Spain Real Estate News
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.
Nowadays, it is necessary to have some savings to buy a home in Spain. In this way, most banks offer mortgages only for 80% of the property value. Therefore, if we add the inflation and interest rates rise, purchasing a home, especially for the young, gets complicated.
The ICO guarantee for home purchase aims to solve this situation, at least partially. The goal is to obtain financing for 100% of the property price they wish to buy. For that, it'll be necessary to meet some specific requirements.