A rate is not everything. In a market where banks are once again starting to fight to attract borrowers, SG hits hard with an offer of real estate loan at 3.10% on fixed rate loans 11 to 20 years old. Enough to attract the attention of potential buyers, while the best rates on the market are currently around 3.25% over 15 years And 3.39% over 20 yearsaccording to the latest scales.
On paper, the gap may seem interesting, particularly for a primary residence project. But as we recall Vincent Tellard, real estate loan broker, “The displayed rate is obviously an important criterion, but it is never the only one. What should guide the borrower is, above all, the APR and the overall cost of credit, insurance included. » Borrower insurance, guarantee, application fees or even bank charges can quickly reduce the announced advantage.
A competitive offer, under certain conditions
The offer of SG is reserved for complete loan applications submitted between June 15 and July 15, 2026. It concerns fixed rate real estate loans of up to 500,000 eurosover a period of between 11 and 20 years old. The objective is to attract new borrowers in a market that has become more competitive after several months of rate stabilization.
For a loan of 200,000 euros over 20 yearsthe lending rate of 3.10% corresponds to a monthly payment of 1,180.56 euros excluding additional items. But once added borrower insuranceTHE application feesthere Housing Credit Guarantee and other mandatory fees, the APR reached 4.07% in the example communicated by the bank.
The total cost of credit remains the true indicator
It is precisely this point that calls for caution. In the example presented by SG, borrower insurance represents 14,719.20 euros, to which are added 2,000 euros of administrative fees and 2,660 euros of Housing Credit guarantee fees. These fees increase the total cost of financing despite a particularly attractive call rate.
“An offer at 3.10% can be very interesting for an excellent file, but you have to look at the additional costs, insurance and possible compensation. An offer showing a slightly higher rate may ultimately be cheaper”explain Vincent Tellard.
The best profiles can also reduce the bill by opting for a insurance delegationwhen it is more competitive than the contract offered by the bank. Putting several banks in competition or using a broker also allows you to obtain a more precise vision of the real cost of the operation.
Should you take advantage of this offer?
The answer is yes, but under conditions. For a borrower with an excellent record, the offer of SG may constitute an opportunity if the APR remains competitive after taking into account insurance and additional costs. On the other hand, it does not exempt from comparing several proposals.
A competing bank with a slightly higher nominal rate can sometimes offer a lower total cost of credit thanks to cheaper insurance or reduced fees. Before letting yourself be seduced by a 3.10%it is therefore better to examine the APRthe total cost of interest, that of insurance and the conditions associated with the offer. “A promotional offer can also become an excellent negotiating lever with other banks. »concludes Vincent Tellard.
