In this article you will find out about the facilities introduced in the recent Decree Law 73 of 25/05/2021 the so-called "BIS supports decree." The decree established concessions reserved for all young people under the age of 36 who want to buy a first home.
First home purchase with registration tax, benefits:
Article 64 of the law has, in effect, ELIMINATED taxes for the purchase (registration, mortgage and cadastral) of a first home. The only requirements, in addition to not buying a "luxury dwelling" ( cadastral category A1/A8/A9 ) is to have an ISEE ( indicator of the equivalent economic situation ) of less than 40,000 €, in the year of the house purchase and an age of less than 36 years. If the purchase of the house is subject to VAT ( when you buy from a construction company ) a tax credit equal to the VAT paid has been recognized, which can be deducted from theIRPEF in the tax return.
Paragraph 6 reads:
The deeds of transfer for consideration of ownership of "first homes" of dwelling, with the exception of those in cadastral categories A1, A8 and A9, .... and the deeds transferring or constituting bare ownership, usufruct, use and dwelling relating to the same, are exempt from registration tax and mortgage and caste taxes if they are stipulated in favor of persons who have not yet turned thirty-six years of age in the year in which the deed is notarized and who have an ISEE value ... not exceeding 40,000 euros annually.
First home purchase with vat, benefits
For the part about value-added tax ( purchases and sales subject to VAT) you need to read Paragraph 7:
...disposals subject to value-added tax, a tax credit in an amount equal to the value-added tax paid in connection with the purchase shall be given to purchasers who have not yet turned thirty-six years of age in the year in which the deed is entered into. The tax credit ... may be used as a deduction from personal income taxes due on the basis of the return to be filed after the date of purchase; The tax credit in any case does not give rise to refunds.
Young people's mortgage facilities DL supports BIS
For young people with the requirements just seen , who apply for financing for the purchase of their first home, taxes that were usually asked at the mortgage disbursement stage have been eliminated, as highlighted in Paragraph 8:
Loans disbursed for the purchase, construction and renovation of real estate for residential use for which the conditions and requirements set forth in paragraph 6 are met, and provided that the existence of the same is evidenced by a declaration of the borrowing party made in or attached to the financing deed, are exempt from the substitute tax on registration, stamp, mortgage and cadastral taxes and taxes on government concessions, provided for at the rate of 0.25 percent by Article 18 of Presidential Decree No. 601.
The state guarantee fund for young people's first home loans was also extended and coverage increased from 50 percent to 80 percent.
Be careful, however: this does not mean that banks will give away mortgages to those who do not have the financeability and creditworthiness required by the lending institution anyway. So if you don't have a stable income and a tidy financial history, even with the state guarantee you won't be able to get the mortgage 🙁
These facilities are valid until June 30, 2022.
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