Home » today » Business » Junta de Andalucía Launches Mortgage Guarantee Program for Andalusian Youth: Requirements and Benefits Explained

Junta de Andalucía Launches Mortgage Guarantee Program for Andalusian Youth: Requirements and Benefits Explained

Andalusians up to 35 years of age may request a mortgage guarantee from the Junta to acquire their first home from September. We tell you all the requirements to qualify.

Los Andalusian youth they no longer have to involve their parents or relatives as guarantors when buying a home. At their side they have Junta de Andalucía who has launched a aval within the Youth Housing Guarantee program and that may be requested from September. The call is aimed at young Andalusians from up to 35 years who may request a guarantee that allows them to cover, together with the bank mortgage, 95% of the cost of acquiring the first home.

For this, the Minister of Development, Articulation of the Territory and Housing, Rocio Diazhas announced that collaboration agreements have already been signed with eight banking entities that have adhered to the program and that, as a whole, add up to nearly 2,500 branches throughout the Andalusian territory. “The Andalusian Government, with this signature, overcomes the last procedure so that, in mid-September, young people can already go to the banks to join this guarantee program,” he stated.

where to go

The endorsement of the Board supposes a fundamental help to overcome the obstacles that the majority of young people encounter when it comes to emancipating themselves and obtaining a mortgage. “We know that there are many young people who, even having the income to assume a loan, are left at the gates because they do not have enough savings to face expenses such as the entrance fee or taxes and who will see in this program an opportunity to save this huge stumbling block”, commented the counselor

The banking entities benefiting from this program are Caixabank, Cajamar, Cajasur, Caja Rural de Granada, Caja Rural del Sur, Ibercaja, Santander and Unicaja that, from the signing of the agreements, they become collaborating entities.

How the guarantee works and its requirements

As collaborating entities, the banks will certify compliance with the requirements of the applicants, who must be registered in a municipality of Andalusia, have up to 35 years compliments and allocate the habitual residence for at least two years. Mortgage guarantees will only be provided for purchasers of first homewhether free or protected or new or used.

The Youth Housing Guarantee program is part of the Vive En Andalucía 2020-2030 Plan and has a 20 million euros. With this programme, the Andalusian Government intends to tackle one of the main problems faced by young people, namely access to their first home, which has been aggravated by the savings difficulties they have been subjected to in in recent years due to job insecurity, low wages, the unemployment rate or the financial crisis. This scenario has meant that, although they have income, they have not been able to save enough for the entrance, as well as the taxes and other expenses that the sale and financing entail.

The measure will apply for homes with a maximum reference price of 295,240 euros in general, although this limit would be increased by 20% for homes with energy classification A or B, in accordance with the regulations. It is also an essential requirement to be up to date with compliance with tax and Social Security obligations.

With the pre-approved loan, the Junta de Andalucía will resolve the granting of the guarantee and, subsequently, the loan will be granted. With the initial item, it is estimated that the Youth Housing Guarantee program reach about a thousand young peoplea figure that will increase as the loans are amortized.


2023-08-18 12:38:36
#endorsement #Board #young #people #buy #home #term

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.