Mini guide to the Government Agency direct multi-year loan
The social security multi-year direct loan is a form of subsidized loan granted by the social security management of social security in favor of public employees and pensioners. This is a loan designed to help those who face significant costs, such as the purchase of a car’s first home.
Unlike what happens with the small loan, the multi-year social security ex Government Agency loan is granted only for specific reasons. The purpose of the loan must in fact fall within those provided by the social security Loan Regulation.
The Regulation is the set of rules that establish the conditions for the granting and repayment of social security ex Government Agency direct loans, both small and multi-year. In the case of long-term loans, there are also some limits for some of the purposes.
Regarding the duration, always of the social security Government Agency direct multi-year loan, this can be 5 or 10 years. The interest rate is fixed at 3.5% and the installments are monthly.
In addition to the Tan, also the administration costs and the premium for the social security Risk Fund are to be considered. The former are calculated with the application of a 0.5% rate while the value of the premium depends on a variable rate based on the duration of the loan and the age of the applicant.
When multi-year loans are granted
But what are the purposes for which you can apply for an social security direct multi-year loan? The complete list of purposes is present in the social security Presence Regulations, which can be consulted on the social security.it website. To consult it, it is necessary to visit the information page of the site dedicated to long-term direct loans. The regulation is attached, in Pdf format.
Here are some of the main reasons why you can apply for funding.
- Relocation for work or family needs;
- Death of family members;
- Applicant’s illness;
- Marriage of the applicant or the child;
- Purchase of the first house;
- Construction of the first house;
- Reduction or early repayment of a mortgage loan taken out by the applicant or spouse.
Who can request them and how to apply
With regard to the requirements to be met, only public employees and pensioners registered in a special credit fund, the Unitary Management of Credit and Social Benefits (Credit Fund), can obtain direct multi-year loans.
Furthermore, at least four years of service valid for retirement purposes and four years of contributions paid to the aforementioned Management are required.
The loan application must be sent electronically, using the services made available by social security. Public employees send the request through the Administration they belong to, while pensioners can transmit it independently using the special online service.