Subsidized loans for the purchase of a child’s home for public employees and pensioners
Buying a house is one of the reasons why Italians are more willing to go into debt. However, with the economic crisis, few young people manage to get a loan or mortgage for the purchase of their first home. Public employees and pensioners, however, can help their children by applying for Government Agency loans for the purchase of their first child home.
These are loans at subsidized interest rates dedicated to public employees and pensioners. Government Agency loans are divided into small loans and multi-year loans. The latter are the object of our study, multi-year loans are in fact designed to meet the needs of those who face significant costs.
In this regard, reference is made to the Social Institute Loan Regulation. The Regulation contains the legislation relating to the granting of Government Agency loans, establishing both the credit access requirements and those for the repayment of the loan.
Among the purposes for which it is possible to apply for a multi-year loan we mention the purchase of the home. Home that can be used as the residence of the applicant or the child.
The requirements to be met
When speaking of Government Agency loans for first child home purchase, the owner of the purchase must be the adult child of the applicant public employee or pensioner. It is a necessary condition for access to credit that the aforementioned child wishes to form an independent family unit with respect to that of the parents.
In any case, the public employee or pensioner who submits the loan application must be registered with a special Social Institute credit fund, the Unitary Management of credit and social benefits.
Government Agency 2018 loan installments, rate and calculation
As regards the amount that can be financed, the Government Agency loans for the purchase of the first child home allow you to obtain sums up to a maximum of $ 150 thousand. Money that must be repaid with a 10-year amortization plan.
The amortization installments are monthly. The maximum amount of the installment is set at the fifth part of the monthly salary or pension received by the applicant.
The interest rate is always fixed at 3.5%. A rate of 0.5% for administration costs applies to the gross amount of the loan. Also expected to pay a premium for the Social Institute Risk Fund.
The loan application must be submitted electronically. Application forms are available on the Social Institute website. On the same portal we find the Government Agency loan simulation service, a web application that allows you to calculate the loan installment directly online.