How does the Government Agency mortgage substitute work and what are the advantages
Over time it may happen that the current mortgage is no longer advantageous or, in some cases, it becomes too heavy to bear. In these cases, public employees and pensioners can resort to the subrogation mortgage towards Government Agency.
The subrogation is the operation that allows the transfer of the ongoing loan to a new bank or financial company. In the case of the mortgage subrogation to Government Agency, the social security institution takes over the debt.
This is possible because in addition to taking care of the pensions of its members, Government Agency also pays mortgages on special terms in favor of public employees and pensioners. Those who are in possession of all the necessary requirements to obtain Social Insititute ex Government Agency loans can also benefit from the mortgage subrogation.
But what are the advantages of the mortgage subrogation towards Government Agency? By transferring the loan to Social Insititute, the borrowers will be able to benefit from the special conditions applied to Social Insititute loans.
The requirements needed
Only employees and public pensioners who are registered with the Social Insititute credit fund, the Unitary Management of credit and social benefits, can obtain the subrogation of the mortgage.
For access to credit, the applicant and the other members of his family must not be owners of any other home. However, there are some exceptions.
Not only. To obtain financing, the applicant must have been registered with the aforementioned Social Insititute unit management for at least one year. Civil servants must also be in service activities and hired on permanent contracts.
How to apply for a surrogate
But how to apply for a loan subrogation at Government Agency. The portability request must be sent electronically using the service accessible from the Social Insititute website.
To transmit the application, you must be in possession of the Social Insititute Pin. Those who do not have the code can request it at any Social Insititute office or by using the wizard on the Social Insititute website.
The mortgage application must also be submitted in compliance with the time windows set by Social Insititute. The application must be sent from 1st to 10th of January, May and September of each year.
For more information on Government Agency mortgages, please follow our portal again.