The guarantee request can be made by everyone without an income or age limit, but you must not already be the owner of other properties, unless they have been received as a result of succession or given free of charge to parents or siblings.
What is the Consap mortgage?
The Mutual Consap is a loan for the purchase of the first home assisted by Consap (Concessionaire Public Insurance Services), a company linked to the Ministry of Economy and Finance. Consap created the Guarantee Fund for first home, to encourage families to access credit for the purchase of their first home. The first time the Fund was introduced was with the 2014 Stability Law.
The fund is financed to offer guarantees on mortgage loans to those categories that are usually most disadvantaged in the request for mortgages.
The Consap First House Guarantee Fund is aimed primarily at:
- young couples with at least one of the two members do not exceed 35 years;
- singles with minor children;
- young people up to the age of 35;
- public housing tenants.
Consap loan with 50% coverage of the principal amount
Consap covers 50% of the principal amount of the requested loan, thus also allowing 100% mortgages of the property value.
The requirements for obtaining the 50% mortgage guarantee are not really requirements that exclude the other categories, but are requirements that give priority to the taking in charge of the applications at the banking institutions to which one turns. So we can say that the Consap mortgage is granted without any age or income limit, but neither can the squaring limits on the apartment you want to buy. The questions are managed at the counter until the institutions have access to the amount granted by the State.
The conditions to be respected, instead to request the State guarantees are the following:
- the loan cannot exceed 250 thousand euros;
- the applicant must not be the owner of any other property for residential purposes, except that they have been received in succession;
- the property must be in Italy and cannot be luxury, therefore it cannot belong to the cadastral categories A1, A8 and A9.
Consap Fund: how to request it?
The banks that adhere to the fund are increasing more and more, to consult the complete list of banks, you have to go to the Abi or Consap website.
The procedure to perform to buy a house and apply for a mortgage is very simple. You must complete the form to request access to the Guarantee Fund for your first home. To download the application form to the Consap Fund, click here.
After submitting the application, Consap will respond after 20 days to notify the credit institution of the application. In turn, the latter after 90 days must notify Consap of the outcome of the loan, ie whether it was paid or not for reasons concerning the same bank.
In response to our reader who asks us how it is possible that despite being in possession of the requirements to apply for the guarantees of the Consap fund, the bank does not provide the loan. We can say that the bank is obliged to motivate the non-payment of the loan. The reasons could be different:
- the lack of funds, as the State provides a set amount for each institution that subscribes to the guarantee fund to meet the requests;
- the lack of sustainability on the part of the borrower to pay the mortgage payments despite the State guarantee, because we point out that the state guarantees only 50% of the disbursed capital.
Our advice is to go to the bank and apply for the reasons for refusing the loan.
For more information we advise you to consult the Consap website
Home loan with 50% Consap Guarantee Fund: here's how to apply
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