ICO First Home Mortgage

The buyers of the home may not be more than two people and, in the event of there being two buyers, both must meet the following requirements:

1.  
2. They must be natural persons of legal age who have legally resided in Spain on a continuous uninterrupted basis in the two years prior to applying for the loan.
3. As far the programme for families with dependent minors is concerned, single-parent or non-single-parent family status and the number of dependent minors must be proven.
4. The mortgage guarantee loan's purpose must be the purchase of a main residence within Spanish territory (either new or second-hand), along with any annexes that form part of the same property and which are acquired to fulfil a domestic function. The home may not be used to perform an economic activity.
5. They may not have been the owners of another home beforehand, unless they meet certain exceptions, which are as follows:
    - Where the property right concerns a proportion of a home obtained through inheritance or mortis causa transfer without a will.
    - For people who, though they own a home, can prove that they cannot dispose of it due to separation or divorce, for reasons beyond their control, or where the home is inaccessible due to the disability of the owner or of any of the people who live with them.
6. The net wealth of the secured party may not exceed 100,000 euros. Should there be two buyers, both must meet this requirement.
7. Proof of the home's energy rating on the date of acquisition. The customer must submit the energy certificate issued prior to the date the home is purchased.
8. The gross annual income of the person who purchases the home must not exceed 37,800 euros (4.5 times the IPREM or Public Income Indicator for Multiple Purposes). If two people purchase the home, the income limit is doubled. In the case of the programme for families with dependent minors, said amount shall be increased by 0.3 times the IPREM (2,520 euros gross per year) for each dependent minor. In the case of single-parent families, the aforementioned income limit may be increased by 70%.
9. The guaranteed loans must be recorded in a public deed and have a specific purpose. They must be dedicated to purchasing the customers' permanent main residence and its annexes (storage rooms, parking spaces or other elements in the same property).
10. The mortgage guarantee loans must be entered into by the customer and the bank on the same date the financed home's deed of purchase is executed.
11. The home's purchase price may not exceed the maximum prise set by the MIVAU (Ministry of Housing and the Urban Agenda) for each regional authority, as set out in the following table:

Maximum prices which apply to each regional authorit

• Andalusia: €225,000
• Aragon: €275,000
• Asturias, Principality of: €250,000
• Balearic Islands: €275,000
• Canary Islands: €250,000
• Cantabria: €250,000
• Castilla y León: €250,000
• Castilla La Mancha: €250,000
• Catalonia: €300,000
• Region of Valencia: €250,000
• Extremadura: €200,000
• Galicia: €250,000
• Madrid, Community of: €325,000
• Murcia, Region of: €250,000
• Navarre, Foral Community of: €300,000
• Basque Country: €300,000
• Rioja, La: €250,000
• Ceuta: €250,000
• Melilla: €250,00