A business loan, granted by a bank or credit institution, belongs to the category of consumer credit. This category also includes other types of loans, such as personal loans and revolving credits.
The work loan allows the borrower to finance all types of work. This can be for example:
- Maintenance work (roof, plumbing, garden, parking, electricity, etc.) ;
- Renovation work (attic, kitchen, veranda, bathroom, etc.) ;
- Extension works (extension by veranda, raising the house, fitting out the attic, etc.)
- Decoration works (painting, plastering, wallpapering, exterior decoration, etc ;)
- Renovation or energy performance improvement works (attic insulation, roof insulation, replacement of windows and doors, replacement of the heating system, etc.)
Work Tax Credit Regulations
The work tax credit, which falls under the category of consumer credit, is subject to the same legal provisions. In order to grant it, the bank bases itself, among other things, on the solvency of the applicant. Its amount is limited by the text to 75 000 euros.
The emission of a preliminary offer is obligatory. It presents all the terms and conditions of the future contract: the interest rate, the repayment period, the amount of the instalments, the suspensive clauses, the conditions of early settlement, etc.
The borrower also benefits from a legal withdrawal period of fourteen days from the date of signing the contract, during which he can withdraw from the credit contract without having to justify his decision and without the bank being able to claim any compensation. Similarly, in case of early repayment of the loan for an amount of less than 10,000 euros per year, no penalty is applied.
Borrower profiles
Business loans can be taken out by owners of a primary or secondary residence, as well as by tenants wishing to transform or improve their apartment or house.
In addition to homeowners and tenants, condominium owners can use a work loan to finance work on the common areas of their condominium.
