A home savings account is a product designed to help you save to get a loan. This loan can be used to either purchase your main residence or for renovations on your main residence. A debit interest rate is defined when the contract is signed. The idea is that the amount of the loan will be equivalent to the amount saved. This means that, by saving, you can obtain a loan on favourable terms.

A home savings account is based on a pre-defined sum; the estimated amount of savings plus the amount of the loan.

The contract consists of three different phases:
- the saving phase (regular monthly payments);
- the allocation phase (the payment of the entire sum, including the saved amount and the loan amount);
- and the loan phase for repayment of the loan.

The savings can also be paid out without taking out a loan or can be continued up to the pre-defined subscription amount.

Example: Mr X invests €100 every month in his home savings account for 10 years (standard term). He saves €12,000 (plus interest) in total. After 10 years, the home savings account offers him a loan equivalent to the amount he has saved. Mr X can either: refuse the loan and continue to save; recover his savings and invest them in his main residence; or he can accept the loan. If he accepts the loan, he will be in possession of both the €12,000 saved AND the €12,000 loaned by the savings account, so a total of €24,000 to carry out work on his house.

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How do I take out a home savings account?