Youth Home Loans, Benefits, and Tax Stop: This is how much you’ll save

a houseFor young people, there are discounts on purchases and on mortgages that Prime Minister Mario Draghi has promised. The government, through the Sostegni bis decree set to be launched this week, intends to help those under the age of 36 purchase their first home. In addition to facilitating access to the Mortgage Guarantee Fund – ie
Refinanced – Young people buying a home won’t even have to pay registration, mortgage, survey, and alternative taxes. They would also cut notary fees in half. For real estate subject to VAT, that is, that was purchased by the originator, there is also a tax credit that is recovered through the tax return.

Mortgage loans, one-third of applications are under the age of 35

I am Motoy. Young adults under the age of 36 who buy a first home will have access to a guarantee fund on their first home loans. In fact, the Sostegni bis decree expands the audience of beneficiaries of the procedure (today it is only intended for those under the age of 35 in an atypical job). In fact, for many young people, the problem when obtaining a mortgage to buy a home is the amount that the real estate mortgage does not cover, which must be paid in advance, or financed in turn but with additional collateral from relatives. The aim of this measure is to avoid this advance from being due: the state guarantee will allow the bank to disburse an amount equal to 100 percent of the home’s value. A mechanism of this type has actually been in existence for several years and has been run by the public company Consap. The fund set up at the end of 2013 has been refinanced several times but so far the facility has been limited in circulation. So the government aims to boost this scheme, which at present provides a guarantee of up to 50 percent, with a total amount of financing that could reach 250,000 euros.

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Taxes. Moreover, those under the age of 36 who purchase their first home will not have to pay registration, mortgage, survey, and alternative taxes the notary fee will also be halved. The concessions are not related to the purchase of prestigious homes and are valid until December 31, 2022.

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Savings. In practical terms, how much can a young person save by buying a home? and both ran some simulations in which it emerged that the economic advantage is especially important for those who buy a new building from a company whose sales are subject to VAT. When purchasing a first home directly from a private individual, the buyer must pay a registration tax equal to 2% of the cadastral value of the property, a mortgage tax of 50 euros and an area tax, which is always equal to 50 euros. Added to these costs is the alternative loan tax, which is equal to 0.25% of the value of the loan granted by the bank. People under the age of 36 who buy a property worth 150,000 EUR (of 77.098 EUR) must pay a registration tax of 1542 EUR, to which 100 EUR must be added to the two taxes, the mortgage and the mortgage. To these amounts are added the alternative tax on the loan, which is equal to 300 euros for the loan of 120 thousand euros. Thanks to the exemptions provided for in the draft decree, if confirmed, the savings of the young buyer will be 1942 euros, to which the savings obtained from the reduction of notary fees will be added.


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Buying from a business. In the event that the first new home is purchased from a company, sales are subject to VAT, in addition to support for registration tax (200 euros), mortgage tax (200 euros) and area tax (200 euros), the buyer must pay the value-added tax reduced at 4% And, in the case of a mortgage, the alternative tax on the loan (0.25% of the borrowed value). Even if we assume the purchase of a new building of 150,000 euros, then the young man will have to incur expenses of 600 euros for the three taxes (mortgage, registration and land registration), 6000 euros of subsidized value-added tax and 300 euros for this replacement on the mortgage. With the exemption provided for in the draft Sotegni Decree, the savings will be 900 euros to which a tax credit of 6000 euros will be added equal to the value-added tax on the value of the property. Credit, we read it in the draft decree, “can be reduced by registration, mortgage, cadastre, inheritance and donation taxes due on bonds and complaints submitted after the date the credit is obtained, or it can be used to reduce personal income taxes owed on the basis of the return that will be made after the date Purchase or use it to compensate. ”Also in this case, the savings obtained will be added with the reduction of the notary’s fee.

Expenses. “Young people have a great desire to buy a home, but often have to deal with limited financial resources, which is why any intervention that reduces the costs of those who want to buy their first home is a positive thing,” explains Ivano Cristo, Director of Facile Financing Products. .it. “In its current form, the decree project brings special benefits to young people who choose to purchase newly built property; It could also stimulate demand for new, energy-efficient homes, with clear benefits for the entire real estate sector and, more generally, the national housing stock. ”

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