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Written by:
Bas Hollenberg


Mortgage repayments

Mortgage repayment requirements

The Minister of Finance has answered parliamentary questions over the mortgage interest deduction. Since the introduction of the Wet IB 2001 the entitlement to the interest deduction on home acquisition debt has been limited to 30 years. For loans already exising at 1 January 2013 no mandatory loan repayment applies in the transitional arrangement. From 2013 there is an obligation to repay the new home debt on new homes within 360 months. If somebody was entitled to the mortgage interest deduction before undertaking debt for a new home then this period will be deducted from the maximum period of 360 months in which the debt must be repaid.
The Minister of Finance is of the opinion that there must be a shortening of the period in which the debt must be repaid because previously under the old law or under the transitional arrangement some people were entitled to mortgage interest deductions when they should not have been. He plans to make an announcement shortly stating that the interest deduction period will be shortened by the earlier period of deduction. The repayment for the debt must be done within the maximum of 360 months.
For an additional loan above the amount for which interest deduction has been deducted for some time, a new 30 year period will begin.

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