Officials have a different status in the financial world than normal salary borrowers. The very fact that they are almost non-cancellable is enough to grant a loan to civil servants without credit rating.
Especially at house banks, where you know the customer, it is no exception that this loan is granted. Only life-long civil servants who can prove their civil servant status receive this credit. However, the bank must be specifically asked about this loan, because the bank often does not offer it without being asked.
Conditions of the bank
The special loan for civil servants without credit rating grants conditions that are very good. The official can often choose a very long term, often up to 120 months. In addition, the loan amount chosen is very high and can be as high as USD 100,000. With the long term, there are low monthly installments that have to be paid. In this way, a house can also be bought or built comfortably without having to pay a lot of money.
With this loan, the bank often requires life insurance to be taken out. This serves not only as security for the bank, but also for the borrower. If, due to an accident or illness, they are no longer able to repay the loan, the insurance will cover the remaining amount. The special thing is that life insurance runs as long as the loan. The borrower only has to pay the monthly insurance premiums. At the end of the term, the loan is repaid with the insurance premiums paid.
Credit abroad possible?
Not every civil servant wants to burden his credit rating and wants to take out a loan for civil servants without credit rating abroad. The same conditions apply here for the borrower. The loan is not recorded in the credit rating, so that another loan can be taken out in the future without any problems.
The salary and the secure job are enough for the banks as security, so that there will be no problems with the application. This loan for civil servants without credit rating can either be taken out locally or through a credit broker.