CIC announced this Thursday that it was “removing the lock on permanent employment contracts” by allowing its clients on fixed-term contracts, temporary workers, micro-entrepreneurs, seasonal workers or intermittent workers to obtain a mortgage. A first for a French bank.
© Illustration Capital/Freepik
Like the slogan of its big brother Crédit Mutuel, CIC “sets the tone”. The bank announced on September 19 that it “remove the CDI lock” to obtain a mortgage. An essential prerequisite for any individual wishing to become a homeowner, the permanent employment contract is far from being widespread.France has no fewer than 4 million workers on fixed-term contracts, temporary workers, micro-entrepreneurs, seasonal workers or intermittent workers in the entertainment industry. recalls the CIC in a press release. “Accessing a mortgage without a permanent employment contract was the exception, today we want to make it the norm”said Daniel Baal, the president of the CIC.
Highlighting its status as a mission-driven company, the CIC will nevertheless reserve this “mortgage loan new forms of employment” to its customers “faithful”. Namely those who have held an account with CIC for at least three years. As with any customer, criteria will be taken into account for granting the loan: “priority in employment” – that is to say experience in the profession and seniority in a company -, the “income growth” or even the “ability to save”. The loan can only finance primary residences, and not rental investments or secondary residences. Above all, this loan adapts to the fluctuating incomes of this type of borrower.
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The monthly payments are therefore adaptable, without the borrower having to provide any “supporting documents”or pay from “costs”. The modulation of loans is indeed offered by other banks on the market but the establishment of a new schedule is very often billed and the delay in repayment caused increases the amount of interest to be paid.
The borrower can thus modulate his loan in both directions: downwards, to reduce the monthly payment by half, or upwards, by increasing it by 50%. However, this wild card can only be used once a year and over a period of one to four months. Over the total duration of the loan, the individual can activate this lever a maximum of 10 times.
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