The Junta de Andalucía has introduced the Garantía Vivienda Joven program to assist young individuals under the age of 35 who wish to purchase their first home. A budget of 20 million euros will be allocated to provide 15% of the mortgage guarantee to young people registered in the autonomous community.
To access this support, interested parties must visit the bank branches of collaborating institutions, who will handle the application process with the Junta de Andalucía. With the pre-approved loan, the Junta will assess the guarantee and subsequently grant the loan.
It is estimated that in the first year, the Garantía Vivienda Joven program will benefit approximately one thousand young people, with this number expected to increase as loans are paid off. The program is endorsed by the Ministry of Housing, Territorial Planning, and Development, as well as the Ministry of Economy, Treasury, and European Funds.
There are specific requirements to qualify for this assistance, such as being under 35 years old. However, if it is a couple applying, only one of them must meet this age criteria. Additionally, the property must be the young individuals’ first home, with a maximum price limit of 294,240 euros. They must also reside in the property for at least two years after the purchase and not have any outstanding debts with the public administration.
This initiative aims to stimulate economic activity and generate both direct and indirect employment opportunities. The application process is expected to be resolved within approximately one month.
Sources:
– Ministry of Housing, Territorial Planning, and Development
– Ministry of Economy, Treasury, and European Funds