Unicaja Banco signed today an agreement with the Castilla y Leon Regional Government for the granting of guarantees aimed at facilitating young people’s access to own their first home. The agreement was signed by the Regional Minister for the Environment, Housing and Territorial Planning, Juan Carlos Suárez-Quiñones, and by Manuel Rubio, Unicaja Banco’s Head of Commercial Banking in Southern Castilla y Leon. Eight other financial institutions operating in the region have also joined this agreement.
The Castilla y Leon Regional Government will guarantee the financing of up to 17.5% of the price of the property, a percentage that is added to the mortgage loan granted by the banks, which can reach up to 80% of the price of the property. With this guarantee from the Regional Government, those under 35 years of age who want to buy their first home will only need to have 2.5% of the value of the property for the down payment. The Official Gazette of Castilla y Leon publishes today , 23 May, the order regulating this line of guarantees, called Mi primera vivienda (My first home), to favor access to home ownership for young people.
Those up to 35 years of age interested in this program must submit to Somacyl (Sociedad Pública de Medio Ambiente de Castilla y León) the application for certification of compliance with the requirements, preferably electronically through the form launched today on the web portal https://tuyavivienda.es.
The agreement will guarantee up to 40 million euros in mortgage loans, which will mean that this year 1,000 young people will be able to have access to their first home with a down payment of only 2.5% of the sale value and with mortgage loans in which the Regional Government guarantees the financial entity up to 17.5% of the loan. With this measure, the Castilla y Leon Regional Government will favor the emancipation of those young people from Castilla y Leon who do not have enough savings to obtain a mortgage.
Individuals who are going to acquire their first home by subscribing a mortgage loan and meet the following requirements are eligible for this line of guarantees: they must be 35 or younger; the purchase price of the property is equal to or less than 240,000 euros (without expenses or taxes); it is located in the Autonomous Community; it constitutes the usual and permanent residence of the cohabitation unit and it is the first property owned (both non-subsidized and private development subsidized housing are accepted, whether newly developed or second hand); general income limit is 5 IPREMS –a single person cannot exceed 42,000 euros per year; a couple or couple with one child 49,412; a couple with two children and general large families 52,500, and special large families 56,000 euros-, not owning another home except for certain exceptions (cases of separation or divorce, etc.).
These guarantees provided by the Regional Government will be compatible with any other grant for the acquisition of housing, as long as it does not exceed 100% of the cost of the transaction and as permitted by the regulations governing aids and the European Union law. In this case, the grant must be used for the total or partial repayment of the guaranteed mortgage loan.
The corresponding loans must be formalized, if applicable, with the financial entity chosen by the applicant, to which the certification issued by Somacyl must be presented, and it will be guaranteed by Somacyl from the moment they are formalized.