The Community of Madrid will facilitate with My First Home the granting of up to 95% of the mortgage to those under 35 years of age
The Community of Madrid launches My First Home to help young people under 35 years of age by facilitating the granting of up to 95% of the mortgage on their first home. The Governing Council today approved an investment of 18 million euros for this initiative, 50% more than the initially planned budget, and applications for which may be submitted during the last quarter of this year.
The autonomous Executive will favor with My First Home the emancipation of those young people from Madrid who, despite having financial solvency, do not have enough savings to obtain a mortgage. For this reason, the regional government, in collaboration with financial institutions, will offer a guarantee to those who do have sufficient financial resources to meet the remaining amounts of the amount of the home they are going to buy.
Those interested in being beneficiaries of My First Home They must prove their legal residence in the Community of Madrid, continuously and uninterruptedly, during the two years immediately prior to the date of application for the loan and they must not own another house in the national territory.
It will be the banks, once they have adhered to the agreement with the Autonomous Administration, who will grant the mortgage loans for the acquisition of the apartments for an amount greater than 80% and up to 95% of the value of the property, provided that this does not exceed the 390.000 euros taking as reference its appraisal value or the purchase price.
Birth Strategy
My First Home It is included in the Strategy for the Protection of Maternity and Paternity and the Promotion of Birth and Conciliation 2022/26 of the Community of Madrid, endowed with 4.800 million for its promotion, the protection of maternity and paternity or family reconciliation.
In this way, future mothers under 35 years of age will have access to different regional measures aimed at facilitating the purchase of a house, as is the case with this new program; also for the rental of public real estate, such as the Live Plan of the Autonomous Government, with rental prices 40% below the marked price, or for the extension of a maximum of two years of the non-payment of rent insurance through the Youth Rental Plan.