Unicaja Banco has joined the Junta de Andalucía for the granting of guarantees aimed at facilitating young people’s access to own their first home. Other financial institutions operating at the region also participate in this program, which facilitates the granting of up to 95% of mortgage loans to young people of up to 35 years of age.
Under the Garantía Vivienda Joven (Youth Housing Guarantee) program, launched by the Junta de Andalucía, those interested can go to the branches of any of the collaborating banks to request, free of charge, the granting of this mortgage guarantee. The mortgage guarantee of the Junta de Andalucía will reduce by half, from three years to a year and a half, the time to save the down payment of the property.
To qualify for this mortgage guarantee, applicants must be registered in a municipality in Andalusia, be up to 35 years old and use the property as their habitual residence for at least two years. Mortgage guarantees will only be provided for purchasers of first homes, whether free or officially protected, new or used.
The Garantía Vivienda Joven program is part of the Plan Vive En Andalucía 2020-2030 and has a budget of 20 million euros. In this way, the Andalusian Government aims to address one of the main problems faced by young people, such as access to a first home.
Likewise, Unicaja Banco also reinforces its commitment to young people, aware that the initial savings required to buy a home with a conventional mortgage can make it difficult for them to access the real estate market, being, in fact, one of the reasons that delays their emancipation.
Energy efficiency
The measure will apply to homes with a maximum reference price of 295,240 euros in general, although this limit will be increased by 20% for homes with energy classification A or B, in accordance with the regulations. It is also a requirement to be up to date 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 approved. With the initial allocation, it is estimated that the Garantía Vivienda Joven program will reach some one thousand young people, a figure that will increase as the loans are repaid.