Social Institute Government Agency mortgage conditions: 2019 amounts and rates
Thanks to their working and social security position, public employees and retirees have the opportunity to access credit on special terms. Among the various subsidized financing solutions provided by the Social Institute management ex Government Agency we mention mortgage loans. Loans that have undergone an Government Agency rate mortgage review in recent months.
In fact, we remind you that the Social Institute ex Government Agency mortgages are to be requested both in the fixed and variable rate versions. In both cases, these are products from which only public employees and pensioners registered in the Unitary Management of credit and social benefits can benefit. Fund through which subsidized loans are granted.
With this premise, let’s see what are the characteristics of the Government Agency mortgage updated interest rates.
Mortgage amounts and purposes Government Agency Social Institute
The first thing to clarify when talking about Government Agency Social Institute mortgages is that they can be requested both for the purchase of the house and for other purposes. The new Government Agency Mortgage Regulation, approved with Presidential Resolution no. 79 of 24 July 2015, provides three types of interventions for which funding can be requested.
- Purchase, completion and / or expansion of a non-luxury home on its own land or construction of its own destined to become the residence of the applicant and his family.
- Adaptation, maintenance (both ordinary and extraordinary), transformation, extension or renovation of the only house owned by the applicant.
- Own purchase or construction of a parking space or garage to be used as a property of the home, from which it must be no more than five hundred meters away.
Not only. Social Institute ex Government Agency mortgage loans can also be requested for the subrogation of an ongoing mortgage. Assumptions in which the rates applied do not vary with respect to those provided for the loans granted for the purchase of the house or one of the other purposes mentioned above.
In any case, the maximum amount that can be financed cannot exceed 300 thousand USD. The repayment has a minimum duration of 10 years and a maximum of 30.
Mortgage rates Government Agency 2019
Let’s see what the conditions of the Government Agency mortgage interest rates updated to 2019 are. The last change in the rates applied to Government Agency mortgages occurred with Presidential Resolution no. 89 of 25 May 2017.
Determination with which Social Institute arranged the adjustment of the interest rate applied to fixed rate mortgages with the loan to value (LTV) system. Method which provides for the definition of the interest rate on the basis of the ratio between the value of the loan and that of the property being financed. The table below contains all the rates provided for fixed rate mortgages.
Instead, the issue for variable rate mortgages is different. In this case, the aforementioned presidential mortgage determination Government Agency rates in May 2017 confirmed the application of a Tan defined on the basis of the installment value.
The rate of mortgages with variable interest is calculated based on the value of the 6-month installment, calculated over 360 days, and increased by a spread of 2.00%.