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News
ICO guarantees for your first home
“
19
FEB
ICO guarantees for your first home
Recently, the Spanish government has approved new guarantees of 2.5 billion euros through the Official Credit Institute (ICO), aimed at individuals under 35 with annual gross incomes below 37,800 euros and families with dependents purchasing their first home.
To qualify for the ICO guarantee, in the case of two buyers, their combined incomes must not exceed the established limit for each individual. An additional 2,520 euros will be added for each dependent child, if applicable, and for single-parent families, the increase can be up to 70%.
The guaranteed individual's assets must not exceed 100,000 euros, and, with few exceptions, individuals owning another property cannot avail of these guarantees.
The ICO can guarantee up to 20% of the loan, increasing to 25% if the home has an energy rating of D or higher.
The guarantee period is a maximum of 10 years from the official transaction date, regardless of loan repayment. The deadline for formalizing loans associated with these guarantees is December 31, 2025.
Thanks to these guarantees, approximately 50,000 young individuals and families with decent incomes but insufficient savings can easily access mortgages and purchase their first homes.
Understanding government initiatives is crucial for those interested in taking advantage of beneficial measures like the one discussed here.
To qualify for the ICO guarantee, in the case of two buyers, their combined incomes must not exceed the established limit for each individual. An additional 2,520 euros will be added for each dependent child, if applicable, and for single-parent families, the increase can be up to 70%.
The guaranteed individual's assets must not exceed 100,000 euros, and, with few exceptions, individuals owning another property cannot avail of these guarantees.
The ICO can guarantee up to 20% of the loan, increasing to 25% if the home has an energy rating of D or higher.
The guarantee period is a maximum of 10 years from the official transaction date, regardless of loan repayment. The deadline for formalizing loans associated with these guarantees is December 31, 2025.
Thanks to these guarantees, approximately 50,000 young individuals and families with decent incomes but insufficient savings can easily access mortgages and purchase their first homes.
Understanding government initiatives is crucial for those interested in taking advantage of beneficial measures like the one discussed here.
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