If you are 40 years old or younger and you are thinking of buying your first home, the Community of Madrid could help you to buy it with up to 390,000€ thanks to its program to facilitate access to young mortgage of the Plan Mi Primera Vivienda (My First Home Plan).
This program is also open to large families, single-parent families and any person by birth or adoption of a child -in this case, without age limit- “who, being solvent and having resources, do not have the previous savings necessary for the purchase of their first home”.
The options offered by the regional government to facilitate access to the young mortgage are to finance more than 80% of the value of the property, with the possibility of reaching even up to 100% (taking as a reference the lowest appraisal value or the purchase price of the property).
Which properties are eligible for the young mortgage?
Not all properties are eligible for the young mortgage financing program. To be eligible, they must meet the following characteristics:
- Be in the territory of the Community of Madrid.
- To be destined to the habitual and permanent housing of the recipient, during at least two years from the date of acquisition of the same one.
- That the purchase price of the home, without the expenses and taxes inherent to the acquisition, is equal to or less than three hundred and ninety thousand euros (390,000 euros).
Requirements and documentation to apply for a young mortgage
In addition to the requirements mentioned above on who can qualify for this guarantee, another one is added: it will be necessary to prove legal residence in the Community of Madrid, continuous and uninterrupted, during the two years immediately prior to the date of submission of application for financing.
On the other hand, as regards the documentation to be submitted, the following are required:
- Document accrediting the identity or equivalent card of foreigners residing in Spanish territory.
- Certificate or flyer of the municipal census in which the census registration and the antiquity of the same one appear.
- Negative cadastral certificate and simple note of the index service of the Land Registry stating that the applicants do not own any property.
- Deposit contract or pre-agreement that accredits the commitment to buy and sell the property.
- Declaration of commitment to remain at least two years in the house to acquire.
- Accreditation, if applicable, of the condition of large or single-parent family, or of having had a child by birth or adoption in the calendar year of the call.
I meet the requirements, how can I apply for the guarantee?
This is not direct financial aid, so in order to join the program you must apply for financing directly at the offices of the banks participating in Mi Primera Vivienda at the time of taking out the mortgage.
Which banks are members of the program?
- Santander Bank
- CaixaBank
- Ibercaja
- ING
- Unicaja
- Kutxabank
- Abanca
The Madrid town where it is cheapest to buy a house
Within the Community of Madrid, the cheapest town to buy a house is Cadalso de los Vidrios, about 86 kilometers from the capital, with an average price per square meter of 952€, according to Idealista’s monthly report of 2024. You can find more information in this article.