Social Institute news 2019. The National Social Security Institute introduces the new Government Agency 2019 mortgage regulation, the result of presidential resolution number 101 of August 2018. The rules governing the granting of mortgage loans addressed to members of the unitary management of credit and social benefits are better known as ex Government Agency mortgages. Rate reviews, amortization schedule and uses, but let’s get into details right away.
Government Agency 2019 mortgage rate update: the new variable interest rate
The Government Agency 2019 mortgage regulation intervenes on interest rates, a significant implication for the borrower. What changes? The fixed rates, which are defined with respect to the LTV (Loan to Value) method, remain unchanged. We report the official Social Institute table which provides a complete overview of the fixed rate.
The variable interest rate is instead correlated to a renewed calculation system. The loan is linked to the 3-month Euribor, calculated over 365 days, increased by 200 basis points. The surveys refer to March 31, June 30, September 30, December 31.
Another correction made by the Government Agency 2019 mortgage regulation concerns the provision of the repayment. A French amortization plan is put in place, which determines a path made up of constant and deferred installments. In spite of what happened with the previous regulation, the due dates are quarterly.
With regard to the methods that characterize the request for funding, the use of the web for sending remains valid, although we record changes as regards the period involved: from 15 January to 10 October.
News on the Government Agency first home loan 2019: the purposes
Finally, there are the uses contemplated by the Government Agency 2019 mortgage regulation. In what situations can funding be requested? A further opportunity is added to those listed in the previous regulation.
The latter eventuality foresees sums up to a maximum threshold of 100 thousand USD and considers participation (in our country or abroad) in university courses, post-graduate courses and Masters, in music conservatories and academies of fine arts, vocational training, provided they provide legally recognized qualifications. Enrollment and attendance at these courses may involve the member or a family member.
The other purposes are:
- purchase or construction of the house;
- maintenance, adaptation, expansion, transformation or renovation works relating to the first house;
- purchase or construction of garage or parking space.
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