The activation of a mortgage determines the constitution of an economic commitment that will unfold in the space of tens of years. The study of the repayment plan is consequently an activity that must be carried out scrupulously. As for the financing for the first home ex Government Agency there is a tool that allows online simulation: Government Agency mortgages first home installment calculation, how to perform it on the Social Institute portal.

Calculating mortgages online: what to do for the simulation

The simulation of the loan repayment plan pursuant to Government Agency is produced by using the features of the website of the National Social Security Institute.

The URL of the site is www.Social Institute.it, the page where the calculation system has been implemented is called ” All services “. The related link has been inserted in the portal home.

The service to which the user must refer is ” Public employee management: mortgage loan amortization plan simulation “. This is the central tool for our in-depth analysis of Government Agency mortgages before home installment calculation.

The simulation is elaborated on the basis of the data communicated by the user of the site. It is therefore up to the user to define the interest rate (fixed or variable), the value of the home, the economic entity of the loan he wants to request, the duration, etc.

Unlike many other Social Institute online features, the simulation does not require a login. Social Institute members who do not have a PIN can therefore calculate the loan.

First Social Institute home loan for civil servants: the contractual characteristics

Not all Social Institute members can receive the former Government Agency mortgage. It is in fact a reserved proposal for those enrolled in the unitary management of credit and social benefits.

Employees with a permanent employment contract are involved as well as pensioners. The loan allows those who meet the requisites to receive high amounts: 300 thousand USD can be reached. In terms of duration, there are several variations: the minimum time interval is 10 years, but it can extend up to 30 years. The other relevant aspect corresponds to the interest rate.

The beneficiaries of the former Government Agency loan will have a fixed rate amortization plan, defined with respect to the LTV system, or variable (6-month Euribor plus 200 points). The request will be sent via the Web (using the Social Institute online service Mortgage Loans Questions ). There are specific periods within which the request can be made: the first ten days of January, May or September.

It is a very bitter reality: as long as you are in an employment relationship or at least have regular income, your own life is secured from an economic point of view within the conditions created by the income. This security means that purchases and, at best, larger investments – necessary or not – can be made. If the financial resources are insufficient in such a case, thanks to a regular income, financing with the help of a loan is also available.

If such a loan is then taken out, this usually means entering into a financial obligation to the lending bank over a longer period of time. So basically no problem, since the income is available for repayment. But what if, due to unexpected unemployment, this financial security dissolves into “noise and smoke”? What happens to the still existing installment obligations from the current loan? What is the legal situation in such a case and what can a borrower do in such a situation?

Loans must be repaid – even if you are unemployed

The fact is that everything that has to do with the credit system in any form in Germany is legally founded and regulated. In principle, this means that as a borrower you are obliged to repay a loan. The only exception here is if it can be demonstrated that certain clauses in the credit agreement are immoral and / or the interest rate corresponds to the legal definition of the usury. So if sudden unemployment makes it impossible to pay the monthly loan installments, good advice is expensive at first. Nevertheless, as a borrower, there are definitely opportunities to act in such a situation. Here are a few behavior tips in such a case:

• If it is clear that unemployment is likely to result in a loss of credit rates, the bank should and must be informed immediately. This is the only way to maintain the relationship of trust and to prevent an impending dunning procedure. This strengthens your own position for appropriate solutions to the situation
• If it is foreseeable that the unemployment rate is only temporary, the deferral of the loan installments is available as a solution for a predictable period. If the bank can be shown such a new source of income on the basis of appropriate documents such as a new employment contract, the bank will generally be open to a temporary deferral.
• If, on the other hand, longer unemployment is expected, debt restructuring should be negotiated with the bank. Their goal must be to adjust the monthly loan installment to the new financial situation. In practice, this means a significantly reduced monthly loan rate and the resulting extended loan term. However, even with such a debt rescheduling, the possibility of special repayments and early redemption of the loan should be agreed. A must especially for very long-term loans!
• In order to prevent such a situation from occurring in the first place, there is of course also the option of securing the loan against unemployment by taking out residual debt insurance. However, you should carefully inform yourself about the conditions of such insurance before you conclude the loan. Because here the costs fluctuate considerably and make the basically cheap loan considerably more expensive!

