The first home loan is an investment of great importance, which must be made with the utmost attention. Social Institute first home mortgages is a very good option for those looking for an advantageous plan for the purchase of the first home.
Social Institute ex Government Agencyfirst home loans: who are they reserved for?
To whom are Social Institutefirst home loans reserved? These mortgage loans can be requested by members of the Unified Management of Credit and Social Benefits – both workers and pensioners – willing to buy the house for themselves or for a close family member.
Social Institutefirst home loans: funding limits
As for Social Institutefirst home loans, financing limits, it is necessary to remember that you cannot ask for more than $ 300,000, which can be integrated with an additional $ 6,000 aimed at covering non-compulsory insurance costs.
The Social Institute ex Government Agencymortgage loans are also aimed at the renovation of an existing property or the construction of a garage or parking space to be considered as belonging to the main house and to be built at least 500 meters from it.
Finally, we remind you that the first home purchase rule has specific exceptions, consisting of the case of properties assigned to separated spouses, members who purchase a house to form an independent family unit with respect to the parent family, from houses purchased and located at least 150 km from any other owned properties.
Social Institute first home purchase mortgage: what to know about rates
Social Institutefirst home mortgage rates have been affected by changes in the past few months. Here are the rules to refer to:
- Fixed rate : equal to 2.95% (modified on 1st July 2015, as before that date it was 3.75).
- Variable rate : value to be obtained on the basis of the 6-month installment increased by 200 basis points and calculated over a period of 360 days.
Social Institute first home mortgage: how to apply
At this point we can give some information on how to apply for access to Social Institutefirst home mortgages. The request must be sent exclusively electronically, taking care to attach all the required documents, under penalty of exclusion of the file even if all the requirements are met.
Applications for access to Social Instituteex Government Agencymortgages – whatever the purpose – must be sent from 1st to 10th January, from 1st to 10th May and from 1st to 10th September of each calendar year.
The requests that meet the requirements and complete with all the necessary documentation are examined and accepted on the basis of the availability of the competent Regional Management.
If the funds are not sufficient to accommodate all the applications, the Authority will draw up a ranking, considering the beneficiary’s income and the composition of the family as the main criteria. The ranking in question is made public on the official Social Institutewebsite.