CCThe credit proposal is strictly regulated by law. It commits the bank for 1 month to maintain its conditions. On your side, you can cancel the loan offer if you get a better offer . On the other hand, it will be more complicated if you have signed the offer on time.
A few reminders on the Scrivener Law
send a copy of the offer by registered mail with acknowledgment of receipt to each of the borrowers and to any persons who stand surety . It also obliges the bank to keep the conditions for 30 days . The borrower is only committed from the day he affixes his signature. The offer then becomes a loan agreement .
The reflection period prohibits the borrower from accepting the proposal before the 11th day following receipt of the loan offer. But you can on the other hand inform the bank that you do not follow up on its proposal before the expiry of the deadline.
How do you proceed to signify your refusal?
Nothing could be easier to cancel a loan offer. Just don’t answer . Indeed, the contract can only be concluded if both parties have affixed their signatures. The bank’s commitment will naturally end at the end of the 30-day period at the same time as the validity of the proposal. However, out of courtesy, you are advised to send your refusal by mail or to telephone your adviser to inform him of your decision to reject your proposal.
Cancellation of a loan offer signed by the borrower
The borrower can withdraw from a loan contract in different situations provided for by law.
The sale is canceled
A mortgage is directly attached to the property for which it is intended. This is what the sales agreement specifies, which mentions the financing of housing using one or more loans. Thus, if for any reason the sale is canceled , the loan agreement becomes null and void.
Expiry of the deadline for conclusion
Remember that the loan contract is valid for 4 months after its signature (except for special agreements with the bank). If the sale is not concluded at the end of this period, the offer expires automatically .
You agree to repay the sums which would have been disbursed by the bank plus interest, in proportion to the period of use of the funds.
Refusal of a single loan
It is common for the borrower to need to resort to several loans to finance his acquisition. This is particularly the case with regulated loans such as the PTZ + and PEL and CEL or Action-Logement loans. The refusal of a loan leads to the cancellation of all loan offers signed elsewhere for which the amount requested is greater by at least one tenth of all the loans requested.
You should also know that the bank has the right to deduct study fees on the double condition that they are mentioned in the offer and that they respect a limit fixed by decree (currently 0.75% of the amount of the loan with a ceiling of €150).