Zero-interest loan: one year after its return, what is the assessment for homeownership and new homes?

The return of the zero-interest loan (PTZ) for new homes in April 2025: a sensible decision, especially in the current context

A year ago, in April 2025, the PTZ (zero-interest loan) was reinstated by the 2025 finance law after having been excluded, with three major changes:

• Total geographical extension (end of A/B/C zoning, the entire national territory is eligible),
• Reintegration of the new detached house into the scheme,
• And a significant increase in income thresholds, making an additional 6 million households eligible.

As a reminder, the 2024 Finance Law decided to exclude new single-family homes from the PTZ (zero-interest loan) as of January 1, 2024. Refocused solely on new multi-family housing in high-demand areas, the PTZ then lost its usefulness for millions of households aspiring to buy a new home, with the immediate consequence of a drop in sales of new single-family homes of more than 40% between 2022 and Q3 2024. Its reinstatement was therefore a necessity.

According to Loïc Vandromme, CEO of the HEXAOM Group: “The return of zero-interest loans for home construction is a sensible decision that we were expecting. This scheme is an essential tool for enabling access to homeownership for households that need it most and aspire to live in a new, energy-efficient home, particularly during a period of rising interest rates, tight rental markets, and increasing energy costs.”

The PTZ (zero-interest loan), a significant boost for first-time buyers

In a context of rising credit rates and persistent difficulty in accessing property, the zero-interest loan has a real impact on household solvency, particularly thanks to the amount it allows to be financed without interest – up to 30% of the project amount – and its impact on the total cost of credit, but above all for the deferral of repayment it grants.

According to Steve Beaudel, Marketing and Supply Director of the Hexaom Group: "The zero-interest loan (PTZ) offers several advantages for first-time buyers. Besides significantly reducing the total cost of purchasing property, it includes a repayment deferral period of up to 15 years, depending on the borrower's income. This period allows beneficiaries to begin repaying their main loan before starting to repay the PTZ, thus easing the financial burden and also enabling faster amortization of the property. This mechanism is particularly beneficial for young buyers or households with fluctuating incomes."

Highly advantageous financing plans thanks to the combination of subsidized loans

In addition to the advantage of being able to benefit from a zero-interest loan, buying a new house allows you to obtain subsidized loans which can be combined to optimize your financing: the Action Logement Loan (up to €30.000 at 1% for private sector employees), the double PTZ (up to €20.000 at 0%) in some banks, as well as other loans at subsidized rates for first-time buyers, or the purchase of an energy-efficient property (for example in IDF: up to €25.000 at 0% for the purchase of a property with a DPE rating of A, B, C, for any property (RP, RS, RL) and any profile, (first-time buyers, second-time buyers or investors) or throughout France a loan at 1,99% for first-time buyers up to a limit of €20.000.

Here is a simulation comparing the purchase of a property with and without a zero-interest loan (PTZ) and other subsidized loans:

A couple with 2 children, €4.000 net/month, €13.000 down payment, who are buying a house + land for €300.000 in zone B1:

• Without a zero-interest loan
  • Loan of €300.000 at 3,5% over 25 years
  • Monthly payment: €1.502
  • Total cost of credit: €155.000
  • Debt-to-income ratio: 38% excluding insurance = bank refusal
• With zero-interest loans and other subsidized loans
  • Smoothed monthly payment: €1.276
  • Total cost of credit: €88.100
  • Debt ratio: 32% excluding insurance = bank approval!

In this example, more than €135.000 out of €300.000 is financed at preferential rates (0%, 1% or 1,99%), i.e. 45% of the project amount, with an average rate equivalent to 1,90% and a total cost of credit that decreases almost by half.

For financing in the old system, without a zero-interest loan, the application would have been rejected, preventing this couple from becoming homeowners.

For Loïc Vandromme: “In a context where interest rates remain high, the zero-interest loan (PTZ) makes a real difference. Combined with other subsidized loans, it significantly reduces the overall cost of financing and improves borrowers' monthly debt-to-income ratio. It is often what makes a project feasible, where a bank loan alone is no longer sufficient.”

A marked return of first-time buyers to HEXAOM

Barely reinstated in April 2025, the PTZ has already produced measurable effects on the profile of HEXAOM customers. On a panel of nearly 3.000 houses started in 2025, the share of first-time buyers reached 63,3%, compared to 54,7% in 2024, an increase of 8,6 points in one year.

In terms of financing, 16% of HEXAOM customers benefited from a zero-interest loan (PTZ) in 2025. This seemingly modest figure is actually logical and linked to the fact that the scheme was only operational at the beginning of April, representing just three quarters of the year. For sales completed after this date in 2025, the proportion of financing including a PTZ reached 31%, and even 34% in the first months of 2026, demonstrating the scheme's increasing effectiveness.

In 2026, the average amount of PTZ obtained by HEXAOM customers is €43.000 for an average project amount (land + construction) of €315.000.

For Steve Beaudel: "2026 is shaping up to be a pivotal year because, for the first time, the zero-interest loan (PTZ) will be fully active throughout the entire fiscal year. HEXAOM anticipates a further acceleration in sales by first-time buyers, driven by optimized financing plans and a return to solvency for thousands of households who had put their projects on hold."

Conclusion: an effective and beneficial system that should be preserved and renewed!

One year after its reintroduction, the results are clear: the zero-interest loan (PTZ) has proven its effectiveness, both in restoring access to homeownership for thousands of households and in boosting the sector's commercial activity. In 2025, more than 67.900 new homes were sold in France, an increase of 33,6%.

For Loic Vandromme: “Over the past twelve months, the zero-interest loan (PTZ) has demonstrated its ability to trigger real estate projects that would not have seen the light of day without it. It is a tool for social and economic inclusion that we absolutely need. HEXAOM calls for maintaining this scheme beyond 2027 and making it a permanent pillar of housing policy in France.”

New housing: an underutilized tool for easing tension in the rental market

To achieve the Government's target of 2 million homes produced by 2030, all available solutions must be fully mobilized.

While detached houses remain the preferred type of housing for the French, a growing number of households—due to a lack of financial resources despite programs like the zero-interest loan (PTZ), or by choice—are turning to the rental market. However, this market is currently under considerable strain, resulting from both increased tax and regulatory burdens on landlords and a lack of incentives for investment, particularly in the new detached house segment.

This situation is all the more regrettable as the new house has real advantages for rental: high energy performance (DPE A or B), optimal thermal comfort in summer and winter, controlled charges for tenants, and construction times compatible with a quick rental — generally one year after signing.

For Loïc Vandromme: “The JeanBrun scheme, although designed to revive private rental investment, remains disappointing for two reasons: it excludes new single-family homes and is significantly less ambitious than the initial guidelines set out in the Cosson report. Significant changes are now essential to revive rental investment in new single-family homes, especially as market pressure intensifies and renting becomes, for many households, a forced alternative to homeownership, directly affected by persistent financing difficulties.”

Illustrative image of the article via Depositphotos.com.