Housing allocates three million euros to help young people from the Canary Islands to buy their first home

Those under 35 years of age may apply for financing of 20% of the costs of their first home until July 13

EKN

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EKN

June 14 2022 (09:06 WEST)
Two young people compare housing options at a real estate agency

The Housing Department of the Government of the Canary Islands has published this Monday a new call for aid to promote the acquisition of housing by young people of the Canary Islands, for which the Canary Islands Housing Institute (ICAVI) will allocate three million euros.

The objective is to promote a first access to housing, on a permanent and habitual basis, so those who apply for this aid may not own other homes in the national territory and must be used for habitual and permanent residence for a minimum period of five years.

This subsidy, included among the action programs of the Canary Islands Housing Plan 2020-2025, will allow young people up to 35 years of age to obtain financing of 20% of the costs of their first home, up to a maximum of 11,000 euros.

However, the financing will take place as long as the property is acquired for an amount equal to or less than 120,000 euros and its purchase is made between July 1, 2021 and until July 13, 2022.

In addition, those who want to opt for this call, must have signed a mortgage loan and not exceed an annual income greater than three times the public indicator of income for multiple purposes (IPREM), which is equivalent to 23,725 euros.

If it is a large family of general category or of which some person with general disability is part, the income limit may reach up to four times the amount of the IPREM or in the case of cohabitation units with large families of special category or of which some person with special disability is part, the income limit will be five times higher.

It should be noted that the Ministry has been applying this line of subsidies since 2020, but these have experienced a considerable increase, going from 1.5 million euros in 2019 to 2.9 million in the calls of 2020 and 2021, and to three million for this 2022. Specifically, last year 369 young Canarians benefited from the aid, which is triple the 142 young people benefited in 2019.

To submit it, it will be necessary to fill in the application form and annexes I and II that are available on the website of the Icavi and submit them, preferably electronically, through the Electronic Headquarters of the Government of the Canary Islands or, in person, by appointment for the offices, providing the requested documentation.

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