In May 2023, the Council of Ministers urged the Ministry of Transport, then responsible for housing, and the ICO to articulate a line to partially cover the mortgage of the primary home. Nine months later, the Government, now with its own Ministry of Housing, has established this Tuesday the conditions to access this aid in the face of the difficulties of citizens with stable employment who cannot access the necessary financing.
The ICO will guarantee up to 20% of the amount of the loan, unless the purchased home has an energy rating of D or higher, in which case up to 25% of this amount may be guaranteed.
The term of the guarantee granted by the Ministry of Housing to the financial entity with which the buyer reaches an agreement will be a maximum of 10 years from the date the operation is formalized, regardless of the amortization of the loan.
Home buyers who request public guarantee must be natural persons of legal age with legal residence in Spain, and must prove it continuously and uninterruptedly during the two years prior to applying for the loan.
Individual income may not exceed 37,800 euros gross per year (4.5 times the Iprem). In the event that the home is purchased by two people, the income limit will be doubled. That is, the income of the two acquirers together may not exceed the sum of the limit established for each one.
The guarantees have improvement factors depending on the number of children and whether the family is single-parent. Thus, this limit will be increased by 0.3 times the Iprem (2,520 euros gross per year) for each dependent minor and, furthermore, in the case of a single-parent family, the limit may be increased by an additional 70%.
The guarantor’s equity limit will be a maximum of 100,000 euros.
Those who already own another home beforehand will not be able to benefit from this line of guarantees, regardless of the way in which it was acquired. However, with the exception of the above, those who meet the requirements and meet some of these circumstances may qualify: when the property right falls on an aliquot part of the home and this has been obtained by inheritance or transmission mortis causa without a will.
There will also be exceptions for those people who, already owning a home, prove its unavailability due to separation or divorce, for any other cause beyond their control, or when the home is inaccessible due to the disability of its owner or person. the people who are part of your cohabitation unit.
During the ten-year maximum term, the home must be the habitual residence of the guaranteed person and its lease will be limited to circumstances requiring a change of home, such as celebration of marriage, marital separation, job transfer or obtaining a most advantageous employment, among other similar ones.
The period to formalize the loans that qualify for this line of guarantees will end on December 31, 2025. In any case, the agreement itself will state that this period may be extended for two more years.
The agreement to be signed by the ICO and the Ministry of Housing will establish a maximum limit for the sale price or appraisal of the guaranteed home, which may be set depending on the territorial scope and may be modified by agreement of the monitoring commission.
