Would you like to renovate your home or give it a new look? Crédit Populaire d'Algérie can offer you a loan tailored to your home improvement requirements in order to make renovations to your home that suit your style.
What is a renovation loan?
It's a loan to finance renovation works of your residential premises, or to complete a collective or individual housing project.
Who can benefit from this loan?
You can benefit from this loan if you are:
- Any natural person of Algerian nationality, whether resident or non-resident in Algeria, who has legal capacity.
- Evidence of a stable, regular income equal to at least one time the guaranteed national minimum wage (SNMG);
- For residents abroad, 50% of the income earned must be converted into national currency.
Financing terms:
- Loan amount:
Up to 100% of the cost of the planned work, but no more than 70% of the property's value as assessed by a bank-approved consultancy firm.
The loan amount is calculated based on the applicant's income, with a deduction ranging from 30% to a maximum of 55%.
To increase the amount of the loan granted, the bank may accept a joint guarantee from a spouse or single direct relative (parent, sibling, child)
- Personal contribution: The self-financing part is made up of the real estate involved in the renovation work.
- Repayment duration: The loan duration may be up to 40 years and is determined by the applicant's age up to a maximum of 75 years.
- Management fees: 10.000 DA TTC (see current bank terms and conditions).
- Application processing fees: 10.000 DA TTC (see current bank terms and conditions).
- Interest rate: The interest rate is variable and is determined by the general banking conditions in force.
- Loan repayment: The loan is repaid in constant monthly instalments over the entire loan duration.
- Deferment period: The deferment period is set at a maximum of six months from the following date:
- Mobilisation of the loan, if used in a single instalment.
- Mobilisation of the last instalment, if the loan is used in several instalments.
- Type of guarantees: The guarantees to be obtained are:
- A first-ranking notarised mortgage in favour of the bank on the property to be financed.
- Death and absolute permanent disability insurance (IAD) in favour of the bank.
- Home insurance delegated to the bank;
- Natural disasters insurance delegation.
- A deed of joint guarantee if the income of the applicant's spouse and/or direct relative is taken into account when calculating their repayment capacity.
File constitution:
- Copy of the house ownership deed or sale contract issued by the estate.
- Negative certificate of mortgage registration;
- An estimated and quantitative estimate of the cost of renovation work, drawn up by a consultancy office approved by a bank.
- Property existence, evaluation and appraisal report issued by a bank-approved consultancy office.
- Provisional construction schedule;
Family record of civil status and copy of official identity card.
Certificate of occupancy of current home or residence certificate (to prove applicant's exact address);
Loan application form (to be completed at the branch of your choice).
For wage earner applicants:
- Pay slips for the last three months
- A recent work certificate.
- Annual Salary Declaration (DAS) for private-sector employees.
For non-wage earner applicants:
- Proof of activity (trade register or licence).
- Tax certificate (C20 for the last three fiscal years);
- Cleared extract from tax registers or repayment schedule.
For retired people:
- Income certificate issued by the national pension fund.
For nationals residing abroad (to be authenticated by the Algerian consulate):
- Proof of residence abroad;
- An indefinite-term employment contract supported by the last three payslips for wage earners.
- Proof of activity supported by tax and social security certificates for non-wage earners.