Borrowing in Belgium After You Retire: Rules and Lenders

Belgian law does not forbid lending to a pensioner. An instalment loan or a mortgage remains available at 65, 70 or 75, as long as the pension covers the repayment and the Central Individual Credit Register (CCP, Centrale des crédits aux particuliers) run by the National Bank of Belgium (BNB) shows no payment default. Age limits are set by each lender and by the outstanding balance insurer, not by statute.

The legal framework is Book VII of the Code of Economic Law, supervised by the FPS Economy (SPF Économie), which also publishes the maximum annual percentage rates allowed on consumer credit. Before you sign, the lender must recommend the most suitable type of credit and check that you can afford it.

The instalment loan: the usual choice after 65

A personal loan, legally a prêt à tempérament, comes with a fixed amount, term and monthly payment. Pensioners use it to buy a car, adapt the home for later life, travel or help a grandchild. Belfius, ING, KBC, BNP Paribas Fortis, Beobank, Crelan and Argenta all offer it to retired customers, frequently through an online application.

Terms and APRs on the market

Belfius grants personal loans from 1,250 euros over 4 to 120 months. At Beobank, the Confort Plus loan runs from 1,250 to 8,000 euros at a fixed APR of 7.05% for offers valid from 14 July to 1 November 2026. The legal maximum APR depends on the amount band, with small loans capped higher than large ones, and the law also sets a maximum duration for each band.

Worked example: a pensioner in Namur

Jean-Pierre, 69, receives a 1,950-euro pension from the Federal Pensions Service. He borrows 5,000 euros to replace his boiler. Over 30 months at a 7.05% APR, he pays 181.77 euros a month, for a total of 5,453.10 euros. The instalment takes 9.3% of his pension and the loan is finished before his 72nd birthday.

Checklist for comparing offers

Keep this grid next to you when you read loan proposals from two or three banks.

The FPS Economy revises these maximum rates periodically, and any offer above them is unlawful. Always ask for the Standard European Consumer Credit Information sheet, which sums up the total cost, before you sign.

Mortgages for retired owners and buyers

Many pensioners downsize to a smaller flat, buy a ground-floor home without stairs or buy out a former spouse's share. A mortgage is still possible, but the bank focuses on your age at the final repayment, the loan-to-value ratio and the income left once fixed costs are paid. A large deposit from the sale of the family house transforms the file.

A recently retired couple

A couple aged 63 and 61 draws 3,400 euros of pensions. They borrow 120,000 euros over 15 years to complete the price of an apartment in Liège. As an illustration, at 3% the monthly payment would be about 829 euros, roughly 24% of income. Their deposit covers more than half the property, which reassures the lender.

Outstanding balance insurance and health risks

Outstanding balance insurance (assurance solde restant dû) is not compulsory under Belgian law, but banks nearly always ask for it. After 65 the premium climbs and some insurers decline. If you face a loading or a refusal on health grounds, the Bureau du suivi de la tarification, the pricing review office, re-examines your case free of charge. A mortgage on another property or a pledged life policy can also serve as security instead.

When the bank shortens the term

Each institution sets a maximum age at the last repayment, and the insurer often imposes its own. If the term offered is too short, lower the amount, increase the deposit or add an adult child as co-borrower. BNP Paribas Fortis sets out every stage of its mortgage process, from simulation to the notarial deed, which helps you plan the timetable.

Putting your application together step by step

A complete file speeds up the answer, which often comes within days for a personal loan and within a few weeks for a mortgage.

1. Check your own record free of charge with the National Bank's Central Individual Credit Register.
2. Download your pension certificate from MyPension and gather three recent account statements.
3. List current loans and fixed costs, including rent or property withholding tax (précompte immobilier).
4. Run simulations with two or three lenders and compare APR and total cost.
5. Request the outstanding balance insurance quote and, if needed, refer it to the pricing review office.
6. Read the standardised information sheet, then sign the contract.

Reasons for refusal and how to answer them

The main reason is a default recorded at the CCP: three missed instalments are enough to be listed, and the entry remains visible for up to a year after the arrears are settled. Next come insufficient income left to live on and several loans running at once. Pay off small credit lines first, and wait until the entry is removed before applying again.

Challenging a decision or a charge

If you believe a lender has not complied with Book VII, file a complaint with Ombudsfin, the financial services ombudsman, which is free for individuals. Breaches of the rules on advertising or rates can also be reported to the FPS Economy through its contact point.

French and British pensioners living in Belgium

A French retiree living in Brussels or Wallonia can borrow from a Belgian bank if the French pension is paid into a Belgian account. The bank looks at the borrower's situation in Belgium and the stability of that income, and an account open for several months makes approval easier. The same logic applies to a British state or private pension: show a few months of regular credits in euros, and expect the lender to factor in currency movements when the pension is paid in sterling.

Options when the bank says no

A refusal need not stop an essential project. Several public or social bodies can step in.

• Regional renovation loans, such as the écoréno credit from the Brussels Housing Fund or loans from the Société wallonne du crédit social.
• Your municipal social welfare centre (CPAS), for emergency help or a repayable advance.
• An approved debt mediation service and, as a last resort, collective debt settlement before the labour court.
• A loan from a relative, set down in writing and possibly registered.

Frequently asked questions

Can a lender turn me down purely because of my age? It may set a limit linked to the term or the insurance, but it must assess your actual ability to repay. Compare several institutions, because policies differ widely.

Does the income guarantee for the elderly (GRAPA) count as income? It is a regular income, but its low level limits how much you can borrow. Regional social loans are often a better fit.

How long does a CCP default stay on file? Up to a year after the debt is regularised, with an overall maximum if it is never repaid.

Can I repay early? Yes, at any time; a limited indemnity may be due depending on the type of credit and the remaining term.

Is a survivor's pension enough to borrow? Yes, if it covers the repayment and your living costs. The lender treats it like any other pension.