How to face expenses with Social Institute and Government Agency 2017 loans at a subsidized rateUncategorized
All subsidized loans dedicated to public employees and retirees
Social Institute loans and Government Agency 2017 are lines of credit designed to meet the most diverse needs, from liquidity to deal with daily unexpected events to the purchase of a first home. The common factor of these products is the convenience, the rates are competitive and the conditions capable of adapting to the needs of the applicants. So let’s see in detail how the offer is made up.
The small loan
The former Government Agency products are managed by Social Institute, because this social security institution has replaced the Government Agency, which was canceled due to a reduction in public spending. The first loan we want to consider is the small Social Institute loan ex Government Agency. This is a line of credit addressed to members belonging to the unitary management of credit and social benefits.
The sums granted are not to be related to a specific purpose. The applicant must not submit any expenditure documentation or provide reasons for the application.
The amount of funding varies according to the salary or pension received by the applicant, net of taxes. It starts from a minimum of one month to a maximum of eight. The repayment process, however, starts from 12 months but can reach 48 months.
An interest rate of 4.25% is applied to the sum. To this must be added administration costs and the Risk Fund premium. The administration costs are equal to 0.50% of the gross amount of the loan while the amount of the premium for the Social Institute Risk Fund varies according to the age of the applicant and the duration of the amortization plan.
Those who wish to know all the rates envisaged for the Risk Fund can consult the Social Institute Loans Handbook , available on the official Social Institute website.
How to apply for the loan
The application procedures vary according to the person submitting the application. Employees must apply (using the form available on the Social Institute) through the reference administration, which will take care of sending the request to the social security institution.
If a pensioner, on the other hand, requests the loan, it must be sent electronically, using the special service for submitting the online application active on the official Social Institute portal ( Social Institute.it) or by contacting the Contact center ( toll-free number 803 164 from the landline, 06 164 164 for a fee for calls from mobile phones).
Direct multi-year loans are also part of the Social Institute loan offer ex Government Agency 2017. These are loans to refer to in the event of more important economic needs.
While small loans are personal loans, multi-year loans belong to the category of targeted loans, that is, they are granted exclusively to meet the specific personal or family needs of the member.
In this regard, the applicant must provide documentation certifying the expenses incurred and these must be consistent with the Social Institute regulation. In the event that the purpose of the loan does not fall within those contemplated by the Social Institute Loan Regulations, it is not possible to access the credit.
Repayment and interest rate
The multi-year loan is a product based on the assignment of the fifth. This means that the installment does not exceed 1/5 of the net monthly allowance. The beneficiaries are always employees and retirees belonging to the unitary management of credit and social benefits.
The repayment plan is five-year or ten-year (60 or 120 monthly installments). As regards the interest rate applied to multi-year Social Institute loans and Government Agency 2017, 3.50% is applied, administrative charges and the risk provision premium must also be considered, which follow the same indications as for small loans.
Subsidized loans for home purchase and renovation
After reviewing the Social Institute loans and Government Agency 2017, the last loan to consider is the first Social Institute home purchase mortgage. The admitted purposes are actually different and are divided into three categories:
- purchase or construction of the first house;
- renovation, maintenance, expansion, or transformation of the first house;
- purchase or construction of garage or parking space.
The maximum amount that can be financed varies according to the purpose of the loan, but in any case it is not possible to exceed the 300 thousand euro threshold. As regards the rate, the beneficiary has the choice between a fixed Tan at 2.95%, or a variable rate equal to the 6-month payment plus 200 basis points.