Who does it affect?

It affects private individuals resident in Spain who are in a vulnerable situation as a result of the spread of COVID-19. Complying with the criteria and requirements defined in Order TMA/378/2020, of 30 April, of the MITMA and which are included in Annex 1.

See Order TMA/378/2020 of 30 April defining the criteria and requirements to be met by tenants.

See here articles 16 to 27 of Royal Decree-Law 11/2020 of 31 March, adopting additional urgent measures in the social and economic area to deal with COVID-19.

What are the requirements?

In order for you, as the tenant of your primary residence, to be able to take advantage of the COVID-19 ICO rental contract scheme, established in the Royal Decree, you must comply with all these requirements:

  • The tenant, or any member of the family unit, is affected by circumstances involving a reduction in income as a result of the spread of COVID-19, due to any of these causes:
  • Becoming unemployed. o Being affected by a Temporary Layoff Scheme (ERTE).
  • Having reduced their working hours due to taking care of third parties.
  • For stopping work by self-employed workers.
  • Due to other circumstances related to work or the business activity that imply such a reduction in income.
  • That the totality1 of the income of the members of the family unit2, in the month prior to the loan application, does not reach the limit of five times the public indicator for monthly Multiple Effects Income, hereinafter, IPREM, i.e. 2,689.20
  • That the rent plus basic expenses and utilities for the month prior to the loan application is greater than or equal to 35 per cent of the total net income received by all members of the family unit. For this purpose, basic expenses and utilities are understood to be the cost of electricity, gas, heating oil, running water, fixed and mobile telecommunication services and any possible contributions to the community costs, all of these relating to the primary residence, to be paid by the tenant, for a period of one month.

Shall we discuss it?

If you would like more information, visit any of our branch offices.

ICO Rentals Facility

The maximum amount of finance per loan operation may cover up to 100% of the amount of six monthly payments, in accordance with the housing rental contract in force and its extensions, with a maximum of 5,400 euros, based on a maximum of 900 euros per month per rental contract and loan. The maximum six monthly payments that can be financed may be dated from 1st April 2020 and may not be later than 6 months from the signing of the loan between the Bank and the Customer or after the end of the rental contract or its extensions.

The period for applying will be between 36 and 72 months.

The deadline for these applications is 31 May 2021.

The loan is at 0% NIR and with no charges of any kind. The tenant will only have to pay the monthly instalments that correspond to the capital borrowed.

Once the loan has been formalised, the payments will be made to the landlord's account, during which time no instalments will be required of the tenant. Once the loan is fully drawn down, monthly payments of the principal will be required from the tenant.

Shall we discuss it?

If you would like more information, visit any of our branch offices.

What do you have to provide?

To prove the number of people living in the home:

  • DNI (ID) of the parties to the rental agreement.
  • Family book or document proving registration as a common-law couple.
  • Certificate of census registration that specifies the people registered at the property.

To prove the work situation as unemployed or cessation of activity:

  • If you work on a self-employed basis: Certificate issued by the State Tax Office or the competent body of the Autonomous Community.
  • If you work for someone else as an employee: Certificate issued by the benefits management body (INEM), stating the monthly amount received as unemployment benefits or allowances, or notification of ERTE from your company.

To prove the ownership of assets and other costs:

  • Current rental contract for a permanent home, showing the account where the monthly payments are made and the details of the owner of the rented property.

If this is not included in the rental contract, you must provide us with a current account for the landlord to transfer the funds to.

Proof of non-ownership/use of a home:

  • Land Registry Certificate or Property Registry Index Service for all members of the family unit. List of Property Registry e-mail addresses.
  • Declaration of responsibility, included in Annex 1, when although you are the owner you cannot make use of the property (aliquot shares or not being able to use it due to separation/divorce).

Shall we discuss it?

If you would like more information, visit any of our branch offices.

Apply online

Online Banking

Enter the private area of Banco Santander's website, you will find this banner at the bottom of the page:

Santander App

If you enter via the Banco Santander App, click on the contract section, then on the loan section and you will find the same banner as above. Click on it and apply for your ICO loan to pay the rent.

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Once the application has been made with all the required documentation, the Bank will process it within a maximum period of 15 days.

Shall we discuss it?

If you would like more information, visit any of our branch offices.

ICO Rentals Loan (COVID-19)

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