Home mortgage 2024: all the support measures

Securing a mortgage to purchase a home has generated quite a bit of anxiety and difficulty in recent times. However, amidst the anticipation of rate cuts, there's a wealth of opportunities to tap into, from state-backed guarantees to corporate perks and tax deductions.

The repeated increases in interest rates by the European Central Bank to control inflation have made the mortgage market more challenging for aspiring homeowners. As a result, in recent months, many have pondered whether renting or buying a house would be the more advantageous option.

There's hope for a possible change in direction, as analysts predict that interest rates will start decreasing in the summer. However, getting a mortgage remains difficult, and there are also ongoing high costs to maintain it. That's why it's crucial to stay updated on the various support measures offered to those looking to buy a home.

First home mortgage guarantee fund

The state guarantee for up to 80% of the mortgage amount for the purchase of first homes has been extended throughout 2024. To qualify, applicants must have an annual Equivalent Economic Situation Indicator (ISEE) lower than €40,000, secure a mortgage covering more than 80% of the property's purchase value, and ensure the property's value does not exceed €250,000. Additionally, building must not fall under the cadastral categories A1 (mansions), A8 (villas), or A9 (castles, palaces).

Priority access to the fund is granted to individuals falling under the following categories:

1. - Young couple who have been married or cohabiting for a minimum of two years

1. - Young people under the age of 36
2. - Tenants of public housing
3. - Single-parent families with dependent children
4. - Large families:
   • • with three children under the age of 21 and an ISEE not exceeding €40,000 annually
   • • with four children under the age of 21 and an ISEE not exceeding €45,000 annually
   • con cinque o più figli di età inferiore a 21 anni e ISEE non superiore a 50.000 euro annui

This initiative presents a significant opportunity to ease the path to owning a house for young people. However, it's important to note that they can no longer rely on tax benefits associated with the under-36 first home bonus, which has not been renewed. This bonus remains valid only if the preliminary purchase agreement was signed by December 31, 2023, and the deed is executed by 2024.

Home mortgage bonus in 2024

Another important measure to alleviate the financial burden associated with purchasing a home intended for primary residence is the mortgage bonus. It is granted as an IRPEF deduction on the passive interests paid to the bank - 19% on a maximum of €4,000, translating to a potential refund of up to €760.

To qualify for this bonus, there are two primary prerequisites. Firstly, the mortgage must have been procured within a window of 12 months before or after the purchase of the property. Additionally, the homeowner must designate the property as their primary residence for themselves or their family within one year of the purchase, otherwise the deduction will not be granted. . Nonetheless, there are exceptions for those who need to relocate due to professional obligations or medical exigencies, or leave the property available to family members from the original household, such as children or spouses.

Mortgage expenses as fringe benefits

An important news concerns fringe benefit, which are goods and services that employers can decide to provide to employees as part of corporate welfare, remaining excluded from taxable income up to a certain threshold. These benefits can range from meal vouchers and insurance policies to company nurseries and beyond.

For the first time, it will be possible to include allocations for primary residence rent or mortgage interest into fringe benefits. Such benefit can be provided either through direct payment or reimbursement.

This opportunity, currently planned only for 2024, sets a limit of €1,000 on the sums that an employer can provide or reimburse. This limit doubles to €2,000 for employees with dependent children.

Mortgage suspension fund

Following the extraordinary measures implemented during the Covid-19 pandemic, the mortgage suspension fund for primary residences, also known as the Gasparrini Fund, returns to its ordinary regime. It allows holders of a mortgage contracted for the purchase of their first home to benefit from the suspension of payment of installments in case of temporary difficulty. The suspension is granted for a maximum of 18 months.

To qualify for assistance from the fund, individuals must have an ISEE (Equivalent Economic Situation Indicator) not exceeding €30,000 and mortgages of up to €250,000. The special provisions introduced during the pandemic, which allowed self-employed individuals experiencing a turnover decrease of over 33% to access the fund, have not been confirmed.

Social securitization

Finally, social securitization has been introduced as a new tool aimed at extending a helping hand to individuals facing financial hardship due to soaring mortgage rates. Nomisma . To give you an idea, recent findings from Nomisma, an Italian institute specialized in economic and social research, revealed that, over just two years, variable-rate mortgage rates have surged by as much as 119% for some families. Here's how this mechanism works: if debtors encounter difficulties, ownership of their property is transferred to a specialized real estate entity known as Reoco (short for Real Estate Owned Company). Reoco then leases the property back to its owners at a rate adjusted to their economic circumstances, offering them the opportunity of eventual repurchase. This approach allows homeowners to manage their debt over an extended period without the threat of losing their homes, while banks avoid disruptions.