Who said we could not get home loans without a CDI? Certainly, it is a weight advantage in a file when applying for a loan from a lending institution. But there are other criteria that come into play and that can convince the bank of your credit worthiness to give you an immo credit.
The CDI, the sesame that reassures the banks
Obtaining a mortgage is subject to validation of the applicant’s file by the lending institution. The latter must indeed ensure that the borrower is able to repay his mortgage, which represents a significant amount when we know that the average amount of property approached 210 000 euros in 2017 according to the network of agencies estate agency ORPI. The bank therefore scrutinizes revenue first and will give more confidence to an employee on permanent contracts. The permanent contract is indeed a guarantee of security over time, another crucial point because a mortgage signed in February 2018 will be reimbursed over 218 months on average according to the Housing Credit Observatory / CSA, more than 18 years. But getting a home loan without a CDI is still possible.
Oldness of activity and stability of income
To ensure the solvency of a candidate for mortgage credit, the lending institutions are attentive to other elements than the nature of the employment contract. In the absence of a permanent contract, they will notably monitor the seniority of the professional activity. The ideal tonnage is at least three years for a contractor or an employee on fixed-term contracts, while two years are enough for the liberal professions and temporary workers. Through this, banks want to ensure the regularity of income.
A contribution, a guarantor and seniority to tip the balance
There are other levers to operate to obtain a mortgage without CDI :
Your history with the bank. The longer you have seniority, the more your banker will be inclined to trust you. Especially if other members of your family are also customers.
Your personal contribution. Having a savings to finance a part of the real estate purchase is likely to reassure a lending institution on the good management of your budget.
Your guarantor. If it has a “safe” profile in the eyes of banks, it is an asset for your file.