Government Agency mortgages for civil servants 2016: requirements
With Government Agency loans for civil servants in 2016 you can buy a house, renovate or buy a garage. All at discounted conditions and with repayment periods that can reach 30 years. Here’s how to get the liquidity you need quickly. philadelphiamodifiers.com for further clarification
The first issue relating to Government Agency mortgages for civil servants, which poses an important skimming, is the access to credit requirements. The beneficiaries must have been registered, for at least one year, in the unitary management of credit and social benefits. They can be both employees and retirees, the former must also have a permanent contract.
Government Agency mortgages for civil servants: mortgage purposes
On the other hand, with regard to the amounts, there are significant variations in relation to the purposes considered:
- if the employee intends to buy or build the first house (which cannot be a luxury home) a maximum sum corresponding to 300 thousand USD may be granted;
- in the event of maintenance, adaptation, transformation or renovation, workers or retirees have the right to obtain liquidity up to 40% of the value of the home. However, the maximum limit of 150 thousand USD must be respected;
- by choosing the purchase or construction of a garage or parking space, you can receive up to 75 $. It must also be considered that the garage or parking space must belong to the main house owned by the member (maximum distance 500 meters).
As part of the new Government Agency mortgages for civil servants 2016, we find the opportunity to switch from one type of rate to another: from fixed to variable rate or vice versa. The borrower can only use this possibility once during the entire repayment plan, after having repaid the loan for at least two years.
Mortgage rates Government Agency 2016
So let’s get into the interest rate. The borrower has two options:
- with the fixed rate mortgage the beneficiary will pay a rate of 2.95%;
- instead taking advantage of the opportunities of the variable rate, a 6-month installment rate will be applied, calculated over 360 days, increased by 200 points.
The repayment period is quite elastic, starting from a minimum of 10 years up to a maximum of 30 years. Maximum bond that is reduced to 15 years if the borrower has reached 65 years.
The loan request must be sent within specific periods of the year : from 1st to 10th January, from 1st to 10th May and from 1st to 10th September. The user must use the online services of the Social Institute portal. The possession of the PIN and the tax code is essential. The first is provided by Social Institute only following the recognition of the user.
If you need more information on Government Agency mortgages, we recommend you visit the specialized portal mutuoGovernment Agency.org