Impending loan default? Banks show willingness to talk

The basic rule is: in any case, the bank will always have a high interest in ensuring that the loan is properly repaid. If this is not the case, the bank would otherwise run the risk of default. A situation that banks generally shy away from. In such a situation, the bank advisors are therefore always required to signal a willingness to talk. Use this to your advantage!

Mini loan offers and profit? Does that go together?

Usually the idea of ​​profit is that with a small stake you get the greatest possible profit. This is the common definition of the term “profit”. This term is undoubtedly the most common in the financial world. You invest cheaply in stocks, mutual funds and bet that you will make profits. If you have these profits paid out, you have made a profit. But professional gamers also like to use the term.

The system to achieve profit is the same: invest little, get a lot. Only the medium is different. Professional gamblers “gamble” with their stakes in games such as poker, blackjack, roulette etc. But in whatever way, the intention always remains the same: benefit from a small stake on a large scale. But not only professional gamers or investment specialists can do that. Basically everyone can do that first. How? With the use of mini loan offers in the market. Sounds absurd?

How to benefit from a mini loan

Admittedly, it sounds contradictory: benefit from a loan as a borrower? After all, you are in debt and not profit! Right, but it depends on the point of view. It is therefore possible to “benefit” indirectly from a mini loan. The profit results from the savings achieved compared to another type of loan. In plain language: Any profit is due to the comfortable framework conditions of a mini loan.

This is how mini loan offers work

Anyone who has ever used a loan in their life is familiar with the current loan model. Basically, it can also be transferred one to one to the mini loan. Only that everything takes place on a smaller scale, which results in possible, more appropriate credit terms:

• The loan amount is lower and therefore closer to actual needs
• The loan term is shorter, which means shorter debt times
• Thanks to the short loan term, lower interest charges
• Fixed credit rules compared to an overdraft facility

Customers who apply for a mini loan can also benefit from some advantages that higher-sum loans or other loan models do not offer or only offer to a limited extent:

• The application is made online. This means that appointments with the bank advisor at unfavorable times of the day are eliminated.
• Mini loan offers can be tailored to the acute need for money. This means that the loan amount is not inflated, which protects against unnecessary additional burdens. And before spending too much borrowed money.
• The overview of the debts from the loan is guaranteed thanks to a fixed repayment date. This means that there is no risk of over-indebtedness or unorganized & uncontrolled deleveraging, such as with an overdraft facility.
• Loan approval is also possible with low incomes. This means that even those who are financially a little weaker have the chance to treat themselves to a smaller purchase, to save Christmas or to pay the plumber for their work on the holiday.

Why do you hear so much negative about mini loan offers?

Again and again there are of course black sheep mingling with all the reputable providers who want to get their piece of the cake from the mini loan offers. Unfortunately, all too often they find willing, good-faith victims on the Internet. Of course, the cheated customers take their breath away. The media are only too happy to take up this mood and make “blanket judgments” about an industry in which there are also good mini credit providers.

It is therefore all the more important to find those mini loan providers and thus select a reputable loan service. Reliable and honest mini credit providers usually recognize those interested quickly based on their transparency and external presentation. For this, the Internet is at least as good a tool as for trickery and attempted fraud.

If all information about the company and the loan offer can be found on the homepage in a clearly understandable manner with just a few clicks, this indicates a transparent business conduct. If this is underlined by testable seals, awards etc., most of the doubts should actually be pushed aside.

So if you inform yourself well about your loan service for a mini loan, you will be spared unsightly surprises and need not be bothered by negative (often subjective!) Reporting on mini loans.