When it comes to taking out a home loan, any individual must go through the essential borrower insurance, this coverage responsible for repaying your credit maturities in the event of death or disability, or even loss of employment according to the options chosen.
Although the lending bank systematically accompanies its loan offer with an insurance proposal, nothing obliges you to opt for the latter!
Indeed, the law gives you the possibility of turning to the competition in order to obtain a more advantageous contract.
But how to choose?
This is where the “standardized information sheet” comes into play!
This document, obeying a simple and readable presentation, summarizes all the essential points of the borrower insurance to be able to compare the offers more easily.
The guarantees included and the exclusions are specified in particular, as is the price of the cover but also the mention of your free choice to opt for another contract covering the same risks.
Additional information
However, insofar as the Lemoine law of February 28, 2022 brought various legislative changes, this sheet had to evolve.
Since June 1, 2022, it also specifies the total cost of the insurance over the first eight years from the effective date of the loan agreement.
What better to realize its financial impact knowing that in France, the owners stay precisely on average 8 years in the places before reselling their property.
Our “<strong>REAL ESTATE CREDIT</strong>” file
In addition, the legislator has made access to credit simpler in relation to the health of borrowers.
Thus, the law has removed the medical questionnaire in principle required, when the loan is for less than €200,000 and its term occurs before the subscriber is 60 years old.
This is therefore additional information recalled by the standardized form.
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