After the recommendations, it’s time for sanctions. The High Council for Financial Stability (HCSF), which associates among others the Ministry of the Economy and the Bank of France, decided on Tuesday to make binding the rules for granting real estate credit, under penalty of sanctions, from of January 1, 2022. These rules consist of a maximum effort rate of 35%, a debt period of 25 years and the possibility of derogating from these criteria for 20% of the loans. It is the Prudential Control and Resolution Authority (ACPR) which will be responsible for monitoring. In fact, the majority of banks already apply these criteria. In July, the production of non-conforming credits was 20.9%. “All the major banking networks are now respecting this ceiling or are in the process of meeting it quickly and are converging on targeting flexibility for the benefit of buyers of their main residence, in particular first-time buyers,” notes the HCSF.