MILAN. Exemption from paying taxes, discount on the notary and state guarantee. There are many measures for the benefit of young people who want to take out a mortgage and who aim to make their lives easier. Some are expiring and the window to get them will expire in a few weeks.
The new budget law has extended many of the aid measures for young people who buy their first home which were provided for in the 2021 Aiuti bis decree, in particular for young people under 36 with Isee up to 40,000 euros.
The first home bonus has been extended until 31 December 2023. These are the exemption from taxes on the sale (mortgage, cadastral and registration tax), from the tax credit equal to VAT in the case of purchase from a builder, the exemption from the substitute tax on the mortgage. There is also the right to a discounted notary’s fee. “In fact, this measure allows the purchase of the first home without paying taxes of any kind,” explains Guido Bertolino, business development manager of MutuiSupermarket.
There is also another facilitation that concerns young people which is the Prima Casa Giovani Consap guarantee equal to 80% of the capital in the case of first home loans that finance more than 80% of the purchase price of the house and no more than 100%. We need to keep our eyes peeled for this measure because it has been extended but, unless otherwise indicated, it will expire on March 31st. «The hope is that with a subsequent regulatory intervention we can have further extensions in order to cover the whole of 2023 – says Bertolino -. The growth of real estate sales during this year will largely depend on the success of these measures, given that the economic cycle, which is not exactly favourable, is leading to a slowdown in operations».
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The market has responded to these changes with new offers. Several institutions have reactivated their offer of fixed-rate mortgages with a Consap guarantee. This is the case of Intesa Sanpaolo, Crédit Agricole and BPER Banca. The demand is high. According to MutuiSupermarket surveys, demand from young people in December rose to 42% against 38% in November.
How much is the savings for a young person who chooses the under 36 loan? «Today, for a 100% fixed-rate mortgage without subsidies – considering a loan of 180,000 euros to be repaid over 25 years – the rates (APR) available online start at 4.98% with an installment of around 1,026 euros – explains Andrea Polo , Communication Director of Facile.it -. On the other hand, by accessing the concessions reserved for the under 36s, provided that the applicant meets the requirements to obtain the loan, for the same type of mortgage, the online rates start from 3.75%, corresponding to an installment of around 901 euros. This is a saving of almost 130 euros compared to those taking out the same mortgage, but without concessions».