Grants and subsidies for home purchase
Buying a home is a significant decision that may require financial assistance. In this article, our real estate developer on the Costa del Sol, Myramar, will dive into the topic of grants and subsidies available for home purchase, with a special focus on the “Programa de Garantía Vivienda Joven”.
Read on!
Programa de Garantía Vivienda Joven
The “Programa de Garantía Vivienda Joven” is a governmental initiative of the Junta de Andalucía, designed to facilitate access to housing for the young population, guaranteeing 15% of mortgages to those under 35 years of age. This programme offers financial aid and preferential conditions for those who meet certain requirements, making the dream of home ownership more attainable.
Requirements and necessary documents
Age and residence:
The programme is aimed at people under a certain age, generally between 18 and 35 years old. In addition, it is required to be a resident of Andalucía.
Limited income:
Eligibility may depend on the applicant’s income. In many cases, an income ceiling is set to ensure that the assistance goes to those who really need it, but be financially solvent to demonstrate that they will be able to make the mortgage payments.
First home:
This is for the purchase of a first home, up to €295,240. For any type of home, and to live in it for at least two years. If it is your first experience as a homeowner, you may meet this requirement.
Collaboration with financial institutions:
The programme requires collaboration with partner financial institutions, such as Caixabank, Cajamar, Cajasur, Caja Rural, Ibercaja, Santander and Unicaja. This may include preferential conditions on interest rates or specific loans. In addition, you must have savings to pay 5% of the housing.
Personal documentation:
Documents required usually include a copy of your ID card, proof of income (payslips, income tax return), census certificate, negative cadastral certificate, note from the Land Registry, earnest money contract and responsible declaration that the home will be used as a habitual residence.
Application deadline:
It is essential to be aware of the application deadlines. In this case, you can start applying from 14 September 2023 until 18 August 2024. Missing deadlines may result in the loss of the opportunity to benefit from these grants.
Other aid and subsidies for the purchase of housing
– Disability grants: People with disabilities may have access to special grants and subsidies to adapt housing to their needs.
– Subsidised housing programmes: These include special financing conditions and financial aid for those who choose to purchase homes within this framework.
– Grants for young entrepreneurs: In addition to the Youth Housing Guarantee Programme, some programmes are designed specifically for young entrepreneurs.
– Energy efficiency grants: The purchase of homes or newly built homes with high energy efficiency standards can make homeowners eligible for additional grants.
These grants and subsidies offer a valuable opportunity for those looking to take the step into ownership. If you are interested in Myramar, we offer qualifying properties in Fuengirola, Benalmádena – Arroyo de la Miel, Mijas Costa and Faro de Mijas.
Our real estate developer can provide you with further guidance on these programmes and help prospective owners, so please do not hesitate to contact us.