Purchase of home for young people: Exemption also applies to registration costs.
The tax exemption on home purchases for young people will not be the only one: the exemption of the records associated with the process will also be added. Learn more below.
Young people will also have exemption from VPT property purchase registrations up to €316,772.
Young people up to 35 years old who will be entitled to government support measures when buying a house will also have access to the exemption from the cost of registrations, a considerable saving.
Public guarantee in entering the mortgage loan and exemption from taxes associated with the purchase of a house, is combined with an exemption from fees provided for in a draft decree-law that will cover houses whose Taxable Asset Value (VPT) does not exceed 316,772 euros.
The information is from Lusa, disclosed by Notícias ao Minuto, and reveals that, if a loan (with mortgage registration) is made when buying the first house, savings can increase by up to 450 euros. Without a mortgage, the corresponding value for registrations will be 225 euros.
This exemption, as detailed in the draft legislation, applies to the registration of the first onerous acquisition of property intended exclusively for own and permanent housing, whose taxable patrimonial value does not exceed 316,772 euros in favor of taxpayers who are 35 years old or younger at the time of the transmission," the shared news article reads.
Once these conditions are met, it is also possible to be entitled to an exemption from fees when registering the mortgage. The decree that exempts from paying IMT and Stamp Duty in the purchase of the first home for young people between the ages of 18 and 35 has already been promulgated by the President of the Republic and is expected to take effect from August 1st.
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