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The criteria to become eligible for the property buying or renting initiative

In most developed countries, the law gives everyone the right to buy or rent a home. This implies that, in certain cases, local councils must provide such access for especially vulnerable groups. The Royal Decree of the State Housing Plan 2018-2021 seeks to respond to this situation in our country, benefiting those under 35 years of age with a series of grants. This is not the first initiative that has been taken up by the government but it is the first one in a long time.

The first criteria to qualify for the purchase of property scheme is to be within the age range stated. Those who are already 35 years of age can qualify, however, it is not enough to receive the relevant subsidy. The applicant must have a source of income that does not exceed more than three times the IPREM, the The Multiplier for the Public Income Index. This is the calculation mostly used in our country when granting loans, scholarships and other public financial aid. The IPREM is calculated on an annual basis and is established within the framework of the General State Budgets for the current year.

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In 2018, the IPREM has not experienced any change with respect to 2017, given the fact that the public accounts remaining in force are those of the previous year. This leaves the monthly IPREM at €537,84 and the annual IPREM at €6,454.03 (with twelve payments) or € 7,519.59 (with fourteen payments). Thus, the annual income of the applicant for this property purchase scheme can not exceed € 22,558.77. It will also be essential that the property for which the grant is requested will remain the habitual residence of the applicant. If the applicant is already a home owner, he won't be eligible for this scheme.

With regard to the rental aid, the maximum age of 35 years is again established and annual income equal to or less than three times the IPREM of the year in question is required. As an additional requirement, the monthly rental amount of the property must be equal to or less than €600. The aid may be requested for three years, although it is foreseen that the competent Administration will extend the duration for justified reasons.

To complete this review of the Housing Plan 2018-2021, it should be noted that the rent subsidies may cover up to 40 per cent of the monthly fee (without exceeding 40 per cent of the monthly rent), while the subsidies for property purchase will cover up to 20 per cent of the value of the home (up to €10,800).

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