Requirement compliance simulator for ICO mortgage loans
ICO facilities to buy a home
ICO housing facility for young people
Content ICO housing facility for young people
ICO facility for families with children.
Content ICO facility for families with children.Who it is for
A maximum of 2 people may apply, who must be the potential owners of the property. They must be between 18 and 35 years old at the time of signature and must have been resident in Spain for at least two years before the application. The following requirements must also be met:
Real estate assets
This guarantee is not available to people who already own a property in their own name, except for those who own a share in a property due to inheritance or mortis causa, or who can demonstrate they do not have use thereof due to separation or divorce.
Financial assets
Applicants may not have more than €100,000 in savings each.
Maximum income
The income of the person buying the property cannot exceed €37,800 gross/year (4.5 times the IPREM monthly public income index). If the property is being purchased by two people, the income limit is doubled:to €75,600 gross/year.
What kind of home is it for?
The lCO guarantee is for purchases of existing housing for permanent use as your primary residence. It may not be used for commercial activity.
The price of the property used as a reference
The price that will be used in arranging the loan is the lower of the purchase price or the appraised value of the property. The reference value may not exceed the maximum set by each autonomous community.
Maximum percentage guarantee
The maximum percentage guarantee depends on the property's energy-efficiency rating:
Up to 25% of the property's value
Energy-efficiency ratings A, B, C and D
Up to 20% of the property's value
Energy-efficiency ratings E, F and G
Who it is for
A maximum of two individuals may apply, who must be the potential owners of the property. They must be over 18 years of age, have been resident in Spain for at least two years before the application, and have children in their care. The following requirements must also be met:
Real estate assets
This guarantee is not available to people who already own a property in their own name, except for those who own a share in a property due to inheritance or mortis causa, or who can demonstrate they do not have use thereof due to separation or divorce.
Financial assets
Applicants may not have more than €100,000 in savings each.
Maximum income
The income of the person buying the property cannot exceed €37,800 gross/year (4.5 times the IPREM monthly public income index). If the property is being purchased by two people, the income limit is doubled:to €75,600 gross/year.
The measure includes enhancements based on the number of children and for single-parent families. The limit is increased by 0.3 times the IPREM (€2,520) for each child. The limit may be increased by an additional 70% for single-parent families.
What kind of home is it for?
The lCO guarantee is for purchases of existing housing for permanent use as your primary residence. It may not be used for commercial activity.
The price of the property used as a reference
The price that will be used in arranging the loan is the lower of the purchase price or the appraised value of the property. The reference value may not exceed the maximum set by each autonomous community.
Maximum percentage guarantee
The maximum percentage guarantee depends on the property's energy-efficiency rating:
Up to 25% of the property's value
Energy-efficiency ratings A, B, C and D
Up to 20% of the property's value
Energy-efficiency ratings E, F and G
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Content Tailored offerFrequently asked questions
Can anyone use these financing facilities?
No. They are only available to people who meet the requirements of the Ministry of Economic Affairs, Trade and Business and the ICO (Official Credit Institute).
I already own a property in my name. Are these guarantees still available to me?
In general, no, except for the following exceptions:
- You are the owner of a share of a property through inheritance or mortis causa with no will.
- You own a property but can prove that it is not available to you due to separation or divorce, or any other reason beyond your control, or when the property is not available to you due to disability of its owner or any of the people in the household.
I have savings. Can I still apply for this financing?
The ICO facility for home purchases allows applicants to have up to €100,000 in savings for each applicant at the time of the purchase.
Can I apply for the ICO facility after buying my home?
No. The start date of the loan must coincide with the date of purchase of the property.
Can I still apply for this ICO financing if the property has a garage or storage room?
The financing covers the home and any annexes, provided they are part of the same property.