SCPI yield: why buying on credit is even more profitable in real terms

“With SCPIs which have objectives greater than 6% and which even distribute around 7 to 8%, the leverage effect is there,” underlines Vincent Coumans, wealth management advisor at Vano Gestion Privée. On condition, however, that you select the supports carefully, in a market marked by strong disparities since the rise in rates.

A tax advantage that changes everything

Beyond the performance, it is above all the taxation which makes the difference. SCPI income being taxed in the category of land incomethey can be optimized via the real regime.

“ Loan interest is deducted from the income generated. If you receive 1,000 euros and you have 300 euros in interest, you are only taxed on 700 euros “, explain Vincent Coumans. Result, thetax base decreases mechanically.

As an illustration, for an investment of 100,000 euros in SCPI on credit on 20 yearswith a rate around 4.5% and a yield of 6.5%an investor can receive approximately 6,500 euros of annual income. At the same time, the loan interestclose to 4,000 euros the first yearcome into deduction. The tax base thus falls to 2,500 euros. For a taxpayer taxed at 30%this represents a tax savings of around 1,200 euros per yearexcluding social security contributions.

A double lever: financial and patrimonial

The interest of the operation is thus based on a double lever. On the one hand, a differential between the cost of credit and the performance of SCPIs. On the other, a reduced taxation thanks to the interest deduction.

“ We borrow to invest 100,000 euros, while the real savings effort can be limited to 150 or 200 euros per month », specifies the advisor. In other words, the investor constitutes a heritage with the bank’s money, while smoothing out its effort over time.

This logic is part of a strategy long termoften oriented towards preparing for retirement. Funding is generally spread over 15 to 20 yearswith additional income the key once the credit has been repaid.

Risks not to be underestimated

This strategy is not without limitations, however. The main risk remains that of liquidity. “ If you need to resell your shares quickly, this may not be possible depending on market conditions. », alerts the professional.

Added to this is the risk of drop in yields or devaluation of sharesespecially if the occupancy rate assets decrease. In a market still in the adjustment phase, the selection of SCPIs therefore remains decisive.

Finally, this arrangement is primarily aimed at investors already established, often owners of their main residenceand having a sufficient savings capacity. A profile capable of absorbing the hazards of an investment which, despite its advantages, remains exposed to real estate cycles.