SGFGAS (state-aided loans manager)
The management company of the social home-ownership guarantee fund. On the state's behalf it oversees regulated and subsidized loans, PTZ, PAS, agreement loan, checks their compliance and the payment of subsidies to banks. Any structure using these loans runs through its eligibility rules.
Key points
- Manages on behalf of the state the regulated loans: PTZ, PAS, and agreement loan.
- Sets the eligibility rules for borrowers and transactions for these subsidized loans.
- Guarantees part of the credit risk to banks on social-home loans.
- Any mixed file incorporating a PTZ or PAS must strictly comply with its eligibility grids.
Frequently asked questions
How does SGFGAS concretely intervene in a PTZ file?
The bank granting the PTZ relies on the rules set by SGFGAS to verify that the borrower meets the income, property-type, and first-time-buyer conditions. If the file is compliant, the bank receives the state guarantee from SGFGAS and benefits from the interest subsidy. The broker must therefore master these grids to avoid assembling files doomed to ineligibility.
What is the difference between the PTZ and the PAS from SGFGAS's perspective?
The PTZ (zero-rate loan) is a complementary interest-free loan reserved for first-time buyers under an income ceiling, with a repayment deferral. The PAS (social-access loan) is a principal regulated loan that entitles the borrower to repayment housing benefit and whose interest conditions are capped. Both run through SGFGAS rules but target different needs within the overall financing plan.
What mistakes should be avoided when assembling a file with SGFGAS-regulated loans?
The first mistake is not verifying the income ceiling applicable to the property's geographic zone, thresholds vary considerably between zones A, B, and C. The second is neglecting to check the first-time-buyer condition over the last two tax years, often underestimated when the borrower has owned a secondary residence. Rigorous verification of both points prevents guarantee refusals after a banking agreement in principle.
In practice
A couple wishes to purchase a new apartment in zone B1. The broker checks the SGFGAS income ceilings for their household composition, calculates the maximum PTZ amount they are entitled to, and then integrates this regulated loan into the overall financing plan before submitting the file to the partner bank.
Official sources
- Article L519-1 of the Monetary and Financial Code · Légifrance
- Prudential supervision and resolution authority · ACPR (Banque de France)