Starting from the basis that getting a house is never easy, in these times it is even less so. Especially for the young. Because everything goes up, except wages. That is why going for a home is not part of the most immediate plans, not even in the medium term.
To combat this setback, the Community of Madrid and the bank began working in May to facilitate access to a mortgage for young people. The plan consists of the regional government endorsing, as a public guarantee, 15% of the loan, encouraging the interested party to access a mortgage of up to 95% of the value of the property. In this case, it would be enough for the buyer to have saved 5%. Quite a balm considering that you have to have 20% of media.
This idea, baptized as 'My first home' has become a reality, since the Madrid Government Council has approved an investment of 18 million euros for this initiative, 50% more than the initially planned budget. With it, it is sought that the people of Madrid who are solvent can emancipate themselves economically even if they do not have the necessary savings. A decision with the computation that has 20% of young people can become independent.
[Madrid will launch the 'Young Solution Plan': 1.200 homes for rent for less than 600 euros]
It will be the banks, then, who will grant the mortgage loans for the acquisition of the apartments for an amount greater than 80% and up to 95% of the value of the property, provided that this does not exceed 390.000 euros, taking as a reference its appraisal value or the purchase price.
'My First Home' is included in the Strategy for the Protection of Maternity and Paternity and the Promotion of Birth and Conciliation 2022/26 of the Community of Madrid, endowed with 4.800 million for its promotion, the protection of maternity and paternity or family reconciliation.
What requirements must be fulfilled
To access the 'My first home' plan, you must be under 35 years of age. In addition, their legal residence in the Community of Madrid must be accredited, continuously and uninterruptedly, for the two years immediately prior to the date of application for the loan and they must not own another house in the national territory.
The Government of Isabel Díaz Ayuso has not specified an exact date when applications can be submitted, although it has anticipated that it will be during the last quarter of this course.
