Flemish housing loan according to legislation

Buy your own house or apartment, but have a limited income and own deposit? The Flemish Housing Loan will help you under certain conditions. Find out what conditions, how much you can borrow, how much it costs and how to apply.

Contents

• What is the Flemish housing loan?
• What are the conditions?
• How much can I borrow?
• How much does the Flemish housing loan cost?
• Applying for a Flemish housing loan

1. What is the Flemish housing loan?

The Flemish Housing Fund offers low-cost housing loans to people under certain conditions at:

2.1. Je voldoet aan het maximale gezamenlijk jaarinkomen

• buying a house or apartment.
• buying out their partner after divorce or cessation of cohabitation.
• renovating a house or apartment.

2. What are the conditions?

2.1. Je voldoet aan het maximale gezamenlijk jaarinkomen

And for all other communities:

Notice:

• A child with a severe disability counts as 2 dependents.
• Your joint annual income must not be less than 11,337 euros (2024).
• But under certain conditions, you do qualify if your joint annual income is less than 10,795 euros (2024).

2.2. Je woning voldoet aan deze eisen

• You may not rent out your property.
• Your home is located in the Flemish Region.
• Your home must meet safety, health and minimum home quality standards.
• At least 1 of the borrowers must occupy the home during the entire term of the home loan.
• Your dwelling must be primarily for residential purposes. The residential portion must be larger than the commercial portion in a mixed-use dwelling.
• You must have your home independently appraised and the value may not exceed the maximum sales values set by the Flemish Housing Fund. The maximum sales values depend on:
  • your congregation.
  • the number of dependents.
  • The number of children under 6 years old at the start of the housing loan.

Note: Different maximum sales values apply to social housing. You can find these on the Flemish Housing Fund website here. These maximum sales values also depend on:

• your congregation.
• the number of dependents.
• The number of children under 6 years old at the start of the housing loan.

2.3. Je voldoet aan deze eisen

• You must prove that you meet the requirements with supporting documents.
• You do not own, usufruct, long lease or superficies in full or partial ownership of a home, building lot or plot.
• You have not given full or partial usufruct, emphyteusis or superficies to a house, building land or cable.
• You are not a manager, director or shareholder of a company with business rights as mentioned above.
• Your monthly income must be sufficiently solvent. In other words, you must earn enough to be able to run your family well after your repayment.

3. How much can I borrow?

You may borrow up to 100 percent of the purchase price:

• When buying a house or apartment: including VAT, registration fees and notary fees or the estimated sales value of the house (if lower).
• For renovation: cost: including VAT or the estimated value of the works and notary fees (if lower).
• When buying out property on divorce or cessation of cohabitation: includes all debt amounts, the reinvestment fee, registration fees and notary fees.

4. How much does the Flemish housing loan cost?

• File fee of 100 euros.
• Credit deed fees on which the Flemish Housing Fund gives a discount, which depend on the number of taxes and the notary’s fees. For example (estimate):
  • On a housing loan of 300,000 euros, this amounts to approximately 7,458 euros (2024).
• Purchase deed costs at a discount of about 302.50 euros including VAT.
• Hand relief costs for divorce or cessation of cohabitation of about 1,000 euros.
• The interest rate from 2.21 percent (2024). It depends on:
  • Your income
  • Your family situation
  • The location of your property
  • The term of your home loan
  • The reference interest rate

5. Apply for Flemish housing loan

Step 1: Gather all required documents

• Your identity card
• Your paychecks
• Your indebtedness
• Your assessment notice
• Your abstracts
• The information about the property

Step 2: Make an appointment at the Flemish Housing Fund

• Make an appointment at your local Flemish Housing Fund.

Step 3: Start up file

• Here you pay a 100 euro filing fee.
• The Flemish Housing Fund collects and analyzes your information.

Step 4: Property valuation

• The independent appraiser will contact you for an on-site appointment.
• Make an appointment on a date when you have access to the house or apartment.
• The appraiser prepares an appraisal report and sends it to the Flemish Housing Fund.

Step 5: Processing Flemish Housing Fund.

• The local Flemish Housing Fund analyzes your loan application.
• If you comply, the local office will forward your file to headquarters.

Step 6: Receive approval or denial

On refusal: Your credit application stops and you are refunded your filing fee. On approval:

• You get a credit offer from the Flemish Housing Fund.
• Your notary will get the necessary documents.
• Accept the credit offer in writing to the Flemish Housing Fund.
• Make an appointment with the notary. The notary must communicate the agreed date to the Flemish Housing Fund.
• At the notary, you sign the deed.

Sources: Sustainable Living, Flanders, Flemish Housing Fund

Would you like to cite this article as a source? Then use:

Stiasteny, L. (2024, Nov. 28). Flemish housing loan according to legislation. Apartment.be. Consulted on (date XX/XX/202X), from https://www.appartement.be/vlaamse-woonlening-wetgeving/

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