Government Agency loan for mortgage loan repayment

Government Agency loan for mortgage loan repayment

Taking out a mortgage involves a significant economic commitment, which continues over time for over 20 years. This is why it is common for those who have a mortgage in progress to pay it off, to face any unexpected expenses with greater serenity. Situation in which the Social Institute loan for mortgage can be particularly advantageous.

It is in fact a loan that allows you to partially or totally pay off the loan in progress. The loan is granted both for the repayment of a mortgage signed by the applicant and by the spouse of the same.

Likewise, there are no restrictions on the purpose for which the mortgage was requested. The Social Institute loan for a mortgage in progress allows you to pay off the loan, regardless of the reason why it was granted.

And what about the repayment plan? The loan granted for the repayment of the loan must be repaid in monthly installments of a constant amount, which are deducted directly from the payee or monthly pension of the beneficiary. The repayment extends for 10 years.

The interest rate is fixed at 3.5%. A rate of 0.5% for administration costs also applies to the gross amount of the loan. Also expected to pay a premium for the Social Institute Guarantee Fund.

Who can get funding

Who can get funding

Now that we have seen what the general conditions of the loan are, let’s move on to the question of credit access requirements. Funding can only be obtained by public workers and pensioners who are registered in the Social Institute management ex Government Agency.

Not only. for access to credit, the applicant must also be registered in the Unitary Management of credit and social benefits (Social Institute credit fund). A length of service useful for retirement purposes of at least 4 years is also required. Also required 4 years of contributions paid to the aforementioned Unitary Management. The permanent contract is essential for employees.