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The taxpayer inquired whether they could continue to claim tax relief for investment in their principal residence after novating two mortgage loans into a single new one. The Directorate General for Taxes (DGT) ruled that novation does not preclude the deduction, provided the new loan is used to repay the previous one.
Question posed: Whether it will be possible to continue applying the deduction for investment in the primary residence for the amortization of the new loan.
The novation, subrogation, or substitution of loans does not conclude the financing process nor exhaust the right to deduction, as it only modifies the agreed conditions. The installments of the new loan shall entitle the taxpayer to deduction in the proportional part attributable to the amortization of the original loans intended for the dwelling. If there is an increase in the principal, only the portion intended to cover the cancellation costs of the original loan shall be deductible, excluding amounts intended for other purposes. Deduction is not permitted if there is a debt cancellation followed by the subsequent obtaining of credit without a connection between the two.
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