To buy a home it is essential to have savings. Despite the fact that financial entities usually grant loans to acquire this type of property, the percentage to be financed is usually around 80%although in some special cases it may be higher.
For this reason, people interested in buying a house or flat should have savings of between 15% and 30% of the value of the property that they want to acquire. However, having this amount is not usually easy. And that is why many people choose to ask for money from their parents or relatives.
One of the most common options is donation. It consists of the delivery of an economic amount voluntarily and disinterestedly, according to the portal Hipotecas.com. Although it does not involve the return of the money, as when requesting a loan from a bank, it is necessary to pay a tax.
Specifically, the Inheritance and Gift Tax. The amount is determined by the autonomous community in which the donation takes place, the amount received and the assets of the person receiving the money, and who will have to pay the tax.
What is the loan between relatives?
Another lesser known option is loan between relatives, which works in a similar way to that of financial entities. Therefore, it is essential to sign a contract in which the conditions of the loan are specified.
Besides the date and personal data, it is also necessary to include the interest rate and the economic amount to be lent, the repayment period and the way in which the installments will be paid. Also, it must be stated whether it can be repay the loan early and how to do it, as well as the steps to take if a problem occurs. default.
It should be noted that it is necessary to present the model 600 a Haciendasince this type of loan is subject to Transfer tax and stamp dutyalthough they are exempt from their payment.
Through the process, for which there is a within 30 business daysthe tax authority can verify that it is a loan and not a donation, an operation that does entail the payment of taxes to the State.