Social Institute regulation of mortgage insurance Government Agency
Public employees and retirees have access to mortgages on special terms thanks to the former Government Agency loans. But for the purpose of granting the credit, it is necessary to take out an Government Agency mortgage home insurance.
This is a mandatory policy which must insure the property (as an asset placed as a guarantee for the loan) against the risks of fire, explosion and lightning. The hedge must be activated from the day on which the loan agreement is finalized and must be valid for the entire duration of the loan.
Mortgages stipulated for the construction of the house on their own are an exception, for which the policy must run from the day on which the balance of the amount paid is paid.
Obligations for the borrower
The Social Institute Mortgage Regulation requires that the policy provides for the liquidation of any damage in favor of Social Institute. This settlement takes place limited to the residual debt owed by the borrower.
It is also mandatory to take out the policy with a single advance payment of the premium, for the entire duration of the credit line. Not only. The holder of the loan must send a copy of the home insurance contract for Government Agency mortgage to the competent Social Institute office.
If the repayment duration is increased during the amortization period, the borrower must extinguish the previous policy or replace it with another with a duration not less than that of the new amortization plan. Otherwise, the loan agreement is terminated.
In addition to compulsory insurance, the borrower can take out a policy with optional additional insurance coverage, including:
- involuntary loss of job;
- temporary total incapacity for work due to illness or accident;
- total permanent disability, which occurred following an illness or accident.
The optional policy can be signed with the same insurance company with which the compulsory coverage was stipulated, or with a different company.
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