Catalan president Salvador Illa (main image) has announced a set of measures aimed at helping young people cover the down payment for their first home.
Speaking on Monday during the opening of the 5th Foro Catalunya conference, organised by the newspaper elEconomista.es, Illa said that the measure will cover 20% of the property’s value, will carry 0% interest, and that any repayment will be deferred until the mortgage is fully paid off.
The ‘Emancipation Loans’ initiative – Préstecs Emancipació in Catalan – will be supported by an allocation of a total of ‘500 million euros over five years’, the Catalan president said.
‘One of the main barriers facing many young people is that they don’t have enough savings to cover a down payment, said Illa. ‘That’s why tomorrow [Tuesday], the Catalan government will approve in the Executive Council meeting a new line of loans to help young people pay for their first home: the Emancipation Loans.’
Illa also said that homes financed through this programme ‘will become permanently protected as affordable housing’, serving both to ‘facilitate young people’s access to their first home’ and to ‘expand the stock of protected housing, helping to move closer to the European average’. ALSO READ: Spain to spend €1.3 billion on ‘industrial construction of social housing’.
If at some point the property is sold, ‘the sale price will be capped at the original purchase price’, he said.
During his speech, he said that his government is already allocating ‘a record volume of resources for housing’ – 1.45 billion euros in 2025 alone – and is also driving the construction of 50,000 new public housing units by 2030.
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