The entry fee is one of the main obstacles to buying a home, even for those who have income with which to pay a mortgage. The Government recovered this Tuesday, October 6the mechanism Your Housea line of public loans of up to 50,000 euros without interest intended to facilitate the acquisition of a first habitual home.
The measure is part of the new housing decrees approved by the Council of Ministers after the parliamentary rejection of the previous ones. Pedro Sánchez has announced a provision of 10 billion euros for this financing, managed by the Official Credit Institute (ICO). Its implementation, however, requires specifying the access conditions and the application procedure.
Who will be able to access the loan
The program is designed for people who buy their first habitual residence with a mortgage. Public money will serve to complement private financing, so the buyer will also have to obtain a loan from a bank.
The objective is to help those who can assume a mortgage payment, but have not gathered the necessary savings for the down payment. This means that accessing this public financing does not guarantee that the bank will grant the mortgagesince the entity must evaluate the operation.
Another key is age. Sánchez has presented the measure as intergenerationalso it is not exclusively for young people. Now, that does not imply an automatic concession to any buyer. The possible income limits, the specific conditions of the beneficiaries and the procedure must be specified in the development of the program.
How much money can be received
The design of Your House contemplates financing up to 20% of the value of the homewith a maximum of 50,000 euros. Both limits apply, so the amount will depend on the property purchased.
For example, for a home 200,000 eurosthat 20% would be equivalent to 40,000 euros. In an operation of 250,000 euros, it would reach 50,000. They are examples of the planned calculation, subject to compliance with the conditions that are finally established.
A loan that will have to be repaid
Financing is proposed 0% interest and no commissionsbut the buyer will have to return the capital received. This is not a non-refundable subsidy.
The designed mechanism provides for a grace period linked to the duration of the mortgage, with a maximum of 30 years. During that period the public loan would not have to be repaid. Afterwards, the beneficiary would have up to ten years to return it, in accordance with the conditions established.
The condition affecting a future sale
The financing has a relevant counterpart associated with it. The homes acquired through this mechanism will be subject to a permanent maximum transmission price.
The design included in the previous decree, now recovered by the Executive, established as a reference the acquisition price updated in accordance with the CPI. It also contemplated incorporating certain rehabilitation or improvement works in the terms that were developed by regulation. This limitation had to be stated in the deed and registered in the Property Registry.
When can the 50,000 euros be requested?
The approval of the measure is not equivalent to the opening of applications. The calendar, processing channels and necessary documentation remain to be specified, in addition to checking the final wording of the new decrees when they are published in the BOE.
For those looking for a home, the immediate question will be to know if their situation and the chosen home fit the final conditions. You will then have to assess an obligation that will continue to affect the property when you want to sell it, even if you have already repaid the public loan.