News Government Agency mortgages loan public employees 2019
The purchase of the first home is a very important and delicate intervention, from the point of view of the economic consequences, and provides, in many cases, for the signing of a loan. Government Agency public sector mortgages represent a crucial line of credit to buy, build or renovate the main house. But how do they work and what do they offer? Find out now.
Government Agency first home mortgage 2019: what it is
The working condition is one of the most determining aspects for obtaining a loan. Economic stability and in general the income profile often depend on the job.
Public employees can count on credit lines, issued by Social Institute, tailored to their needs. It is among these that we find Government Agency public sector mortgages.
How does this product work? It is a loan that provides for three types of uses, all three linked if not focused on the first home. For example, we have the purchase or construction of the first house, which cannot be luxury compared to the cadastral categories. In this case the maximum amount that can be received is equal to 300 thousand USD.
The second type of use is instead represented by works to always be performed on the first house. The regulation provides for various uses, in particular we note the restructuring, expansion, maintenance, adaptation and transformation.
The limit in terms of amount corresponds to 40% of the value of the home, although the figure in question cannot in any case exceed the threshold amount of 150 thousand USD.
The third job is then the construction or purchase of a parking space. Alternatively, a car garage may be subject to financing. However, they must be relevant to the first house, no more than 500 meters away.
The maximum figure is the lowest of all, that is 75 thousand USD.
Fixed and variable Government Agency 2019 mortgage rate
Another crucial factor in understanding the essential characteristics of Government Agency public sector mortgages is duration. The repayment is spread over a period ranging from 10 to 30 years.
However, not all applicants can count on such an extensive repayment plan. Beneficiaries who are at least 65 years old must consider a maximum duration corresponding to 15 years.
Public and retired employees
Who can apply for Government Agency public sector mortgages? Employees with a permanent contract and pensioners enrolled in the Unified Management of Credit and Social Benefits enjoy this possibility of financing.
How to apply for funding? The application must be sent in some periods of the year, the first ten days of January, May or September.
The request must be sent using the online services of the Social Institute website, Social Institute
On this page you will find information for calculating the Government Agency mortgage.