New Government Agency Mortgage Loan interest rate exchange, Here’s who can get it
How the mortgage loan rate change works and who can apply for it
In recent years, Government Agency has changed the rules for granting mortgage loans to public employees and pensioners. Loans that are disbursed by the social security institution and regulated by a specific regulation. In 2015, the new Government Agency Mortgage Regulation was approved, which modified various conditions for the granting of mortgages, including those relating to the Government Agency exchange rate mortgage.
Article 7 of the new regulation provides for the possibility of requesting the change in the interest rate applied to the Government Agency loan. Request that all public employees and pensioners who have an Government Agency mortgage can make.
The change in the rate consists in the possibility for the borrower to switch from fixed to variable rate. Only borrowers who meet a number of requirements can obtain the change in the interest rate.
First of all, the borrower must not be defaulter, that is, he must not be late with the payment of the amortization installments. In addition, at least two years must have elapsed since the loan agreement was finalized.
In the event that a defaulting borrower requests the change in the rate, the acceptance of the application is subject to the regularization of the debt position of the subject.
How to apply
As already mentioned, by presenting an Government Agency loan exchange rate mortgage application, the holder of the loan has the possibility to switch from fixed to variable rate, or vice versa.
The change in the rate involves the redefinition of the loan repayment plan. The Government Agency Mortgage Regulations also establish that the rate change can be made only once during the entire repayment. those who wish to submit a rate change request must submit the application online, using the dedicated Social Institute service.
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