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The term is open for banks to join the ‘My First Home’ plan, these are the requirements

The term is open for banks to join the ‘My First Home’ plan, these are the requirements

This Friday the deadline is open, which lasts until September 15, so that financial institutions that meet the requirements can apply to the program ‘My First House’to help young people under 35 with up to 95% of the mortgage on their first home, after it was published yesterday details of the measure in the Official Gazette of the Community of Madrid.

‘My First Home’ in Madrid: Needs, when and where to ask for help

The regional government allocates a an investment of 18 million euros, 50% more than the originally planned budget, to promote the emancipation of those young people from Madrid who do not have enough savings to get a mortgage, despite having financial solvency.

DIn this way, in cooperation with financial institutions, “he will offer a guarantee to those who do they have sufficient economic resources to deal with the remaining amounts of the amount of the house they are going to buy”, sources from the Ministry of Environment and Housing.

Those who are interested in being beneficiaries of ‘My First House’ nor it may exceed 35 years When submitting the application for financing to the financial entity, prove your legal residence in the Community of Madrid continuously and without interruption during the two years immediately preceding the date of the loan application and be your first home ownership purchase in the territory national.

Here are the first houses built under the Vive Plan of the Community of Madrid

It will be the banks, once they comply with the agreement with the Autonomous Administration will assess applications from individuals and they will grant mortgage loans to acquire apartments for an amount greater than 80% and up to 95% of the value of the property, provided that it does not exceed 390,000 euros, taking as a reference its assessed value or the purchase price.

REQUIREMENTS

Financial institutions must also meet a series of requirements to take part in the ‘My First Home’ programme, including their minimum investment grade credit rating granted by a rating agency of the Eurosystem credit evaluation system and a certificate from the Bank of Spain Credit Institutions Program, with branches of the financial institution in all the municipalities of the Community of Madrid with a population of over 50,000 inhabitants.

Ayuso approves ‘My First Home’ plan so young people can access 95% mortgages

The ‘My First Home’ initiative is included in the Estrategy to Protect Motherhood and Paternity and to Promote Fertility and Reconciliation 2022/26 of the Community of Madrid. With 4,800 million of it, it is aimed at promoting and protecting motherhood and fatherhood or family reconciliation.

Flash future mothers under 35 years they will have access to various regional measures aimed at facilitating the purchase of a home, as in the case of this new programme; also help to rent public real estate, such as the Autonomous Government Living Plan which offers rental prices 40% below the marked price, or to extend for a maximum of two years the non-payment of rent insurance through the Rent Plan for Young age.

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