The Loan for Restructuring Is a Particular Type of Financing
The restructuring bonus
One of the bonuses confirmed for this year again is a tax deduction of 50% on the expenses incurred for ordinary and extraordinary maintenance work, with a maximum cost for each housing unit of € 96,000. Restructuring interventions may concern: Learn more at vivrele.net
ordinary maintenance, specifically building interventions concerning repair, renovation and replacement of building finishes and those necessary to integrate or maintain existing technological systems;
extraordinary maintenance, which includes the works and modifications necessary to renovate and replace structural parts of the buildings, implement and integrate the sanitary and technological services, as long as they do not alter the volumes and surfaces of the individual buildings and do not involve modifications destinations of use;
building renovation, demolition and reconstruction interventions that include the restoration or replacement of some building constituents, in addition to the elimination, modification and insertion of new elements and installations.
To take advantage of the restructuring bonus can be both the owners, and those who have the usufruct of a dwelling, therefore also the tenant: in essence, those who supported the expense, attested by a “talking” transfer. It is necessary to communicate the jobs to ENEA, with a rapid procedure but to which pay close attention, because it will be the only one able to get the benefits.
The deductions on mutual restructuring
Often a loan is used to support the renovation work, which exactly as for a mortgage whose purpose is the purchase of a home, will be entitled to tax deductions on interest expense. However, there are some limits to be taken into account.
First of all, the tax deduction is up to interest on the part of the loan actually used. It is therefore necessary to document the expenses incurred for the works, because the benefit will not be paid on the interest that relates to the part of the loan exceeding the amount of the restructuring costs.
The loan agreement must be stipulated by the person who will have ownership of the real estate unit by way of property or other real right. Furthermore, the Revenue Agency, with a document dated 28 April 2018, emphasizes that the building unit that is being built or renovated must be the one in which the tax payer or his family members intend to dwell habitually.
With regards to timing, the loan must be stipulated in the six months preceding or eighteen months following the date of commencement of the construction work.
In the event of a mixed-use mortgage, first home and renovation (or construction of a building), the double deduction will be due only in the duration of the works, from the beginning until the following six months.
How to find the best mutual restructuring
The duration of a mutual restructuring varies from 5 to 30 years, it can be at a fixed, variable or mixed rate and with a maximum loan-to-value of 80%. To find the best solution it is necessary to compare the offers, using a comparator like MutuiOnline.it and the service dedicated to those who intend to turn on a mortgage, in terms of information, calculations, forecasts and prospectus on the market for the best deals.