The Treasury Department has just opened up an interesting alternative for all those who are having difficulty making their mortgage payments. A recent response from the General Directorate of Taxes to an inquiry from an individual on The right of taxpayers to continue to benefit from the home purchase tax exemption If it is decided to settle the remaining amount of the mortgage loan received from the bank and replace that financing with a personal loan, in this case from a relative.
Tributos argues that the fact that funding comes from a financial entity or a relative Not relevant for the purposes of enjoying the tax deduction, since the legislation “does not specify any kind of restrictions as to the origin of the financing – the owner or otherwise -, the manner in which – one or several loans or credits and, where appropriate, the collateral required for the privilege -“. Therefore, it would also be appropriate to apply the deduction for the purchase of habitual residence, which allows a deduction of 15% of the amounts contributed to the reimbursement of habitual residence, up to a maximum amount of 9040 euros, which It guarantees in the best case a tax saving of 1356 euros annual.
The criteria set by honors open the door for the mortgaged It can avoid the financial damage that an Euribor escalation could causewhich according to estimates managed by ABC makes a mortgage more expensive in the range of 250 to 600 euros per month, as long as they have a family member with sufficient financial capacity to cover the remaining amount of the mortgage loan with a personal loan and as long as the beneficiary complies with the tax obligations arising from this type of operations.
The binding advice vacated by the General Directorate of Taxes indicates that the cancellation of the bank loan accrues tax on documented legal acts and that the formation of the new personal loan, whether it has an interest rate or not, It must be declared in the property transfer tax as a cumbersome send.
Once these tax obligations are met, the taxpayer who is the beneficiary of the process may continue to apply the deduction for housing for the new signed loan at the rate at which the principal or interest derived from the personal loan is repaid, if formalized with some type of interest.