Who can buy a house with the First Home Mortgage Fund
The concessions are directed to all those who are not in possession of the first home (not even abroad) and want to buy one. The requirements to access the Fund include:
- the location in Italy,
- the property must not have luxury features, therefore the cadastral categories A1 (stately homes), A8 (villas), A9 (castles and palaces) are excluded,
- the loan must not exceed 250 thousand euros and must be granted by the bank or financial intermediary that adheres to the project.
Families in which at least one of the spouses is under the age of 35, single-parent families with minor children, young people under 35 with an atypical employment contract, tenants of housing owned by the IACP, ATER etc., a equal demand, they will have priority. In addition, applicants must not be owners of other residential properties, with the exception of those acquired through succession or given on loan for free use by the family.
Once the requirements are verified, those who fall into the fund are entitled to benefits such as:
- the registration tax reduced to 2%,
- personal income tax deductions of up to 19%,
- interest expense within a maximum limit of 4 thousand euros per year,
- the mortgage and cadastral tax fixed at 200.00 euros,
- 4% VAT in case of purchase from the builder/constructor
How to apply to apply for the First Home Mortgage Fund
Once the request has been sent, you will be assigned a progressive protocol number based on the day, month, year, hour and minute in which the application was sent. This system is used to determine the priority of applicants for the First Home Mortgage Fund, in the event of a shortage of funds.
If access to the Fund is confirmed, then the mortgage will be disbursed within 30 working days. But the bank always has the last word. In fact, even if the bank has joined the project, it may also not accept the application.
