The simulation of Social Institute ex Government Agency loans is nothing more than an extraordinary, yet simple, tool to see all the details of the loans. But how do you start the calculation? You are in the right place, with our instructions in a few moments you will receive the information you need.
What are ten-year loansThe management of public employees of Social Institute takes care of providing the services dedicated to ex Government Agency members. Among the various services aimed at pensioners and employees of the public administration we find Government Agency loans, loans granted at subsidized interest rates compared to those offered by the traditional banking circuit. Government Agency subsidized loans, disbursed by the Social Institute (Unified management of credit and social benefits) loan, are divided into multi-year loans and small loans. Small loans have a maximum duration of 4 years, while multi-year loans can have a five-year or ten-year amortization plan.
The requirementsWho can get ten-year Government Agency loans? The ten-year multi-year Government Agency loans are accessible to all subjects registered for the unitary management of credit and social benefits for at least four years. In order to obtain funding, applicants must also have a length of service useful to the pension of not less than four years. Government Agency ten-year loans can be applied for by both pensioners and employees of the public administration hired with an open-ended employment contract. In the event that a public employee with a fixed-term contract applies for the loan, however, it is still possible to access the credit. In this hypothesis, in fact, Social Institute grants, when possible, extensible long-term loans during the period of validity of the employment contract. However, this possibility is only dedicated to civil servants with a contract of no less than three years.
Purpose of ten-year loansGovernment Agency multi-year loans are granted only in the face of an effective and documented personal or family need of the member, falling within the cases provided for by the Government Agency Loan Regulations. Among the various purposes of Government Agency ten-year loans we find the purchase or construction of the house destined to become the residence of the member. Loans are also granted to finance extraordinary maintenance, restoration, building renovation or conservative restoration of the house owned or in bare ownership. Ten-year loans can also be obtained for the redemption of public housing, or owned by public bodies, already leased, as well as for the acquisition of a cooperative house, or by a cooperative consisting of tenants of houses of public bodies in course of disposal. Those who apply for credit for early repayment or the reduction of a mortgage loan signed by the former Government Agency member or spouse also have access to ten-year Government Agency loans. Ten-year loans are also granted for serious illness of the applicant's family members or exceptional cases not foreseen in the Government Agency loan regulation, but socially relevant and which require a significant economic commitment.
Rates and charges applied to loansAs regards financing costs, an interest rate of 3.50% is applied to the ten-year Government Agency loans for the entire duration of the repayment plan and a rate of administration costs of 0.5%. The loan is also subject to a share for the Social Institute Risk Fund, which varies according to the age of the applicant at the time of signing the contract.
Presentation of the applicationBut how to apply for the loan? The Government Agency application for ten-year loans must be completed using the appropriate form, available in the "Forms" section of the official Social Institute website (path: Home - Forms - Management of Public Employees - Request for services - Credit and social services). The Government Agency application for ten-year loans must be accompanied by documentation certifying the applicant's state of need, which varies according to the purpose of the loan, and a medical certificate attesting to the applicant's sound physical constitution. The certificate must have been issued by a medical officer in service or by a doctor of the ASL no later than 45 days before the date of submission of the application. Finally, as regards the presentation of the loan application, this must be sent electronically. Civil servants must therefore contact the administration they belong to, while retirees must use the special online service.
If you are shopping for a loan or want to find lower interest rates on your current loans, you can use these strategies to save money on your loans. The lower the interest rate, the less it will spend on interest rates, but it can also affect your total payment amount and how long it takes you to pay off the loan. These loan strategies can work for most loans you have.
Take a look at credit unions firstCredit unions and small banks offer lower interest rates on loans compared to larger banks. It may take some hunting, but you may be able to lower your interest rate if you qualify for a loan through your local credit union. To get credit through a credit union, you will need to be a member of a credit union, which means you have to meet certain criteria such as living in a specific location or working for a specific employer. Taking the time to research rates offered by various local banks can save you considerable money over time, especially on larger loans such as a mortgage. You can find the current interest rates offered by looking at the bank's website.
Setting up automatic paymentIf you sign up for automatic payment, you should be able to lower your interest rate. This works for personal loans, car loans, and mortgages. Banks like it because they are more likely to pay on time with the transfer and you do not have to worry about making a payment every month. Make sure you qualify for this option with your current credits. A simple question and follow up to make sure a lower interest rate is applicable can help you save in the interest of the loan. This will usually not apply to a credit card, but it can be used on your credits. Student loans can also have this option.
Open an account with a new bankSome banks will offer lower mortgage rates or interest rates on car loans if you have a checking account with them. Switching banks can definitely be worth the savings, especially if you are looking at a large loan such as your mortgage. With your mortgage, it may be helpful to use a mortgage broker that can help you find the best terms for your mortgage loan. A mortgage broker can help you find a mortgage that has that capability. While this may seem like a pain to switch accounts, it can also simplify everything to have all your accounts in one bank. Another option is to open an account and only transfer it every month.
Consolidate higher-interest loansIf possible, you can consolidate loans with higher interest rates, such as your credit cards, with personal loans with lower interest rates. These loans can allow you to pay off your debt faster because you do not pay so much in interest every month. This can be a good option as long as you follow the two basic guidelines. First, you need to completely stop using your credit cards. There is no point in borrowing money if you continue to deal with debt every month. Second, you need to avoid tying a debt consolidation loan to your house through a line of equity or another mortgage. This will put your home at risk if you are unable to pay your debts in the future. Take the time to buy a good consolidation loan. It can save you a lot of money. Additionally, make sure you stop using your credit cards before doing so. You may want to set the goal of not using them for two months so that you are no longer in the habit of taking out a consolidation loan.
Improve Your Credit ScoreOne of the best ways to get lower interest rates is to have a great credit score. There is no quick fix that will magically increase your credit score overnight. It is important that you deal with credit from the beginning and get interest rates. There are things you can do to improve your credit score if it's not as high as you want it to be.
- The first step is to catch up on past payments such as utilities and credit cards.
- Another thing you can do is reduce the amount you currently owe on your loan. If you use too much of your available credit, it may reduce your credit score.
- Additionally, you need to be careful about closing your oldest credit card accounts, as this may cause your score to decrease. If you know you will be applying for a mortgage in the coming year, you should make an effort to apply for a credit score before applying for a loan.