Loan offer
The contractual document by which the bank formally commits to the credit terms: amount, rate, term, guarantees, insurance and total cost. The borrower has a mandatory ten-day cooling-off period before they may accept it. Once returned signed, it seals the financing agreement.
Key points
- Regulated contractual document committing the bank to all credit conditions.
- The borrower has a mandatory ten-day period before they may accept it.
- It must state the APR, term, guarantees and total cost of credit.
- Valid for thirty days from receipt; after this period the bank may revise it.
Frequently asked questions
Why is the 10-day cooling-off period mandatory?
This period is a public-order protection established by the Consumer Code to prevent a borrower from being rushed into signing under the euphoria of the purchase. Neither the bank, the seller nor the broker can waive it. Acceptance posted on the tenth day is void; only that of the eleventh day or later is valid.
What happens if the loan offer expires before the deed is signed?
If the notarial signing is delayed beyond the offer's validity, the bank must issue a new one. Condition changes may occur, notably if rates have moved. The broker must anticipate this risk by aligning the notarial calendar well in advance.
What mistakes should be avoided when checking a loan offer?
The broker must check that the APR, amortisation schedule and insurance clauses exactly match what was negotiated. An error on the nominal rate or capital, even minor, can have a significant impact on total cost and give grounds for remedies. They must also confirm that the preliminary contract's conditions precedent are covered.
In practice
A couple receives their loan offer on a Friday. The broker reminds them they can only accept it from the Monday of the following week, the eleventh calendar day, and advises them to return it only once they have compared the amortisation schedule with their initial simulation.
Official sources
- I want to obtain a mortgage (loan offer) · Service-Public.gouv.fr
- Mortgage credit (official guide) · Service-Public.gouv.fr