The Community of Madrid has developed a program that facilitates young people’s access to home ownership. Although the age range to apply for aid related to the payment of the mortgage is usually between 18 and 35 years, this initiative is designed for all Madrilenians who have not reached 41. Also for large or single-parent families (no age limit) and people who have had a child during the year of the call.
The program My First Home can finance between 95% and 100% of the value of the chosen property, which must be the place of residence of the beneficiaries, as well as their first home in property. In addition, the price of the apartment cannot exceed 390,000 euros or be outside the Community of Madrid.
Documentation required and banks included in the plan
Isabel Díaz Ayuso announces Mi Primera Vivienda. || Editorial credit: Comunidad de Madrid.
There are five documents that the Government of the Community requests to start assessing the financing of an apartment (six in case of large or single-parent families): the DNI (or equivalent card for foreigners residing in Madrid); the certificate of census registration; a deposit contract or pre-agreement that demonstrates the commitment to pay for the property; papers proving not having homes in property (negative cadastral certificate) and a declaration of commitment by the person concerned to stay at least two years in the desired house. In the case of families without age limit, it is necessary to accredit the condition of large or single parent.
The seven entities that can sign a mortgage guaranteed by the Madrid body are Caixabank, Ibercaja, Kutxabank, ING, Banco Santander, Abanca and Unicaja. No other may participate in the agreement.
The aim of this project is to favor the emancipation of the young Madrid population that, despite having economic independence, cannot save enough to cover a mortgage. The measure responds to the price rise that apartments in Madrid have suffered over the last twelve months: according to the latest report by Idealista, they are 15.5% more expensive than in July 2023.
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