Government Agency Mortgage Installment Suspension Guide, Requirements and Application
Suspension of mortgage loan installment social security government agency
Over the years, social security has changed the offer of loans dedicated to public employees and pensioners in order to make it in line with that of the loans offered by banks and financial companies. The changes were mainly the silent social security ex government agency. In fact, with the introduction of the new government agency Mortgage Regulation, several changes have been made, including the introduction of the government agency mortgage installment suspension.
This is the possibility for the borrower to stop payments for a maximum of two amortization installments (12 months). As established by article 19 of the Mortgage Regulation approved in 2015, the suspension of the installments is not accessible to all borrowers. This is a privilege reserved for those who satisfy a series of requirements. But let’s see in detail who can get it and how it works.
Who can get the suspension of the installments
The government agency mortgage installment suspension is reserved for non-arrears borrowers who are in one of the following situations.
- sickness of the borrower or spouse, such as to reduce their economic capacity following a reduction in salary or an unpaid leave;
- death of the mortgage holder or spouse;
- involuntary loss of job by the borrower or spouse;
- calamitous events that occurred in the place where the home subject to mortgage arises;
- situations of innocent default.
Requirements for defaulters
The only situation in which defaulters can benefit from the government agency mortgage installment suspension is on the condition that they find themselves in situations of default.
In this regard, the management of the former government agency of social security has created a specific commission called to evaluate the situations of arrears of fault and the related requests for suspension of installments.
The Commission has identified the following scenarios as blameless arrears situations where payments can be suspended.
- sickness of the holder of the loan contract or of the spouse such as to reduce their economic capacity, following an expectation without checks or a cut in the salary;
- death of the borrower or spouse;
- involuntary loss of the job of the mortgage contract holder or spouse;
- calamitous events that occurred in the area in which the property is located;
- medical costs incurred for surgical services and hospitalizations, following an illness or injury to a member of the borrower’s family unit;
- expenses incurred for ongoing assistance to a family member of the borrower;
- judicial separation of the borrower;
- theft or damage caused to the house which constitutes the borrower’s family residence and which is not covered by insurance.
How to apply
In any case, the request for suspension of the installment must be submitted to the social security office responsible for the territory. Applications submitted by non-defaulters are assessed on the spot, while those relating to defauling borrowers are sent to the Evaluation Commission.
For more information, please consult the official social security website or contact the social security office closest to your home.