Payday loans for the first home: up to $ 50,000 loan for the purchase of the first home

The first home payday loan is a type of loan that allows you to obtain a capital to buy your first home, replacing or constituting an alternative to a mortgage application. This type of payday loan is an optimal solution for those who need liquidity of an amount not exceeding 50,000 USD : requesting a mortgage for a home is not, in fact, possible if the necessary capital is not higher than the amount indicated above.

The first home payday loan: FOR WHOM?

The first home personal loan: FOR WHOM?

The first home payday loan is a traditional loan for the purchase of the first home, including the purchase of a low-priced property or for those who already have a small amount of money to invest. With this financing solution it is possible to obtain the necessary capital in a short time frame and with little investigation costs: no guarantee is required and no mortgage on the property.

The personal first home loan is an exclusive loan for the purchase of the first home, by which term we mean the first home, the home where the owner and the person requesting financing reside, who does NOT own any other property and for this reason, no other guarantee is required for the request of this form of financing.

It is forbidden to have a second home

Those who choose to request the loan for the purchase of their first home must NOT own property, hold the usufruct, or simply BE in communion with a third party or their spouse.

The first home payday loan: main requirements

The first home personal loan: main requirements

To be able to access the discounts offered for the purchase of a first home, it is necessary to have some important personal requirements and choose a specific type of home:

  • the house for which the financing is requested must not exceed 160 square meters ; the ceiling must not be more than 3.30 meters high and must not be placed in contexts with swimming pools or luxury and entertainment goods;
  • the dwelling must be in the same municipality of residence as the person requesting the loan or where it is intended to transfer it within a maximum period of 18 months. In this case, it is also possible to purchase the first home in the municipality where you have your main business:
  • the applicant must not be the owner of any other property ; the communion of assets with a spouse of usufruct or other types of property ownership is also a discriminating factor.
FIRST HOUSE LOAN ECONOMIC AND PERSONAL REQUIREMENTS HOUSE REQUIREMENTS
  • payday loan;
  • MONTHLY, QUARTERLY, HALF-YEAR INSTALLATION.
THE APPLICANT MUST NOT BE OWNER OF A PROPERTY
  • MUST NOT EXCEED 160 SQM;
  • CEILINGS NOT HIGHER THAN 3.30 M;
  • IT MUST NOT BE A LUXURY HOUSE.
LOAN FINALIZED FOR THE PURCHASE OF THE FIRST HOUSE MUST HAVE A STABLE REMUNERATION AND WITH POSSIBILITY OF RETURN OF THE DELIVERED CAPITAL.
  • HOUSE IN THE SAME COMMON RESIDENCE;
  • MUNICIPALITY IN WHICH IT IS INTENDED TO TRANSFER THE RESIDENCE IN THE ARCH OF 18 MONTHS;
  • HOUSE IN THE MUNICIPALITY IN WHICH YOU HAVE THE MAIN ACTIVITY.

The first home payday loan: guarantees and documentation

To obtain a personal first home loan, as we have said above, no special guarantees are required but it is the bank itself that applies certain policies to the applicant’s documentation to safeguard against insolvency. The credit institute, to respond positively to the request for financing, evaluates:

  • economic situation of the applicant, the remuneration and the amount necessary to pay the installment;
  • creditworthiness of the applicant who, if not new to financial institutions and included in the category of protesters or bad payers, may not obtain the loan.

In the case of a person included in the list of protesters or bad payers, an optimal solution for the purchase of the first home is the type of loan with the transfer of the fifth for protesters (or bad payers) in which the monthly payment is deducted directly from the salary by the employer, providing a solid guarantee for any credit agency. At the time of signing the contract for the purchase of the first home, it is therefore necessary to go to the bank counter where you wish to request a payday loan and show:

  • last paycheck;
  • Identity document valid.

The first home loan: the benefits

 

In the purchase of the first home it is possible to benefit from numerous tax breaks, without prejudice to the ownership of the requirements set out in the previous paragraph:

  • registration tax at 3%, compared to 7% for the purchase of other types of properties (paid to the notary);
  • mortgage and land registry taxes in a fixed amount of $ 168 each and not defined as a percentage of the property value (paid to the notary).

