Thanks to the Government Agency mortgage for first home renovation, it is possible to face numerous expenses related to various interventions on your main home. This is a loan for workers and employees enrolled in the autonomous unitary management of credit and social benefits.
First Government Agency first home loan
The worker must have a permanent contract. Not only. An enrollment length of at least one year is required.
Although it is an Government Agency mortgage for first home renovation, we are dealing with a loan granted by Social Institute. Government Agency no longer exists and its functions are now managed by the National Social Security Institute.
Government Agency mortgage for first home renovation: the works admitted
What are the interventions allowed? The Government Agency mortgage for first home renovation is a precious resource for those who intend to carry out renovation, maintenance, adaptation, expansion and transformation works.
The sums that can be requested reach 150 thousand USD, but the amount cannot exceed 40% of the value of the home.
However, we remind you that the Government Agency mortgage is still a loan that allows you to buy or build your first home. In this case, the social security institution offers a maximum amount of 300 thousand USD.
Among the purposes we also find the purchase or construction of a garage or parking space (pertaining to the main house, maximum distance 500 meters). The maximum amount granted is equal to 75 thousand USD.
Government Agency Social Institute mortgage: how to get it
What is the application procedure to be followed? The application must be sent to Social Institute at specific times of the year, it is the first ten days of January, May and September.
The submission must be produced electronically, using the online services of the Social Institute.it site. In order for the user to complete the procedure, he / she must have the PIN, personal code sent to the applicant by Social Institute.
Various documents will be attached to the application, the absence of which compromises the same validity as the request for access to credit.
Social Institute mortgages interest rates: fixed and variable
Is the Government Agency mortgage really convenient? To answer this question we must first evaluate interest rates. The fixed rate formula is expected to apply 2.95%. Those who prefer the floating rate will have to face the 6-month Best bank plus 200 basis points.
With regard to the reimbursement, we also note a French amortization plan, punctuated by deferred half-yearly installments. The installment is paid through precompiled MAVs, which can be downloaded from the Social Institute portal.
And for the duration? The applicant can choose between different solutions, starting from a minimum threshold of 10 to a maximum of 30 years. However, if the borrower is at least 65 years old, the duration cannot exceed 15 years.