Government Agency Restructuring Loans: Fixed Rate at 2.95%
When planning the renovation of the house it is necessary to take into account the need for expensive expenses. For this reason it is useful to analyze the characteristics of Government Agency loans for restructuring.
Government Agency first home renovation loans: here’s who can apply for them
Government Agency loans for restructuring are economic benefits that can be classified as mortgage loans. For access, certain requirements must be met, the most important of which is registration in the Unitary Management of credit and social benefits. The member can be both a worker in service and a retired person. In the first case, the ownership of an indefinite-term employment contract is binding, while in the second case, an enrollment period of not less than 1 year is sufficient.
Government Agency mortgage restructuring: how much can you ask for?
When inquiring about Government Agency restructuring loans, it is necessary to consider the funding limit. How much does it correspond? At $ 150,000 and, in any case, at a figure never exceeding 40% of the property’s value.
The Social Institute ex Government Agency mortgage loan for renovation can be requested for ordinary or extraordinary renovation works on the single main home of the member (it can also be a real estate unit jointly owned by the member registered to the management and the non-registered spouse).
Mortgage rate restructuring Government Agency: here’s what to know
What to know about Government Agency rate restructuring loans ? That you can choose from the following options:
- Fixed rate of 2.95% (until 1 July 2015 the value in question was equal to 3.75%).
- Variable rate to be calculated on the basis of the 6-month reference rate bank increased by 200 basis points and calculated over a period of 360 days (the rate is recorded as at 30 June or 31 December of the previous semester and is to be parameterized on the basis of the residual debt on that date).
How to apply for the Government Agency mortgage for restructuring?
At this point it is useful to understand how to apply for Government Agency loans for restructuring. After checking compliance with the requirements, it is possible to submit the application directly online from 1st to 10th January, from 1st to 10th May and from 1st to 10th September of each calendar year.
The member intending to access this type of Social Institute ex Government Agency mortgage loan must take care to attach all the required documents, without forgetting the declaration of notary deed completed in its entirety.
This point is fundamental, since incomplete applications, even if they come from subjects with all requirements, are rejected. Once the complete application has been sent, it is essential to remember that all applications with the entire documentation attached are taken into consideration and accepted on the basis of the financial availability of the competent Regional Management.
What happens if the funds are not enough? That the Authority draws up a ranking, considering the applicant’s income and the composition of the family as the main criteria.