Mortgage Loan

The Advantages Of Government Agency Loan To Buy Home

Government Agency loan for home purchase 2018

Buying a home is an important step in the life of each of us and in most cases involves taking out a loan. Economic commitment that can last for many years and involve the repayment of high interest. A framework in which the Government Agency loan to buy a house represents an opportunity for savings.

It is in fact a loan granted by Social Institute to public employees and pensioners for the purchase of the home of their own residence or of their child. Unlike what happens with real estate mortgages, the Government Agency loan to buy a house does not require a mortgage. Therefore, the applicant will not have to face the related notary costs.

At the same time, the Government Agency loan to buy a house is also convenient compared to normal loans. This is because it allows you to get higher sums at a lower interest.

The loan provides for the granting of sums of up to $ 150 thousand. The repayment takes place in 10 years, through the transfer of the fifth. The interest rate is 3.5%.

The requirements to be respected

But who can get Government Agency loans for home purchase? The Government Agency loan for house purchase falls into the category of long-term loans formerly Government Agency. Access to credit is therefore reserved for those who are registered in the Unitary Management of credit and social benefits.

The applicant must also be in service with a permanent or retired employment contract. The presence of at least four years of service useful for pension purposes and at least four years of contributory payment to the Unitary Management are also required.

The owner of the purchase of the property can be the public employee or pensioner who submits the application or the adult child. In the latter case, however, the child must intend to form his own family unit independent from that of the parents.

As an Government Agency home purchase loan applicant

As regards the application for funding, it must be submitted online. Public employees submit the application to the administration they belong to. For pensioners, however, a service is available that allows you to send the application yourself.

To submit the application online, you must be in possession of the Pin Social Institute code. Those who are not in possession of the Pin can request it online, through the Social Institute wizard.

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