First home loan: what is it and how to choose the most suitable one
Once the property has been chosen, it is necessary to understand which figure to request; in general, for the first home loan, the credit institution covers up to 80% of the market value of the building . Some banks finance the full value; in this case one speaks of a 100% loan for greater guarantees and interests.
It is therefore necessary for the purchaser to look for the sum needed to purchase by evaluating the offers of the different credit institutions and thus find the proposal that best suits their needs.
Once the bank and mortgage have been identified, it will be necessary to complete the loan application with the information that shows the personal details of the applicant, the composition of the family unit, the type of work that takes place and the net income of the applicants, the description of the property that you intend to purchase, its appurtenances and its value.
These are the data that the bank needs to be able to express a first opinion of a possible grant of the first home loan, which is based on four main elements :
- income of the applicant and of the family unit;
- value of the property for which the loan is requested;
- additional guarantees given by third parties;
- ratio between installment and income, set indicatively by the bank of about 30% of the total monthly income of the applicants, not to go to excessively burden the family budget, thus ensuring the regular repayment of the medium-long term loan .
The documents necessary for the loan application
Once the feasibility opinion has been received, all the documentation ( income, registration and real estate ) must be forwarded to the credit institution to confirm what is stated in the loan application, which changes according to the applicant’s job position.
Specifically, an employee must provide:
- declaration by the employer of his seniority of service;
- last pay check and last CUD model or 730 model.
A self-employed worker or freelancer must provide:
- copies of the Unico Pf model;
- extract from the Chamber of Commerce, Industry and Craft in case it is a self-employed person and a certificate of registration in the professional register in the case of a freelance professional.
It will also be necessary to present the registry and real estate documentation:
- birth certificate;
- certificate of marital status or extract of the marriage certificate with all the annotations;
- extract of marriage complete with all the patrimonial conventions stipulated between the spouses;
- a copy of the court’s ruling if the applicant is divorced or legally separated;
- copy of the compromise;
- plan of the building and its appurtenances;
- copy of the last act of purchase of the property;
- copy of the habitability certificate;
- possible model 240 or model 4 of the succession office.
After acquiring the documentation submitted by the customer and carrying out further investigations, the bank makes the decision on the disbursement of the loan, giving immediate notice to the applicant, then setting the date for the stipulation of the public deed of the medium loan. -long term.
First home purchase discounts
It is important to identify the requirements that determine a property being classified as a first home because this will allow you to enjoy important tax breaks .
Conditions for classifying a property before the house :
- it must not be luxury property;
- the buyer must be a natural person;
- at the time of purchase, the buyer must not own another residential property in the same municipality as the one in the first house;
- no other property purchased through first home facilitation must not be present on the entire national territory;
- it is necessary that the buyer transfers the residence in the same Municipality of the purchased property within 18 months from the deed; otherwise, the forfeiture of the subsidies occurs within 12 months for the deduction of the interest payable on the loan to purchase the property itself.
Established that the property is really a first home, you can take advantage of specific tax breaks.
The following table shows the facilities as indicated by the Revenue Agency and also the comparison with the taxes provided for those who do not buy with the first home benefits.
|PURCHASE WITH FIRST HOME FACILITIES|
|Private||No||2%||€ 50||€ 50|
|Company, with sale subject to VAT||4%||200||€ 200||€ 200|
|Company, with sale without VAT||No||2%||€ 50||€ 50|
|PURCHASE WITHOUT FACILITIES FIRST HOUSE|
|Private||No||9%||€ 50||€ 50|
|Company, with sale subject to VAT||10% – 22%||200||€ 200||€ 200|
|Company, with sale without VAT||No||9%||€ 50||€ 50|
If you buy using first-home facilities, you also provide for the deduction of the Tasi service tax , depending on the individual Municipalities, and also the deduction of the loan interest, corresponding to 19% of the cost incurred for interest on the mortgage loan stipulated for buy the main house.