It is called "housing leasing", it is the result of the 2016 Stability law and simplifies life for those who buy their first home. The new procedure has been active since January XNUMX, but has yet to take off. Therefore, with the aim of spreading its use, the Ministry of the Economy has published the "Guide to real estate leasing first home for young people”, in which he explains how the new tool works and what advantages it brings.
WHO CAN USE HOME LEASING?
The requirements are two:
1) have a total income not exceeding 55 euros a year (to obtain the data, reference can be made to the income declared in part RN 1 of the last tax return presented, as explained the Treasury on its website).
2) Not having a main residence (the property in which the owner and his family habitually reside and reside by birth).
End. Many people think that there are age limits for taking advantage of the housing lease, but this is not the case. The only difference is that more advantageous conditions are reserved for young people.
THE TAX ADVANTAGES OF HOME LEASING
I. IRPEF DEDUCTIONS
In detail, even if the rates are the same for everyone, the maximum amount that can be downloaded from the tax return is double for young people. The scheme is as follows.
For those under 35:
– deductibility equal to 19% of leasing installments (up to a maximum amount of 8 thousand euros per year);
– deductibility equal to 19% of the redemption price (up to a maximum amount of 20 thousand euros).
For those over 35:
– deductibility equal to 19% of leasing installments (up to a maximum amount of 4 thousand euros per year);
– deductibility equal to 19% of the redemption price (up to a maximum amount of 10 thousand euros).
Furthermore, for all, the redemption price is deductible during the year.
In the case of a jointly owned first home lease (the income ceiling remains at 55 euros for each subject), the Irpef deductions are due to each in proportion to the percentage of the contract holder.
II. REGISTRATION TAX
For both under 35s and over 35s, the registration tax on the purchase of a first home is reduced to 1,5%. From this point of view, therefore, housing leasing is cheaper than a mortgage for individuals.
The Treasury publishes this table, specifying that in the case of leasing, the registration tax is calculated on the purchase price, because the price-value mechanism is not applicable.
III. VAT AT 4% INSTEAD OF 10%
If the leasing company purchases the home from the builder (VAT taxable person), the reduced VAT rate of 4% is applied. VAT, as well as deed taxes and notary and appraisal fees on the property, can be financed by the leasing company.
IV. MORTGAGE
There are no mortgage application and cancellation fees.
WHAT THE HOUSING LEASE AGREEMENT PROVIDES
The leasing company (usually a bank, but it can also be any financial intermediary authorized by Bank of Italy) assumes the obligation to purchase (and possibly also to have built) the property on the choice and according to the indications of the user, who receives it in use for a determined time against the payment of a fee. Once the contract has expired, the user can choose to redeem ownership of the asset by paying the price established by the contract.
CONSUMER PROTECTION
I. SUSPENSION OF PAYMENTS
The customer can request the suspension of the contract in the event of loss of employment both in the subordinate relationship and in agency, commercial representation and other collaborative relationships, even if not of a subordinate nature. However, the suspension of the contract is not foreseen in cases of consensual termination of the employment relationship, employer's withdrawal for just cause, employee's withdrawal without just cause, termination due to age limits with the right to an old-age or seniority pension, of dismissal for just cause or justified subjective reason, of resignation of the worker not for just cause. In any case, the suspension does not involve the payment of commissions or preliminary costs and takes place without requests for additional guarantees.
II. IF THE BANK FAILS
In the event of bankruptcy of the bank or leasing company, the contract continues regularly and the provisions of the bankruptcy law apply.
III. IF THE CUSTOMER DOES NOT PAY
If the customer does not pay the due fees, the bank or the leasing company can initiate the eviction procedure, the same procedure provided for by law for defaulting tenants. When the intermediary resells or relocates the house, he must comply with "criteria of transparency and publicity - says the Stability law - towards the defaulting user".
Furthermore, it must adopt procedures that guarantee the best possible result also in the interest of the defaulting user and, once the asset has been sold and/or relocated, it must return to the defaulting user the proceeds, net of the following sums which it has the right to hold back:
- the sum of overdue and unpaid fees up to the date of termination;
– discounted fees subsequent to termination;
– any condominium expenses incurred, insurance, technical/legal costs, etc.;
– the agreed price for exercising the final redemption.
THE "GUIDE TO LEASING REAL ESTATE FIRST HOME FOR YOUTH"
Together with the Treasury, theItalian Leasing Association (Axilea) and the National Council of Notaries, who will distribute the text for free. The document will also be disseminated by the 11 consumer associations that have joined the project (Adiconsum, Adoc, Assoutenti, Casa del Consumatore, Cittadinanzattiva, Confconsumatori-ACP, Federconsumatori, Lega Consumatori, Movimento Consumatori, Movimento Difesa del Cittadino, Unione Nazionale Consumatori). The guide will also be available on the websites of all stakeholders.
THE DEPUTY MINISTER CASERO: MORTGAGES WILL IMPROVE WITH LEASING
“In the stability law we have introduced housing leasing to give another tool for buying a first home in addition to the mortgage loan – said Deputy Minister of Economy, Luigi Casero -. In fact, competition is fundamental: so the banks will be pushed to improve mortgages. We don't think this instrument should be an alternative to mortgages: the important thing is to have a little competition”.