Los ICO guarantees are one of the aids most anticipated of the year 2024 for the citizens. These aid will allow many people to access a mortgage for the buying a home in Spain.
This aid was announced by the Government of Spain in May 2023. However, it has not yet been approved and a date has not been established on which it can begin to be requested by the citizens.
In any case, these ICO guarantees for mortgage are not intended for everyone citizens. In order to receive them, it is necessary to meet a series of requirements established by the Central Executive.
ICO guarantees for mortgages and home purchases
Specifically, the ICO guarantees They aim to facilitate the access to housing for young people and families with children who have to face the payment of a mortgage payment.
ICO guarantees for mortgage and home purchase. / Adobe Stock License
From the Idealistic andThey explain that “the aval ICO for housing consists of a Government guarantee of the mortgage intended for young people and families who meet certain requirements. Among them, that it is the first habitual residence of the applicant or applicants.
That is, the Government of Spain will guarantee the equivalent of 20% of the value of the home. This percentage is normally requested to enter into the purchase of the property and to be able to take out a mortgage. Therefore, it is an important benefit for all those people who do not have that amount of money saved.
Actually, it is necessary that the beneficiary of this aval have some economic savings equivalent to 10% of the operation. Of course, the help will allow users to access a mortgage of 100% of the value of the home.
ICO guarantee application deadline
Everything indicates that during the month of February 2024 the implementation of ICO guarantees. From there, the application period will open so that citizens who meet the requirements requirements can access this help.
He deadline to request ICO guarantees will end the December 31, 2025, although with the possibility of extending this period for two more years, depending on economic circumstances and demand. A key help to access a mortgage.
In this regard, Idealista experts argue that “the reality is that there is still no defined date. Government and entities would be finalizing the necessary details for ICO to finally announce this new line of guaranteesas well as so that the corresponding entities can begin to offer mortgages that include this possibility.
Who can request ICO guarantees?
Los ICO guarantees for the homebuying and obtaining a mortgage are intended to young people under 35 years old and families with dependent minors without age limit.
For both cases, the individual income cannot be higher than 4.5 times the IPREM (Multiple Effects Public Income Indicator) current. That is, an amount of 37,800 euros gross in 2024. If the house is purchased by two people, the income limit will be double.
Furthermore, it may be the case that the living place to acquire have a Energy Rating minimum of ‘D’ or higher. In this situation, the beneficiaries could obtain a guarantee of up to 25% of the loan.
2024-02-13 06:05:59
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