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It is estimated that around 18% of properties in Mallorca would qualify for the mortgage guarantee scheme, as they are valued at under 270,000 euros. | Josep Bagur Gomila

Andrew EdePalma28/10/2022 17:04
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The commission that decides projects to be financed with tourist tax revenue is due to approve 27, for which a total of 138.3 million euros will be available - this is the sum that the Balearic government calculates will correspond to 2022.

Out of this total, just over 28 million euros will be spent on two housing purposes - 13.15 million for 53 new protected homes (VPO social housing) and 15 million euros for the mortgage guarantee programme.

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Under this programme, the government's Ibavi housing agency will guarantee 20% of the mortgage payment for people with the financial means to pay mortgages but not the money for the initial payment. This aid will be available to individuals with an income of up to 68,541 euros per year; 73,437 euros in the case of couples. Beneficiaries will have to prove, among other things, a minimum of five years residence in the Balearics and not having owned any other home. The maximum price of properties cannot exceed 270,000 euros.

Of the 15 million euros, 10.7 million will be for Mallorca, while 5.8 million euros will be allocated to Mallorca for VPO homes.