Who has never wanted to buy a house? This is an important choice because it usually coincides with the stipulation of a loan. The question is therefore: which mortgage to choose? Today we will find out why subscribe to the Government Agency mortgage loan proposal. Here’s what they offer.
Public employee management: the beneficiaries involved
Government Agency mortgages are products intended for the main home, from purchase to construction through renovation. Who can get them?
These are credit lines that are aimed at members of the Public Employee Management. Specifically, the request can be submitted by employees and pensioners registered in the unitary autonomous management of credit and social benefits.
Workers must be hired indefinitely. Among the requirements we find a seniority of registration corresponding to at least one year.
Government Agency mortgage: for what purposes it can be requested
We come to another aspect to center them for the borrower: the sums granted by the Social Institute (body that replaced the Government Agency pursued to its suppression). There are three categories of intended purposes.
The highest figure is 300 thousand USD and this can be obtained for the purchase or construction of the first house, which cannot be included in the cadastral categories that define luxury homes. The house must also be the residence of the beneficiary of the financing and his family.
The second scenario that we are going to deal with concerns the interventions to be performed on the main house. There are many works covered by the Social Institute regulation, including maintenance, restructuring and transformation.
The maximum amount is equal to 40% of the value of the house, we must however point out that in absolute value the sum cannot be greater than 150 thousand USD.
The third possibility envisaged by Social Institute is represented by the purchase of the garage ( parking space is also allowed). The pension institution does not allow to obtain amounts exceeding 75 thousand USD.
Social Institute Government Agency mortgages, how to apply
Those interested in Government Agency mortgage loans must therefore consider the question of the application procedures. How to get funding?
The request must be sent in respect of particular periods of the year. Which? The first ten days of January, May or September. This submission must be made using the functionalities of the official Social Institute website (Social Institute.it).
The user must have the PIN and attach various documents to the request.
First home: Social Institute ex Government Agency mortgages rates
And what about the interest rate? Those who choose Government Agency mortgage loans have two solutions available. 2.95% is applied with the fixed rate, while those who choose a variable rate product will face the 6-month installment increased by 200 basis points.
The repayment process varies from 10 to 30 years, with half-yearly installments. If the borrower has turned 65, the duration cannot exceed 15 years.