Are you looking for financing to deal with renovation works? If you are an employee or a public pensioner, one of the most convenient proposals on the market is the Social Institute first home renovation mortgage. Let’s find out why choose it and how to calculate it.
Government Agency mortgage regulation for the first home
Opting for the Social Institute first home renovation loan means choosing a credit line managed by the Social Security Institute and addressed to the members of the Unified Management of credit and social benefits.
Both employees with permanent contracts and pensioners can receive funding. Another important factor in the set of constraints imposed by the Institute is the length of enrollment, equal to at least one year.
The Social Institute mortgage is actually a loan that provides three purposes that revolve around the first house. In particular, we have the use of credit to carry out works of ” ordinary and / or extraordinary maintenance, adaptation, expansion, transformation or renovation ” of the first house.
As for the sums paid, the Social Institute first home renovation loan allows you to receive up to 40% of the value of the home. In any case, the figure must not be greater than 150 thousand USD.
Fixed and variable Government Agency mortgage rate updated to 2018
The repayment plan is French and divided into various deadlines, 10, 15, 20, 25 or 30 years. This does not apply to those who are at least 65 years old, the duration for this audience is 10 or 15 years.
The calculation of the installment occurs with respect to the fixed rate or the variable rate. The first is calculated in accordance with the loan to value (LTV) system. This takes into consideration the defined relationship between the mortgage provided and the value of the home. The house will in fact be appraised by the social security institution.
Social Institute mortgages simulation of the amortization plan
Those who intend to evaluate the Social Institute proposal in practical terms can take advantage of the calculation system presented by the social security institution. In the “Search” box available on the main page of the website Social Institute, just type these terms ” mortgage simulation ” and then click on the presentation tab “simulation of the mortgage loan amortization plan for civil servants”.
This page contains all the main information relating to the service. Inside there is also the link “Access the service”. Using this element, you will access the page dedicated to the simulation of the depreciation plan.
For more information on the Social Institute first home renovation loan, we recommend you visit the ” Apply for a mortgage loan ” page on the official Social Institute portal.