2023-05-10 15:55:37
Mortgages generally cover the 80% of the value of a property; In other words, if a family wants to buy a flat for 250,000 euros, they must have the financial capacity to pay, without delay, about 50,000 euros.
And without counting the administrative and management expenses involved in taking the first step towards owning your own home; that can reach 10% of the total value of the property.
This is the program ‘My First Home‘
This first economic obstacle is very difficult to overcome for hundreds of thousands of Spaniards, especially young people who make a great effort to have their first home.
To benefit this group, the Community of Madrid opened a second call for proposals for its ‘My First Home’ programme, which finances up to 95% of a mortgage.
The Community of Madrid will allocate, as in the first call, 18 million for the ‘My First Home’ program
This plan is aimed at young people from less than 35 yearsand that they meet the requirements demanded by the community government.
An investment of 18 million
For this second call, the Madrid government will invest 18 million euros, items that will be used for the agreement that will be signed with Caixabank, Ibercaja and Banco Santander to boost these bank loans.
In the first edition, this program has achieved sign 500 loans loans to young people from Madrid, and with the second call the regional Executive aspires to reach the 1,400 beneficiaries.
The conditions to access these loans are the same as in the first edition: having legal residence in Madrid, either continuously or uninterruptedly, during the two years prior to applying for the mortgage, not having any property owned in Spain, and the value of the future house cannot exceed 390.000 euros.
According to the Madrid government, banks that want to join the call for ‘My First Home’ will have to have branches in all municipalities with more than 200,000 inhabitants in the region.
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