Your first home is one of the most important investments for Italian families. The problem is not only choosing the right home but also the financing that best suits your needs and repayment ability. In spite of other categories of workers, employees and public pensioners they can count on a particular loan at subsidized rates. Here’s how it works and what the Government Agency 2017 mortgage offers.
What is the Government Agency mortgage: offer and categories of beneficiaries
The Government Agency 2017 mortgage is actually a loan presented by Social Institute. The latter replaced the Government Agency following its abolition and therefore takes on the credit activities of public employees and pensioners.
The beneficiaries of the Government Agency loan are made up of employees and pensioners enrolled in the unitary autonomous management of credit and social benefits. Workers must be able to count on a permanent contract. As part of the requirements, we also find a seniority of registration of at least one year.
Government Agency Social Institute mortgage: up to 300 thousand USD for the first home
The Government Agency 2017 loan has various purposes, in relation to which the maximum amount of the loan is established. The higher figure, that is 300 thousand USD, can be obtained for the purchase or construction of the first house. The house must not be a luxury house from the point of view of the cadastral categories.
Another interesting purpose is represented by the maintenance and renovation of the main house. In the list of admitted interventions we also note the adaptation, expansion and transformation works.
The maximum sum corresponds to 150 thousand USD. In any case, the figure cannot exceed 40% of the value of the home. The Government Agency 2017 loan can also be obtained for the purchase or construction of a garage or parking space. This must be relevant to the main house. The maximum amount is equal to 75 thousand USD.
Social Institute mortgages for employees and pensioners: rate and duration
As far as the request process is concerned, there are specific methods. The dispatch must take place electronically within certain periods of the year, i.e. the first ten days of January, May or September.
From the rate point of view we have two formulas. With the fixed rate, 2.95% is applied, while the variable rate is equal to the 6-month Euribor increased by 200 basis points.
The repayment plan provides for the French calculation. A repayment characterized by deferred half-yearly installments. As regards duration, we have several options: 10, 15, 20, 25 or 30 years. If the applicant is over 65, the maximum duration is 15 years.
First home purchase: the exchange rate option
An important advantage presented by the Government Agency 2017 mortgage is the possibility of changing the type of rate. The borrower can, for only once and after the first two years of repayment, decide to change the type of rate by switching from fixed to variable and vice versa