Social Institute loans and mortgages news ex Government Agency 2018
In addition to taking care of its members’ pensions, Government Agency provides loans and mortgages at special conditions in favor of public employees and pensioners. Products that despite the deletion of the institution are still active and are managed by Social Institute, which recently changed its conditions. Let’s see all the details of the Government Agency loan and loan offer, new rates and amounts that can be financed.
The first thing to say when analyzing the Government Agency loan and mortgage offer is that these products are disbursed through a special credit fund set up at Social Institute. We are talking about the Unitary Management of credit and social benefits. Management to which public employees and pensioners who wish to obtain Government Agency loans at subsidized rates must compulsorily be enrolled. Without this premise, let’s go into the detail of mortgage and loan Government Agency new rates and amounts 2018.
Conditions of small Government Agency loans
Social Institute ex Government Agency loans are divided into two product categories: small loans and multi-year loans. The former fall into the family of personal loans and make it possible to obtain small sums with which to cope with family-type needs.
The amount that can be financed is defined on the basis of the applicant’s income and the duration of the loan. Small loans can in fact last 12, 24, 36 or 48 months. For each year of amortization it is possible to receive an amount equal to a net monthly salary or pension received by the applicant. For example, a civil servant can obtain a sum equal to two months of his salary to be repaid in 24 months.
Those who have no other salary or pension deductions in progress can also apply for small double monthly loans. Situation in which the sum that can be financed is equal to two months’ salary or pension for each year of duration of the loan.
Regardless of the repayment term and the amount granted, the small loans have an interest rate (Tan) of 4.25%. The installments are monthly and are deducted directly from the beneficiary’s paycheck or pension.
Amounts and rates for multi-year Government Agency loans
Instead, the issue for multi-year loans is different. In this case, we are talking about loans granted by the Social Institute ex Government Agency Management to facilitate public employees and retirees who face significant costs.
Given their nature, long-term loans are granted only for documented personal or family needs. In order to access credit, the purpose of the loan must also be one of those covered by Social Institute.
The amount that can be financed varies according to the reason for which the loan is requested and can even exceed 100 thousand USD. The repayment can take place in 5 or 10 years, depending on the purpose of the loan. The rate is always fixed at 3.5%.
Mortgage loans Government Agency 2018
We continue our analysis of the mortgage and loan offer Government Agency new rates talking about the Social Institute mortgage loans ex Government Agency. They are products granted for the purchase of the first house or for renovations of the same.
The sum that can be financed cannot exceed 300 thousand USD while for the repayment plan we have terms ranging from 10 to 30 years. the applicant can also choose whether to take out a fixed or variable rate loan.
For variable rate mortgages, the Tan is defined on the basis of the 6-month installment value, increased by a spread of 2%. Those who take out a fixed rate mortgage will instead be charged an interest defined with the loan to value system.
This on the basis of what was established with presidential resolution no. 89 of 25 May 2017. Determination with which Social Institute made the adjustment to the loan to value method for the Tan applied to fixed rate mortgages.
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