The Hipoteca Joven Canaria

If you are a Tenerife resident between 18 and 35 with two years of provable income, and you are buying your first property, then you may qualify for the advantageous mortgage terms of a Hipoteca Joven Canaria, subsidised by the Canarian Government.  Terms are very advantageous.

If you qualify for this young person’s mortgage, the interest rate you pay during the first 6 months will be only 2.9%.  After that, it will continue at the Euribor rate plus only 0.5%.  All the conditions associated with the mortgage are very favourable, and superior to market alternatives.  The bank will lend over a maximum term of 40 years, as long as the mortgage matures by the time you are 65.  You can borrow up to 30% of your gross income and 80% of the value of the survey value.  This can be extended to 100% with a guarantor who can provide an aval.

For more information, go to the Instituto Canario de la Vivienda or enquire at one of the participating banks below:

Caja Rural de Canarias
Cajasiete
La Caja de Canarias
Cajacanarias