Spain could let first-time buyers finance 100% of a home worth up to €250,000
If you have spent years watching house prices climb while your savings account refuses to keep up, buying your first […]
Spain's government has introduced a new financing scheme called TU CASA, designed to help first-time homebuyers who have little or no savings for a deposit. The scheme allows properties worth up to €250,000 to potentially be financed fully, with the public loan covering the lower of 20% of the property's value or €50,000. The loan is provided by the Instituto de Crédito Oficial (ICO) with zero interest and no commissions.
Banks will still provide the mortgage, and the combined financing will cover the full purchase price. However, the eligibility criteria and application process have not been finalized. The scheme is intended to complement existing mortgages, not replace them, and the property will still be subject to resale price limits. The government hopes this measure will help individuals who can afford the monthly mortgage payments but have been blocked by the upfront capital required to obtain a mortgage.
The scheme is currently in force, but the complete details and eligibility requirements are still being developed and must be approved by Congress.
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