Loan on the first home for under 36: how to get it?

In our country for young people under 36 there is a Guarantee Fund, created to make sure to obtain a loan for the purchase of the first home equal to 100% of the value of the property. It is a facility designed specifically for young people and for other specific categories: tenants of social housing , single parents, couples in which one of the two components has not reached the age of 36.

How to apply for funding

The Guarantee Fund in fact acts as a guarantor for the ignition of 100% loans for young people. To apply for a mortgage for young people under 36 you must contact one of the banks that have adhered to this type of proposal. It is in fact the bank that provides young people and couples who meet the above requirements with all the forms necessary to request guarantees from the Fund provided by the Italian State . The Italian banking associations offer constantly updated lists of all the banking institutions that have joined the initiative. Clearly in addition to the requirements regarding the age of the applicant for the mortgage it is also necessary to have all those necessary for the ignition of a mortgage without the guarantee fund. They are in fact prerequisites required by banks, which offer mortgages for the purchase of the first home exclusively to subjects with an acceptable credit situation.

The requirements to apply for a mortgage

So, the 100% mortgage for the purchase of the first home can be requested by those under 36 and by some specific categories. We also remind you that this opportunity is offered only to those who have an ISEE of less than 40,000 euros, for the purchase of a property in Italy, which is not luxury, and which is used as a first home by the buyer. The mortgages thus obtained cannot exceed 250,000 euros and cannot be lit by subjects who already own another property in Italy. In addition, the subsidized loan with the Guarantee Fund is offered exclusively to Italian citizens or foreigners in possession of a regular residence permit . In addition, you need all the characteristics necessary for the ignition of a “classic” mortgage, so having a demonstrable income sufficient to pay the installments, being in possession of an employment contract or being a self-employed person.

Interest rates and installments

Those who buy a house with a mortgage for young people under 36 can also enjoy some tax breaks, which certainly help to lower the general expenses incurred for this kind of financing and for the purchase of a property. Interest rates are generally similar to those obtainable for a traditional mortgage , but clearly much depends on the bank you are targeting. However, you have the possibility of choosing between fixed and variable rate, a matter to be agreed directly with the bank; some mortgage contracts also provide for the possibility of renegotiating rates after 5-10 years. We remind you that in Italy it is not possible for banks to fix a mortgage installment that exceeds 30% of the total income of the family 

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