Can I get a mortgage for the first home purchase even after having signed up?
Premise
Generally the loan is disbursed at the same time as the deed. It may happen, however, that the buyer already has sufficient liquidity for the purchase of the first home and does not need to apply for a mortgage.
Not everyone knows, however, that it is possible to obtain a mortgage for the first home purchase even after having signed up.
By express legislative provision, in fact, "the purchase of the real estate unit must be made in the year preceding or following the date of stipulation of the loan agreement" (Article 15, paragraph 1, letter b of the Consolidated Law on tax on income). This is in order to obtain the benefits associated with the purchase of a first home.
For what reasons should the buyer, having become the owner, take out the first home loan after the sale, if he already had the necessary liquidity? For example, to cope with a sudden expense that requires significant liquidity. Another hypothesis occurs when the seller needs to deed in a short time (for example he sells to buy back in turn), such as not being able to wait for the completion of the loan procedures: the timing for the processing of the loan practices vary, in fact, depending on the bank (up to three months from the request).
Since the law grants the possibility to stipulate the loan even after the sale, it is good to make sure, while having the necessary liquidity for the purchase, that the conditions exist for the granting of the first home loan.
The mortgage application
The steps required to apply for the post deed mortgage are the usual ones:
. assessment of the applicant's solvency (any reports to the CRIF, Financial Intermediation Risk Center, verification at the property registry of the non-existence of prejudicial transcripts)
. appraisal of the property by the bank's expert
. compilation by the applicant of the forms prepared by the bank
. collection of all documents relating to the property (deed of origin; floor plan; certificate of habitability; family status; certificate of residence; income documentation; patrimonial situation; marriage certificate extract), which the owner will take care to send to the bank and to the notary
. preparation of the PNR (Preliminary Notary Report) by the notary
Once the necessary documents have been received, the deed will be signed between the applicant, who already owns it, and the bank that will disburse the loan.
In the deed, as usual, the amount paid must be indicated; the amount of the installments; the type of loan; the determination of the interest rate, the amortisation plan over time; duration; the methods and timing of disbursement by the bank.
As for the guarantees, we remind you that the mortgage registered on the property in favor of the bank is always of a voluntary nature.
The conditions for accessing the benefits
Now that we have indicated the procedure to follow, let's review the conditions for accessing the benefits in the event of a first home purchase:
• these must be deeds for consideration or free of charge having as their object the transfer of the right of ownership, the establishment of rights of bare ownership, usufruct, use and dwelling
• the property must be registered in categories A / 2; A / 3, A / 4, A / 5, A / 6, A / 7, A / 11 and related appurtenances (C / 2, C / 6 and C / 7)
• the property must be located in the territory of the municipality in which the buyer has or establishes, within 18 months of purchase, his residence or, if different, in the one where the buyer carries out his business
• declaration by the purchaser, to be made in the deed of purchase, that he is not the owner even for shares, even in the regime of legal community and throughout the national territory, of the rights of ownership, bare ownership, usufruct, use and residence of another house purchased by the same person or by the spouse with the first home benefits
• declaration by the purchaser, to be made in the deed of purchase, that he is not the exclusive owner or in communion with his spouse of the rights of ownership, bare ownership, usufruct, use and residence of another house in the territory of the municipality in which he is the property to be purchased is located
We remind you that the "first home" concessions exist even when the buyer already owns accommodation which is, however, concretely unsuitable (because, for example, too small) to meet the family's housing needs.
The "support decree bis" introduced a particular type of incentives for the purchase of the first home aimed at "under 36", or those who have not yet turned 36 years of age in the year in which the deed is signed and which have an ISEE value not exceeding € 40,000 per year. The concessions for those under 36 apply to deeds stipulated in the period between May 26, 2021 and June 30, 2022.
The first home benefits
The "first home" concessions allow the buyer to obtain a reduction on the taxes due for the transaction, namely:
• registration tax in the amount of 2% (in the case of purchase from a private individual) or 4% VAT (if the sale is subject to VAT)
• cadastral tax in a fixed amount of € 50.00 (in case of purchase from a private individual) or € 200.00 (if the sale is subject to VAT)
• fixed mortgage tax of € 50.00 (in the case of purchase from a private individual) or € 200.00 (if the sale is subject to VAT)
Taxes already paid in the preliminary contract will be deducted from the final tax.
Loans disbursed for the purchase, construction and renovation of residential properties for which the conditions and requisites are met are exempt from the substitute tax of registration, stamp, and land registry taxes and taxes on concessions governmental, provided for in the amount of 0.25%, provided that the existence of the requisites results from the declaration of the borrower made in the loan deed or attached to it.
In order to support borrowers in difficulty with the payment of the mute installments, the Solidarity Fund for the first home, established with the “Italian care decree”, was extended to 31 December 2021.
Among the concessions granted for the purchase of the first home we must mention the 19% deduction of IRPEF, applicable to the following charges:
. passive interests
. ancillary charges
. commission due for intermediation
. tax charges (registration tax or mortgage cancellation)
. notary fees for signing the mortgage loan agreement
. preliminary investigation costs
. technical expertise
The overall ceiling on which to apply the deduction is 4,000 euros per year.
For the purposes of the deduction, "the purchase of the real estate unit must be made in the year preceding or following the date of stipulation of the loan agreement" (Article 15, paragraph 1, letter b of the Consolidated Income Tax Law) provided, of course, that the property is used as a main residence within one year of purchase. The right to deduct also occurs when the loan is stipulated to purchase an additional share of the house.
CONCLUSIONS
As we have seen, the possession of the necessary liquidity for the purchase of the first home does not preclude, after the deed, the possibility of requesting the loan with the relative concessions provided that certain conditions are met.
Through the mechanism described, the buyer can recover the liquidity invested in the purchase of the first home without losing the related benefits.
Studio Molinaro is available to evaluate the situation on a case-by-case basis, offering the client the solution that best suits his needs, agreeing together with the financial consultant and the notary the most appropriate path to take to obtain the necessary liquidity at the best possible conditions and guarantee, at the same time, access to tax concessions recognized by law.
