Up To 150 Thousand USD With Social Institute Loans For First Home Purchase
Social Institute loans ex Government Agency 2017
For years, Government Agency has been providing loans at subsidized interest rates for employees and pensioners of the public administration, loans that have passed the responsibility of Social Institute with the deletion of the institution. Among the subsidized loans ex Government Agency we find the Social Institute loans for first home purchase. But let’s see in detail what it is.
Social Institute first home loans fall into the category of multi-year loans. Credit lines at a subsidized rate granted only in the face of documented needs falling within the cases envisaged by the Government Agency Loan Regulation.
Who can get them
Multi-year loans, and consequently Social Institute loans for home purchase, can apply for all public employees and pensioners registered with a particular Social Institute credit fund : the unitary management of credit and social benefits.
However, in addition to the registration to obtain multi-year loans, it is also necessary to be able to boast a four-year contribution payment to the aforementioned Management and a length of service useful to the pension of not less than four years.
Refund amount and conditions
As regards the contractual conditions, the Social Institute loans for first home purchase have a ten-year duration and the repayment of the credit takes place through a monthly installment amortization plan. The maximum amount that can be financed is 150 thousand USD while the interest rate applied is 3.5%.
In addition to the tan, a portion of the administration costs of 0.5% and one for the payment of the Social Institute risk fund premium, defined according to the duration of the loan and the age of the applicant, also apply to the gross amount of the loan.
Government Agency financing for home child purchase
Social Institute loans for first home purchase are granted both for the purchase of the home of the Social Institute ex Government Agency member and for the purchase of a house destined to become the residence of an adult child. However, this option is only available on condition that it wishes to establish a family unit separate from that of the parents.
How to submit the application
How to apply for an Social Institute loan for home purchase? The application for funding must be drawn up on the appropriate application form, available in PDF format on the official Social Institute website.
To reach and download the form, in PDF format, simply connect to the official Social Institute website and follow the path: “Home – Services and Services – All modules – Public Employee Management – Registered / Retired – Credit and social benefits”.
The actual sending of the request must take place electronically. Public service employees must contact the Administration where they are hired, while an online service is available for pensioners.
The documents to be attached
The following documents are then attached to the form:
- a certified copy of the notarial deed of sale of the house;
- a self-certification that the house in question is the only one in possession of the family unit of which the Social Institute member belongs;
- a self-certification of the family status.
In the event that the house is intended as a child of the applicant, in addition to the aforementioned documentation, it will also be necessary to present a self-certification in which the relationship of relationship between the applicant and the son is certified. However, this declaration is only necessary if the child is not in the applicant ‘s family status.
Social Institute home renovation loan
We also remind you that employees and pensioners belonging to the unitary management of Social Institute’s credit and social benefits can also obtain multi-year loans for the renovation of their home.
The maximum amount that can be financed is 100 thousand USD, to be repaid with an amortization plan that extends for 10 years. The interest rate is fixed at 3.5% and the installments have a constant amount.
When funding can be obtained
As for the requirements, the home renovation loans have the same requirements as for the multi-year loans. It is therefore necessary to be enrolled in the unitary management of credit and social benefits, as well as to have at least 4 years of service seniority and 4 years of contributory payment to the aforementioned management.
What interventions can be financed? By resorting to multi-year loans for renovation it is possible to finance interventions of: building renovation, restoration and conservative restoration and extraordinary maintenance of the home (or bare property). In any case, the loan amount cannot exceed the budgeted expenses.
Form and documentation
Also in this case the application form is available on the official Social Institute website, following the path indicated above. The following documentation must be attached to the application.
- A document showing the ownership of the house ;
- a declaration by the works manager stating that the works are in progress;
- an estimate metric calculation issued on headed paper by a construction company or by a member of the professional register;
- work start report (DIA), certified start of activity report (SCIA) or building permit, only if requested;
- documentation certifying that the house is the only one owned by the applicant;
- a self-certification of the family status.
Once confirmation has been obtained from the relevant Provincial or Territorial Office that funding can be obtained, the applicant must also send the certified copy of the invoices relating to the costs incurred for works or materials. Invoices that must certify an expenditure equal to at least 10% of the total budgeted expenditure.