About Loans/Mortgages-Immobiliare Veronica Centro Real Estate

Mortgage Agreement: clauses to read
The loan/mortgage, is a contract by which a party, known as lender (usually a bank), transfers a certain amount of money in favor of the other, called borrower, in order to benefit, for a fixed period against the payment to the first (the bank) of an amount represented by interests. So schematised the structure and function of the contract, it should be immediately clear that the loan is specifically enriched several clauses not always obvious, but needed to regulate relationships between all the parties in the life expectancy: how delivery mutual, setting the terms of repayment of principal and payment of interest, determining any other charges for the costs of administering the contract, discipline and costs for early repayment, provision and maintenance of collateral, consequences of delays in reimbursement rates, and so on. Each of these aspects is in turn characterized by many possibilities and nuances, making good idea of the actual complexity of this contract and the need to study well the bank's proposals in terms of economic and contractual text (perhaps with the the help of notary officer, responsible for concluding the practice, or credit broker who made the practice or other professional trust, as an accountant or a lawyer). This need to be understood better what we are about to sign is all the more reason for the so-called "unilateral" mortgage, a product that banks have launched since several years now on the market; unlike the "traditional" morgage, which is stipulated in a bilateral (e/g with the simultaneous presence of the bank and the customer), unilateral loan is concluded with the intervention only at the customer's notary. The bank is not present and therefore there is no possibility of having "direct" explanations. Leaving now the contractual aspects, but talking about concrete operations, it should be known that not always the conclusion of the loan means the immediate following availability of money: sometimes the banks hold until the acquisition of collateral mortgage, that is, in practice (according to the various models), even for fifteen days (or more) after the conclusion of the contract. The point is very important because, often, the borrower needs to have the money immediately to pay the seller's house that in the same time was given as guarantee to the bank. One possible remedy consists in obtaining a bank financing "bridge" (or "pre"), covering the period between the conclusion and the time necessary for the consolidation of the guarantee, but not all banks are available (and the pre normally has an interest rate higher than the loan "scheme").

The loan for the main house can bring tax discounts because lowers the value on which we must apply the rates Irpef, the "tax base" to calculate, it should be added income achieved and then subtract the deductible expenses (for example, the income of the main house) and deductions for family expenses. Once calculated the tax (known as Irpef gross), this must be subtracted from the "deductible expenses (such as interest and other charges arising from the loan, if true the conditions described below): the difference is the" the tax net, "that is the one to pay to the Treasury. deduction that can be made with reference to interest and other charges arising from a loan is calculated by applying the value of the interest rate of 19%. In this regard, we must bear in mind that:

A) the interest and other charges arising from a loan entitlement to deduct only arise if, as a rule, from mortgages;
B) for the loans awarded from 1993 onwards, the deduction is allowed only in the case of loans for the purchase of housing principal;
C) for those older, there are different rules depending on the type of building for which the loan was the year of the contract and signing.

Defininition forThe "first home"

The main house is a property objectively capable of accommodating people, and therefore it is a rule of construction classified or classifiable into categories A / 1 to A/11 by the Land register, excluding those of Class A/10, namely offices. In this house "uni"t the taxpayer must establish its home (this requirement is not required for personnel of the Armed Forces and Police Forces: Article 66, paragraph 2 of Law 342/2000): home is where the normally inhabit the taxpayer or his family, which must be resulting from population registers or special autocertificazione. The taxpayer must allocate as his "main house", the purchased property within one year from purchase, and in the same time, the purchase should be signed in the 12 months prior or subsequent to the date of the loan signing . You do not need to comply with these terms if the main destination for dwelling is not due to a transfer for work done after purchase (in this case the deduction even if it is granted the property in the lease: ministerial order on April 20, 2005 n.15 / E).

The rate of 19 per cent applies to interest and other charges listed above up to the total amount of 3.615,20 euros. The budget now under discussion in Parliament increases by 10% the ceiling, bringing to 3.976,72 euros (the rule, of course, triggered only by 2008). If the loan is drawn from a variety of borrowers, the limit shall be considered differently depending on the date of signing of the loan:

A) loans up to and including 31 December 1992, the amount must be reported to each cointestatario;
B) for the loans awarded from 1 January 1993, the limit of 3615.20 euro should refer to all of the contestatari.

Therefore, in the latter case, if the two spouses are cointestatari a loan, each of them should calculate the deduction on up to 1.807,60 euros (which, if one spouse is fiscally dependent of the deduction it is for the latter to both quotas)
It should also specify that if the loan is made out to both spouses, but to buy a house bought by one of them, the deduction depends solely to the spouse buyer and only with respect to its share of the loan (ministerial 12 in May 2000 No 95 / E).

The parameters for use the deduction

The main house is the building in which the taxpayer usually live or the family. This "habitual residence" shall be declared on the official town's population documents, but can be self-certified. The property must be targeted at home within one year from purchase, so between the purchase and the loan agreement can not be more than one year.

The rule that the time between the purchase, the conclusion of the loan and the dwelling declaration has two exceptions. If you buy a property that is leased, the date on which will become main house may slide of a year from the time that will be released by the tanant. The only condition, which is given is the eviction as 'finished' lease within three months of purchase. Why we should use, always the "end of lease" rule, is not given to know: sometimes you evict a tenant because it is also defaulting (e/g not pay the fee). The second exception snaps for people who buy a property in which you perform works considered 'restructuring' building. The time within you can take out a loan, enjoying the deduction, extend up to two years from the purchase date. Work cataloged as' restructuring 'construction may vary from one town to another: it is applied rather important works that include a request for a permit to build or a "Dia" (Declaration of login), with the payment of construction and Urbanization charges to the municipality. The extension period is not applied in the case for other the most common types of works, such as those extraordinary maintenance.

Are not allowed to deduct, as not intrinsic to this type of contract, the costs of the insurance, even if the bill is alleged by the credit in order to guarantee certain events that damage the property.

Tax relief on loans for the construction

The loans for the construction of the first house are entitled from 1998 onwards a tax deduction, with rules identical to those about.
Three further limits:

The deduction ceiling is only 2.582,28 euros (5 million lire instead of 7 million), for a maximum amount that is equal to 491 euro for year;
Work must be started within six months before or after the date of signing of the loan agreement;
The house must be used to house principal within six months after the completion of the work.