the Economy and the Bank of France, which together form the High Council for Financial Stability (HCSF), have decided to adjust certain rules governing mortgage lending in order to revive the market.
Among the new features is an extension of the loan term. As a result, it is now possible to take out a loan with a term of 27 years (up from 25 years previously) if 10% of the total loan amount is earmarked for renovations to the property (including modernization, sanitation, remodeling, or energy-efficiency upgrades).
Prior to this decision, 27-year loans could be granted, but only if the cost of the work amounted to at least 25 percent of the loan amount.
