Mortgage lending deprives of tax deduction
Those who want to save on a mortgage due to on-lending should pay attention not only to the loan rate. The Ministry of Finance explained that, after over-crediting, citizens lose the right to a tax deduction on interest paid. Such a situation is unacceptable, market participants are convinced, and the law will soon be adjusted.
The tax code grants the right to a tax deduction in the amount of expenses on the construction or purchase of residential real estate in the amount of up to 1 million rubles, as well as on interest on the loan received for the purchase of this real estate. According to the Central Bank, as of January 1, the volume of home purchase loans is 344.2 billion rubles, of which 233.9 billion rubles are mortgage loans.
In 2005, the volume of mortgage loans has tripled, in the past - almost 5 times. Banks are finding customers not only among those who want to buy housing, but also among those who have already acquired it on credit. Before the rates were higher, now the banks are ready for a cheaper loan in order for the borrower to pay off the first bank.
')
When a person builds or buys a house or apartment on borrowed funds, he can deduct from the taxable income the cost of repayment of interest. If he refinances a loan, then he is deprived of this right, according to the letter of the Tax and Customs Tariff Policy Department of the Ministry of Finance: the right to the benefit is canceled, since the new “loan agreement will not have the character of a targeted loan spent by the taxpayer to purchase an apartment”.
In the case of a loan of $ 100,000 received 3 years ago for 15 years at 14% per annum, a person will not be able to save more than $ 10,000, says Alexander Sherstyukov, managing director of the retail unit of the Bank of Moscow, but compensation will require an additional reduction in the rate, but the cost of re-issuing the loan can negate all the benefits.
The Federal Tax Service does not know how many people use tax deductions to compensate for interest on mortgage loans and how much such deductions are. There is no such information and bankers.
“You have to be abnormal not to use the right to save [on taxes] thousands of dollars. I am sure that the majority of [borrowers] use this opportunity, ”says the curator of mortgage lending in one of the banks.
A small part of borrowers is turned over with deductions, Ilya Zibarev, the head of the Mortgage Lending Unit of Alfa Bank, objects, and with the crediting of loans, the borrowers lose much less: in the first years, most of the payments go to pay interest, which means you can use the tax deduction.
The treatment of the Ministry of Finance can be challenged in court, suggests Dmitry Kostalgin, a partner of Taxadvisor law company: both loans are related to mortgage and the purchase of an apartment.
This loan is no longer associated with the purchase of real estate, but with the repayment of the old loan and with the benefit of savings on interest, a source in the Ministry of Finance does not agree.
In any case, this issue is better settled at the legislative level, Zibarev urges: the spirit of the law coincides with Western practice, and the letter goes against it.
“Formally, the Ministry of Finance seems to be right. But citizens should not be deprived of the right to tax deduction in case of loans. Therefore, the parliament should support such amendments, ”assured Vladislav Reznik, chairman of the banking committee of the State Duma.
Only his
Vladimir Resin, the first deputy mayor in the Moscow government, broadcast on TVC promised that the mortgage loan rate, which is now at least 14% per year, will be reduced to 6-7%, and housing will be sold at almost cost, not at market prices. A source in the construction complex explained that Resin had in mind only a reduction in social mortgage rates - all waiting lists, as well as young non-successive families, fall under it. A young family is a couple whose total age does not exceed 70 years.
Vasily KUDINOV, Philip STERKIN
Source: Dengin.ru
The tax code grants the right to a tax deduction in the amount of expenses on the construction or purchase of residential real estate in the amount of up to 1 million rubles, as well as on interest on the loan received for the purchase of this real estate. According to the Central Bank, as of January 1, the volume of home purchase loans is 344.2 billion rubles, of which 233.9 billion rubles are mortgage loans.
In 2005, the volume of mortgage loans has tripled, in the past - almost 5 times. Banks are finding customers not only among those who want to buy housing, but also among those who have already acquired it on credit. Before the rates were higher, now the banks are ready for a cheaper loan in order for the borrower to pay off the first bank.
')
When a person builds or buys a house or apartment on borrowed funds, he can deduct from the taxable income the cost of repayment of interest. If he refinances a loan, then he is deprived of this right, according to the letter of the Tax and Customs Tariff Policy Department of the Ministry of Finance: the right to the benefit is canceled, since the new “loan agreement will not have the character of a targeted loan spent by the taxpayer to purchase an apartment”.
In the case of a loan of $ 100,000 received 3 years ago for 15 years at 14% per annum, a person will not be able to save more than $ 10,000, says Alexander Sherstyukov, managing director of the retail unit of the Bank of Moscow, but compensation will require an additional reduction in the rate, but the cost of re-issuing the loan can negate all the benefits.
The Federal Tax Service does not know how many people use tax deductions to compensate for interest on mortgage loans and how much such deductions are. There is no such information and bankers.
“You have to be abnormal not to use the right to save [on taxes] thousands of dollars. I am sure that the majority of [borrowers] use this opportunity, ”says the curator of mortgage lending in one of the banks.
A small part of borrowers is turned over with deductions, Ilya Zibarev, the head of the Mortgage Lending Unit of Alfa Bank, objects, and with the crediting of loans, the borrowers lose much less: in the first years, most of the payments go to pay interest, which means you can use the tax deduction.
The treatment of the Ministry of Finance can be challenged in court, suggests Dmitry Kostalgin, a partner of Taxadvisor law company: both loans are related to mortgage and the purchase of an apartment.
This loan is no longer associated with the purchase of real estate, but with the repayment of the old loan and with the benefit of savings on interest, a source in the Ministry of Finance does not agree.
In any case, this issue is better settled at the legislative level, Zibarev urges: the spirit of the law coincides with Western practice, and the letter goes against it.
“Formally, the Ministry of Finance seems to be right. But citizens should not be deprived of the right to tax deduction in case of loans. Therefore, the parliament should support such amendments, ”assured Vladislav Reznik, chairman of the banking committee of the State Duma.
Only his
Vladimir Resin, the first deputy mayor in the Moscow government, broadcast on TVC promised that the mortgage loan rate, which is now at least 14% per year, will be reduced to 6-7%, and housing will be sold at almost cost, not at market prices. A source in the construction complex explained that Resin had in mind only a reduction in social mortgage rates - all waiting lists, as well as young non-successive families, fall under it. A young family is a couple whose total age does not exceed 70 years.
Vasily KUDINOV, Philip STERKIN
Source: Dengin.ru
Source: https://habr.com/ru/post/3986/
All Articles