The payday loan for the first home differs from the mortgage for the purchase of the same house and is far greater but reserves the right to be more suitable for those who need to obtain a liquidity of less than 50,000 USD and to secure a lower repayment plan than, for example, a thirty-year mortgage. In any case, wishing to make a brief comparison between a payday loan for the first home and the request for a mortgage for the same purpose, we can say that in the solution of the loan :

  • the personal income tax deduction of a portion of interest expense and ancillary charges is 19% up to a maximum of 4,000 USD per year. The home for which the loan is requested must become the first home of the borrower or family member within a maximum period of 12 months;
  • the substitute tax of 0.25% of the amount disbursed (compared to 2% for the purchase of other types of houses.
TAX BENEFITS TAXES DEDUCTIONS
FIRST HOUSE LOAN
  • REGISTER TAX 3%;
  • MORTGAGE AND CATASTAL TAX TO 168 FIXED TAXES.
LOAN FIRST HOUSE TAX REPLACEMENT AT 0.25% IRPEF AT 19%

The first home payday loan: what to check and evaluate in the contract

The first home personal loan: what to check and evaluate in the contract

The first home payday loan envisages the presence of particular requirements that determine compliance with the law on financing, including in the contract the detail of all the following provisions and clauses:

  • amount of capital;
  • number and expiration of the installments;
  • interest rate applied;
  • the annual percentage rate of charge (APR);
  • late payment applied to late payment;
  • the insurance coverage required;
  • possibility of early termination and penalties due.

The first home loan: WHO TO SEE?

The first home loan: WHO TO SEE?

The first home loan is the ideal solution for those who need a sum of less than 50,000 USD to buy the first home, without the need to apply for a mortgage and to have additional guarantees and requirements to get a positive feedback from the credit institutions. The disbursed capital is deferred in monthly, quarterly or six- monthly installments based on customer requests and needs.

There are various credit agencies that offer this type of financial product and differ in interest rates and subjects to which they are addressed. In this regard, we see the following table together (remember that the offers are by their nature subject to variations, so it is always essential to visit the websites of the agencies):

AGENCIES LOAN FIRST HOUSE FIRST HOUSE LOAN FEATURES AND EXAMPLES OF FINANCING
FINDOMESTIC LOAN AS I WANT
  • 30,000 USD WITH MONTHLY RATES OF 439,000 USD;
  • CAPITAL TO RETURN 41.750;
  • 96 RATE;
  • FIXED TAN 8.70%;
  • APR 9.05%
LOANS ON LINE FIRST HOUSE LOAN
  • UP TO 65,000 USD;
  • FIXED TAN 4.25%;
  • APR 8.90%;
  • MONTHLY-QUARTERLY-HALF-YEAR RATES
INPDAP LOAN FIRST HOUSE LOAN
  • MAXIMUM CAPITAL 30.000 USD;
  • REFUND PLAN FROM 1 TO 4 YEARS;
  • MULTI-ANNUAL LOANS WITH A REFUND PLAN FROM 5 TO 10 YEARS;
  • FIXED RATE 3.75%;
  • VARIABLE RATE 3.50%.

The first home loan: early repayment

Even for the personal first home loan, it is possible to carry out the early repayment of the loan when the borrower has the opportunity, paying the residual capital due with a penalty that cannot exceed 1% of the requested sum. It is also possible to calculate the convenience of the termination of the payday loan contract whether it decides its total extinction, by paying in a single payment the octal amount of the financed capital or its partial extinction, or a part in money you hold at the moment. To recapitulate also observe the following table:

payday loan FIRST HOUSE REQUIREMENTS AND GUARANTEES HOUSE FEATURES
  • UP TO 50,000 USD;
  • NO MORTGAGE ON THE PROPERTY;
  • REDUCED REGISTER AND MORTGAGE TAX.
  • NO PROPERTY PROPERTY;
  • INDETERMINATE OR DETERMINED CONTRACT DUE TO THE DEPRECIATION PLAN;
  • NOT BEEN PROTESTED OR INSERTED IN THE LIST OF BAD PAYERS.
  • THE CAPITAL IS FINALIZED FOR THE PURCHASE OF THE FIRST HOUSE;
  • HOUSE NOT MORE THAN 160 SQM; CEILING NOT GREATER THAN 3.30 ME NOT PLACED IN LUXURY CONTEXTS;
  • SAME MUNICIPALITY OF RESIDENCE OF THE APPLICANT SUBJECT; MUNICIPALITY OF TRANSFER OF RESIDENCE WITHIN THE 18 MONTHS AFTER OR MUNICIPAL IN WHICH IT WORKS.

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