At the Ministry of Economy and Finance, the Guarantee Fund for mortgages for the first house was established, managed by Consap Spa and regulated by the interministerial decree of 31 July 2014. The Fund has a capital endowment of 670 million euros for the three-year period 2014-2016, with the aim of being able to guarantee greater purchasing opportunities for Italian families.
The Fund issues guarantees at first demand at a maximum rate of 50% of the principal amount on mortgage loans – as the ABI recalls – or on portfolios of mortgages connected to the purchase and restructuring and increase of energy efficiency of buildings, used for main house. The Fund replaces today what used to be the Youth Couples Fund, and allows making requests for new guarantees to all those who are not owners of residential properties (except for those acquired by succession).
Loans granted by banks
The loans granted by the banks and which fall within the Fund must not exceed 250 thousand euros and those who supply them undertake not to request additional non-insurance guarantees from the borrowers, in addition to the mortgage on the property. The protocol then establishes certain times for the operations of the banks, which have thirty working days, from the moment they join the initiative, to provide services to citizens. As long as Consap has prepared the user manual for at least thirty working days for the access of the same banks to the telematic infrastructure.
The lists of banks and financial institutions adhering to the Protocol, at which state guarantees can be requested, are available on the Consap Spa website, as well as on the ABI website.
Obviously, the fund manager can assign delivery priority to:
- young couples: families composed of at least two years, married or cohabiting more uxorio, with one of the members under the age of thirty-five;
- single-parent unit with minor children: single unmarried person, separated, divorced or widowed with at least one child living together;
- young people under the age of 35 holding an atypical employment relationship as per article 1 of the law of 28 June 2012, n. ninety two;
- tenants of housing owned by the autonomous institutions for public housing.
For mortgages to which ownership has been assigned, the maximum limit of the applicable global effective rate is equal to the average overall effective rate on mortgages, recorded by the quarterly publication of the Ministry of Economy and Finance, pursuant to the law of 7 March 1996, 108.