Renovate your home with Social Institute 2017 funding
In addition to taking care of the pensions of its members, the Social Institute Public Employee Management provides loans on favorable terms to employees and pensioners of the public administration. Loans that are granted for various purposes, among which we find the Social Institute loans for home renovation.
Loans for home renovation are part of multi-year loans, one of the two types of loans formerly Government Agency. These are targeted loans, that is, related to the purchase of a particular good or service. Multi-year loans are granted only for certain needs that fall within the cases indicated in the Social Institute Loan Regulation.
Among the purposes envisaged by the Regulation, which establishes the characteristics of the Social Institute ex Government Agency long-term loans, there is precisely the renovation of the home.
The interventions that can be financed
For this loan, an interest rate of 3.5% and a maximum financeable sum of 100 thousand USD are envisaged. The repayment takes place with an amortization plan in monthly installments with a constant amount, which are deducted directly from the applicant’s salary or pension.
The Social Institute for home renovation loans are granted to finance works building renovation of the residence house, which works restoration, conservative renewal, extraordinary maintenance or building renovation. In any case, it is possible to finance only interventions carried out on the home.
Who can get them
But who can apply for Social Institute loans for home renovation? The loans are accessible to all public employees and pensioners registered in the unitary management of credit and social benefits, the credit fund through which Social Institute provides ex Government Agency loans.
For the granting of the loan it is necessary that the applicant can boast at least four years of service seniority useful to the pension and four years of contributory payments paid to the aforementioned Management.
Presentation of the application
Applications for Social Institute loans for home renovation must be drawn up on the specific application form, available in Pdf format on the official Social Institute website, in the Forms section (Home – Forms – Management of Public Employees – Registered/Retired – Credit and Social Benefits).
The loan request must be submitted within 12 months of the event for which the multi-year loan is requested. The loan is repaid with an amortization plan in monthly installments of a constant amount, directly deducted from the beneficiary’s salary or pension.
The documents to be attached
The application for funding must be submitted electronically, attaching to the above form a declaration drawn up by the construction manager certifying that the works are in progress. A document that certifies ownership of the property is also required.
The borrower must also produce:
- an estimate metric calculation issued by a construction company or by a person registered in a professional register;
- a self-certification of the family status;
- a start of work report (DIA) or alternatively a certified start of activity report (SCIA).
Restructuring loans for postal employees 2017
In addition to public employees and pensioners, postal employees also have access to Social Institute subsidized loans for restructuring. With the elimination of the Government Agency, Social Institute has also merged the former Ipost management, now known as the Italian Post Office Fund Management.
Loans dedicated to postal employees are divided into two categories: small loans and long-term loans. Management of the Italian Postal Fund. The latter allow access to rather high sums with which to face expenses of different nature.
The long-term loans have five-year or ten-year term and amortization schedule is monthly installments. The interest rate (Taeg) stands at 3.5%.
Who can get them
On the other hand, as regards the requirements to be met, only employees in service of postal and associated companies can benefit from the multi-year Ipost loans. In order to access credit, it is also necessary to be able to have at least four years of seniority in a tenured service.
The loans are also granted only to deal with one of the cases envisaged by the Social Institute ex Ipost Loan Regulations, among which we find various items attributable to the maintenance and renovation of the house.
When funding can be obtained
postal employees have the possibility of requesting a multi-year loan for works of particular relevance to the home (first or second home) or to a property not owned but which is co-resident with the cohabiting owner.
The sum that can be financed cannot exceed the amount of expenses incurred for the work carried out. Expenses that must be demonstrated and must have been incurred at least one year before the submission of the funding request.
Not only. Among the purposes envisaged for long-term loans we also find “normal repairs” or restoration work to be carried out on the first or second home. Also in this case, the financing is accessible both if the property in question is owned by the applicant and is co-resident with the owner.
Finally, we remind you that they can request a multi-year loan for repair or restoration works also from the employees of postal and associated companies who are owners of a rental contract.
How the refund takes place
In any case, Social Institute home renovation loans can have a ten-year or five-year duration. The reimbursement plan is in fact established by Social Institute when applying, based on the amount of expenses incurred or budgeted. However, the Taeg remains fixed at 3.5%.
For more information and to know all the documents to be attached to the loan application, please consult the Social Institute Loans Regulations ex Ipost, available on the official Social Institute portal.