The Council of Ministers gives the green light to the ICO guarantee line of 20% for the entry of a home

The Government will approve in the Council of Ministers this Tuesday the guarantee line of 2,500 million euros through the Official Credit Institute (ICO) to access the entrance of the purchasing a home for young people and families with minors in charge.

So The President of the Government, Pedro Sánchez, announced it last Saturday during a rally campaign for the Galician regional elections in Vigo, where he stated that the Government will approve this line of guarantees that will cover 20% of the down payment on the purchase of a home for young people and families with minors in their care. This line of ICO guarantees is aimed at under 35 years of age with annual income of less than 37,500 euros per year and families with dependent minors for partial coverage of mortgage loans.

The measure was already known, it was announced for the first time by Sánchez himself in May 2023, at an event in Santa Cruz de Tenerife, in the pre-campaign of the regional and municipal elections on May 28, in which the president chained several announcements on this matter, also the construction of hundreds of thousands of new public housing.

Now Sánchez has specified that the Council of Ministers will approve this Tuesday the opening of the line of guarantees and advances the initial plans of the Executive, since just three days ago, the Minister of Housing and Urban Agenda, Isabel Rodríguez, estimated that this measure would be approved at the end of this month. The leader of the socialists has stressed that this measure will serve to cover that entry “which is what makes it difficult for young people and families to buy a home and being able to get a mortgage.” “I say this especially to young people, in case you are not aware, so that you can get started with it starting Tuesday,” he noted.

This measure will respond to some 50,000 peopleas stated by the head of Housing when she announced this line of guarantees during an appearance in the Congress of Deputies, where she assured that said line seeks to “alleviate” the lack of prior resources for access to a living place. “This line of aid goes in the direction of alleviating this lack of prior resources, since at this time in some areas of our country the rent is as expensive or more expensive than the mortgage note and perhaps the secondly due to lack of resources or prior savings,” Rodríguez stressed.

Likewise, in her appearance in Congress, the head of Housing indicated that in February a line of loans for the promotion of affordable housing through the ICOespecially in public-private collaboration formulas, which represents a total of 4,000 million euros and is part of the addendum to the Recovery Plan, with which more than 40,000 public and private homes will be built. rent affordable.

This line of aid is complementary to the 2,000 million euros in guarantees for the public and private promotion of affordable housing approved last December, which seeks counteract “the increase in interest rates and the prices of the materials”, and which he hoped to have ready for approval at the end of February.

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