The renovation of the first house is often very expensive from an economic point of view. For this reason, there are several options dedicated to those seeking loans for first home renovations.
Government Agency loans for first home renovation: how do they work?
In the group of loans for first home renovations it is possible to remember the Social Institute mortgage loans ex Government Agency. How do they work? Let’s start by remembering that they are reserved for members of the Unified Management of credit and social benefits, whether they are workers who hold a permanent contract or retirees who have been enrolled in the Management for at least a year.
Loans for first home renovation: Government Agency mortgage rules
The Social Institute ex Government Agency mortgage loans are one of the most advantageous types of loans for first home renovations. In addition to the requirement just mentioned, it is important to also list other rules, such as the possibility of requesting a maximum loan of $ 150,000 and, in any case, never exceeding 40% of the value of the property according to an expert opinion.
Social Institute ex Government Agency mortgages for the renovation of the first home can be characterized by a fixed rate of 2.95% or by a variable rate, to be obtained on the basis of the 6-month reference rate bank increased by 200 basis points and calculated over a period of time 360 days.
Access to the Social Institute ex Government Agency restructuring loan is subject to the submission of an application electronically from 1 to 10 January, from 1 to 10 May and from 1 to 10 September each year.
Mediolanum first home renovation loans: here is all the information
Lenders also offer loan options for first home renovations. An example of this is the product Riparti Italia of Cream Bank, which allows access to credit for the renovation of a residential property.
Among the main requirements, it is worth mentioning that you have been Cream Bank account holders for at least 6 months. Access to the loan is subject to an investment of at least $ 5,000 in asset management products or in securities.
Riparti Italia loan: other important rules
The Riparti Italia product, one of the most famous loans for first home renovations, involves the application of a rate that varies on the basis of the assets invested by the applicant, always taking into account the reference rate bank calculated over a period of 3 months.
The Riparti Italia loan allows you to request a loan from the entity between $ 4,000 and $ 100,000. For the refund of the amount received, the beneficiary has the possibility to choose a repayment plan that ranges from 18 to 120 months.
Are there any special ancillary costs ? This loan aimed at the renovation of the first home provides for the payment of preliminary costs, corresponding to 1% of the amount requested and paid (minimum 50, maximum $ 250).
Among the compulsory subscription accessory services it is possible to mention the credit protection insurance policy.