The home loan interest subsidy for those with a significant effort rate or significant aggravation will be limited by the IRS interest deduction on loans with real property. This tax benefit exists only for contracts prior to 2011 and has an annual cap of 296 euros. The bonus that the Government now presents is conditioned so it was returned on the last IRS return.
The clarification from the Ministry of Finance details what Minister Fernando Medina had said about an agreement between the old tax benefit and the new bonus. In response to the Observer, the Ministry explains that “the amount of the subsidy must be deducted from the amount of the deduction of the respective collection that appear on the latest available IRS tax return.”
Therefore, the bonus calculation will be based on the last credit interest deduction to housing This specific measure allows families with difficulties to pay the mortgage loan to receive 75% of the increase in the mortgage payment caused by the rise in interest rates, based on the calculation of the payment calculated in the stress test in the moment of signing the contract with the bank (that is, 3 percentage points above the contracted rate). And as for families on the fifth and sixth floor, the subsidy will be 50% of the increase in the fee due to the rise in interest rates. The maximum annual subsidy is 720 euros per credit contract.
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