The banks CaixaBank and Sabadell have signed the agreement by which they adhere to the guarantee line of the Official Credit Institute (ICO) for the acquisition of the first home for young people no more than 35 years old and families with dependent children, endowed with 2,500 million euros.
They join the other two large Spanish banks Santander and BBVA that had already signed it. In addition, the Ministry of Housing and Urban Agenda has signed similar adhesions with more than 60 banking entities. Access the complete list.
With income and salaries lower than other age groups, Canary citizens between 16 and 29 years old have an emancipation rate of 19.1%, according to the latest report from the Emancipation Observatory of the Youth Council.
Given the difficulty of raising 20% of the price of a house, which is usually the amount required by banks to grant a mortgage for the remaining 80%, the Government approved a line of guarantees from the Official Credit Institute (ICO) for young people up to 35 years of age and for families with dependent children and low incomes.
Thus, the amount of the mortgage loan granted by the credit institution can equal the appraisal value or the purchase price of the home, instead of just 80%.
In order to request one of these guarantees, it is necessary to have lived uninterruptedly in Spain for the two years prior to the application. The house for which the mortgage is requested must be the first home and must be lived in.
On the economic front, individual incomes cannot exceed 37,800 euros gross per year (4.5 times the IPREM). If the purchase is made between two people, the income limit will be doubled.
For families with children, the limit is increased by 0.3 times the IPREM (2,520 euros gross per year) for each dependent child. If the family is single-parent, the limit is increased by an additional 70%.
