VEFA: understanding calls for funds for your new-build purchase

Published on July 29, 2026 · Financing

Family preparing financing for their new-build purchase

Buying a new-build home in VEFA (Vente en l'État Futur d'Achèvement, or VEFA, off-plan sale) means acquiring a property before or during its construction. Unlike a conventional purchase, where you pay the full amount at the notary's office, here you pay gradually, in step with construction progress. These staged payments are called appels de fonds (calls for funds).

Understanding this mechanism is essential for managing your budget and avoiding unwelcome surprises. In this guide, updated for 2026, the JL HOME team explains how the payment schedule works, what the law says, and how to align these payments with your mortgage.

What is an appel de fonds in VEFA?

An appel de fonds is a payment request sent by the developer (by letter or via a call for funds forwarded to your bank) at each key stage of construction. Each payment corresponds to a percentage of the total price of the home, set by regulation.

In practice, you do not pay the whole price at once: you pay as the foundations go in, the walls rise, and then the building is completed. This system protects the buyer, who only finances what has actually been built.

A strict legal framework

VEFA is governed by the Construction and Housing Code (Code de la construction et de l'habitation). The developer may never demand more than construction progress allows. This payment schedule is capped by law, which protects you against any abusive advance payment.

The statutory schedule of appels de fonds

The law sets maximum ceilings for each construction stage. The developer may ask for less, but never more. The typical schedule follows the progress of works:

On signing the reservation contract: a deposit, held in escrow by the notary.
On completion of the foundations: first major call for funds.
At the watertight stage (roof in place): another call for funds.
On completion of the works: the building is finished.
On delivery / handover of the keys: the balance, part of which may be held back in case of reservations.

The precise percentages for each stage are regulated and appear in your reservation contract. Our advisers will take you through the exact schedule for your scheme (to be checked against the official schedule for your project).

A practical example

Take Sophie, a first-time buyer, who reserves a new T3. On signing, she pays a deposit. A few months later, the foundations are poured: her bank releases the first tranche of her loan to meet the call for funds. Then, at each stage (watertight, completion), further calls arrive, up to the balance on handover of the keys. Sophie therefore draws on her financing only gradually.

How can you finance appels de fonds with a loan?

This is where the mechanism becomes strategic. When you finance your VEFA purchase with a mortgage, the bank makes staggered fund releases, timed to the developer's calls.

Interim interest

Between the first release and delivery, you are not yet repaying your loan in full: you pay interim interest (intérêts intercalaires), calculated only on the sums already released. As construction advances, the released portion grows, and so does this interest. Standard repayment (capital plus interest) generally begins after delivery.

Buyers often underestimate this point, so it is important to build it into your financing plan. Your debt ratio must remain under control, the reference rule being debt capped at 35 % of your income (to be checked against your profile and current bank conditions).

PTZ and VEFA

If you are a first-time buyer, the interest-free loan (Prêt à Taux Zéro, PTZ) may fund part of your new-build purchase, subject to income conditions and your geographic zone. Ceilings and proportions vary and must be checked case by case (to be verified against the PTZ 2026 schedule). The PTZ then works alongside your main loan within the release schedule.

The guarantees that protect the buyer

Paying before construction is finished can be worrying. Rest assured: VEFA offers strong guarantees.

The financial completion guarantee (garantie financière d'achèvement, GFA)

This is the main protection. It guarantees that, even if the developer defaults, a financial institution will step in to complete the construction. You therefore do not lose your investment.

The warranty of proper completion, the two-year and ten-year warranties

After delivery, you benefit from warranties covering defects identified: the warranty of proper completion (1 year), the two-year warranty (2 years, equipment) and the ten-year warranty (10 years, structural work).

Retention of funds in the event of reservations

On delivery, if you identify defects (reservations), you may withhold part of the balance until they are lifted. An additional safeguard that encourages the developer to deliver a compliant property.

The advantages of new-build beyond staged payments

Beyond the comfort of staged payments, new-build offers other benefits:

Reduced notary fees: for new-build, they are considerably lower than for resale properties (to be checked: of the order of 2 to 3 % according to the scale in force).
Recent energy standards: better thermal performance, controlled running costs.
Scope for personalisation: choice of finishes depending on progress.
Investment schemes: depending on your project (main residence or rental), several frameworks exist. Please note: no scheme is "automatic" or "guaranteed", and each situation deserves a personalised assessment.

Preparing your project VEFA well

To approach your staged payments with confidence:

Plan your cash flow: check the availability of funds at each stage.
Negotiate your financing: compare drawdown conditions and interest during construction (current credit rates are to be checked with your bank).
Read your reservation contract carefully: it contains the precise payment schedule.
Seek support: a neutral adviser can help you secure each stage.

Take action with JL HOME

Every VEFA project is unique: payment schedule, financing, area, profile… Our experts JL HOME explain each staged payment and build a financing plan suited to your situation, in 2026.

👉 Book an appointment with an adviser JL HOME or simulate your project free of charge to see your payment schedule and borrowing capacity clearly.

Frequently asked questions

Can you refuse to pay a call for funds in a VEFA?

You must honour calls that match the actual progress of the works and the payment schedule in your contract. However, if a call does not correspond to the construction stage reached, you can dispute it. On handover, part of the balance may be held in escrow if there are reservations.

What is interim interest?

This is interest paid on sums progressively released by the bank before handover. It builds up as the works progress, until the standard repayment of your loan begins. The amount depends on credit rates, which should be checked with your bank.

Can the PTZ finance a VEFA?

Yes, the Prêt à Taux Zéro can fund part of a new-build purchase under a VEFA for first-time buyers, subject to income conditions and depending on the area. The 2026 ceilings and percentages should be checked with a JL HOME adviser.

What happens if the developer goes bankrupt?

The completion guarantee (GFA) protects the buyer: a financial institution steps in to complete the construction. You do not lose the sums already paid.

What are the percentages for calls for funds in a VEFA?

Under Article R261-14 of the Code de la construction et de l'habitation, VEFA calls for funds are capped at 35% of the price on completion of the foundations, 70% when the building is watertight, 95% on completion of the works, and the 5% balance on handover. The developer may ask for less, but never more than these caps.

What is the amount of the reservation deposit in a VEFA?

The deposit paid on signing the reservation agreement is capped at 5% of the price if handover takes place within one year, at 2% if within two years, and at 0% beyond two years. This sum is held in escrow by the notary or in a dedicated account.

How does payment work when buying in a VEFA?

In a VEFA, the buyer pays progressively as the works advance, through calls for funds. Rather than paying the full amount to the notary, the buyer makes staged payments at each key stage (foundations, watertight stage, completion, handover), which ensures they only fund what has actually been built.

What is interim interest in a VEFA?

Interim interest is interest paid on sums progressively released by the bank before the home is handed over. It builds up with each call for funds until the standard repayment of the mortgage begins, and its amount depends on the credit rate.

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