Just as the European Central Bank cuts mortgage rates, we present this interesting relief promoted by INPS
Buy a house and take out a mortgage it is a key passage in the life of an adult person. It represents something very important from an emotional point of view, but it is certainly a delicate and decisive moment also from an economic point of view. For this reason, those who are about to take this big step are always looking for incentives and concessions. What we are talking about today is really very convenient and comes directly fromNational Institute of Social Security.
Precisely in these hours, however, the European Central Bank has decided and communicated the rate cut. A measure that affects loans, mortgages, shares, bonds and currencies. The ECB’s move makes borrowing less expensive and stimulates investments. Overall, good news. But, since there is never enough good news, especially in these times, it is useful and appropriate to know about this particular benefit offered directly by INPS.
INPS relief on mortgages
A tool designed for support public sector workers in the implementation of long-term projectssuch as purchasing your first home or renovating it, offering loans on advantageous terms with lower and more flexible interest rates.
Starting from 1 January 2024, a new regulation for the disbursement of INPS mortgage loans came into force. The interest rates, updated by the Extraordinary Commissioner with resolution no. 72 of 18 October 2023, are available on the INPS website. One of the most advantageous features of these mortgages is the flexibility of the interest ratewhat can be changed from fixed to variable and vice versabut only after two years from the start of the mortgage.
The duration of INPS mortgage loans varies from a minimum of 10 years to a maximum of 30 years. For applicants over 65 years old, the maximum duration is 15 years. In any case, the age of the applicant plus the duration of the amortization must not exceed 80 years. The requirements to request an INPS mortgage loan include being first home buyers and have a permanent employment contract or be pensioners. However, these are not the only requirements. To be eligible, you must not own other real estate in Italy, unless it is inherited and unusable or ownership stakes do not exceed 50% of the total value of the property.
The mortgage granted by INPS can also finance the purchase of appurtenances of the first and only residential house, such as garages, cellars or parking spaces, with the following amounts including taxes: €300,000 for the purchase or construction of homes; €150,000 for renovations or expansions of owned homes; €75,000 for the purchase of garages or parking spaces.
Applications can be submitted until October 10th, entirely online on the INPS website. You must complete the application form and send it with all the required documentation. Once the application has been sent, the competent INPS office will provide all the information on how to proceed. According to the Regulation for the definition of the terms for the conclusion of administrative procedures adopted by INPS, the deadline for defining the provision is set at 75 days, and the loan must be paid within 120 days of submitting the application.
