Access to housing is one of the most worrying aspects today. Prices, interest rates and the need to pay at least 20% of the home value upfront are just some examples of obstacles to overcome. To partially alleviate this situation, there are public aids to ease the buying.
These aids, granted by the different administrations, are of three types: guarantees to afford the home purchase, tax reductions and financial support for the mortgage.
Aid for young people
The youngsters are one of the groups with more difficulties accessing housing. That is why a good part of the aid to buy a house is for them. The State Housing Plan 2022-2025 contemplates a direct aid of up to 10,800 euros, with a limit of 20% of the acquisition price. These are the requirements to get this aid:
• That the property is going to be the habitual residence.
• In general, do not exceed an income equivalent to three times the Public Multiple Effect Income Indicator (IPREM).
• The price of the home must be under 120,000 euros.
• The home must be in municipalities with less than 10,000 inhabitants.
It is the autonomous communities that manage this aid to buy a house. Therefore, it is essential to be aware of the calls and go to the competent bodies of each of them to request them.
Aid for large families
In this case, the support to buy a home focuses on reductions in the Property Transfer Taxwhen purchasing a second-hand property. The amount of this tax, as well as the reduction applied, depends on each autonomous community.
Large families can benefit from other indirect aid when buying a home, for instance, deductions in personal income tax or the real estate tax (IBI).
ICO guarantees
Young people and couples with minor children can benefit from this funding. These guarantees cover up to 20% of the home price that banks do not lend.
Not exceeding an individual income of 4.5 times the IPREM will be required to qualify for ICO guarantees. The limit increases by 0.3% for each minor child.
Aid from the autonomous communities
Some autonomous communities also offer financial backing that has nothing to do with the State's support.
For instance, Madrid offers a guarantee of up to 15% of the mortgage to young people under 35 who do not own a home. The property must not exceed a price of 390,000 euros to get this guarantee. Meanwhile, in Andalusia, large families with incomes of less than 2.5 IPREM can benefit from a reduction in the mortgage fee of 50 euros for every 10,000 euros of loan.
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