If the Mortgage Loan is going to be used-
regardless of the taxes that may be levied on the sale transaction (VAT, tax on property transfers, etc.), it is advisable to find out about the tax benefits in force at any given time, since they can change from one year to the next and what they can mean significant savings for the borrower
The tax legislation has been establishing, until the end of 2012, a deduction in the amount of Personal Income Tax (IRPF) for investment in primary residence, with certain limits. Its elimination is not retroactive, that is, those who applied it before that date can continue to do so. The deduction is calculated by applying the percentage indicated by law in each case on the amounts paid during the year for the purchase or rehabilitation of the habitual residence (loan installments and other expenses derived from it). Some autonomous communities have established complementary aid. However, it must be taken into account that the amount of the deductions, their calculation method and the conditions required to take advantage of them may vary from one year to another, as in fact has happened in recent fiscal years, or even —what we have just pointed out—to be suppressed at some point by the legislator.
Therefore, it is advisable to consult the Tax Agency or, in the case of residents of Álava, Vizcaya, Guipúzcoa and Navarra, the corresponding provincial councils.
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