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Interest subsidies extended as of Thursday

Interest subsidies extended as of Thursday

See how this state-provided benefit will be handled.

The temporary interest subsidy on home loans will be extended on Thursday, November 2, retroactively until January. See how this state-provided benefit will be handled.

Who can benefit from the temporary interest support system on housing loans?

The bonus regime applies to credit contracts for the acquisition, construction or business of permanent housing, which cumulatively meet the following requirements: are contracts with a variable interest rate or, being contracts with a mixed interest rate, are in a period with a variable interest rate; The initial contracted amount is equal to or less than 250 thousand euros; settle their payments; They have an annual income equal to or less than the maximum of step 6 of the IRS code (taxable income from more than 26,355 euros per year to 38,632 euros per year) or who have experienced a decrease of more than 20% in their income.

Other access requirements are to have an effort rating equal to or greater than 35%; Who does not have financial assets that include, in particular, deposits, financial instruments, capitalization insurance, savings or treasury certificates, with a total value of more than 62 times the social support index, i.e. 29,786 euros.

How is my bonus calculated?

The temporary interest subsidy applies when your credit agreement index is equal to or greater than 3%.

The bonus corresponds to the interest value calculated from the difference between the interest calculated by the current index and the interest calculated up to a limit of 3%, i.e. 100% of that value, when your effort rate is equal to or greater than 50%; To 75% of this value when your effort rate is equal to or greater than 35% and less than 50%.

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Your bonus ranges between a minimum of €10 per month and a maximum of €800 per year, regardless of what results from applying the percentages.

Until when can I access the rewards system?

The interest subsidy system is valid until December 31, 2024. It is retroactive to January 1, 2023.

Are bonus grants monitored?

Yes, the General Inspectorate of Finance reviews the amounts paid, and may request the necessary information from credit institutions to ensure the accuracy of the data provided. In addition, credit institutions may, when borrowers provide an effort ratio equal to or greater than 100%, request additional information that they deem appropriate to verify the requirements for granting the measure, and send this information to the General Inspectorate of Finance.