Guaranteed Housing insurance
The Guaranteed Housing insurance is a free insurance. As an employee you can take out this insurance for ten years when you take out a mortgage to build, buy or renovate a house. The insurance premium will be paid by the Government of Flanders.
If you involuntarily become unemployed or incapable of work during this period, you may receive a contribution towards the repayment of your mortgage.
At the time of the application you must not have any other insurance coverage against income loss from the Government of Flanders for the same house.
Furthermore, you must meet a number of conditions that pertain to:
- your profession
- your loan
- your house
- your income (only in case of new builds).
At the time of the application of a contribution, you must:
- have taken out the Guaranteed Housing insurance
- be able to prove that you are involuntarily unemployed or incapable of work.
Application of the insurance
Apply for the Guaranteed Housing insurance by means of an ‘application form’ within the year after the first withdrawal of capital from your mortgage.
Application of the contribution
Apply for the contribution with Ethias insurance company.
After the application and a three-month waiting period you may receive a contribution towards the payment of your mortgage for a maximum of three years. To this end you must be able to prove that you are incapable of work or involuntarily and fully unemployed.
The contribution will each month be paid directly to your credit institution.
The amount depends on
- the income loss you actually suffered,
- your monthly mortgage payments,
- the length of the period for which you apply for the insurance.
The premium will never be higher than 500 or 600 Euros per month.
In case of a new build, your income will have to be within a certain limit, in order to be able to receive a Guaranteed Housing insurance. This is not the case when purchasing or renovating a house.