COVID-19 ICO Rent Assistance

At BBVA, we can help reduce the impact of coronavirus

If you were a BBVA customer before April 1, 2020, you need help making the rent payment on your primary residence and you satisfy the vulnerability criteria, you can request financing, with no fees or interest, and with the guarantee of the Instituto de Crédito Oficial.

 

What does the COVID-19 ICO Rent Assistance consist of?

If you were a BBVA customer before April 1, 2020, are paying rent on your primary residence and you fall under the vulnerability conditions specified for COVID-19, you can request the ICO Rent Assistance to finance the payment of up to 6 monthly payments, with no fees or interest, up to a maximum of €5,400 (€900 per month) and a repayment period of up to 6 years, which, in exceptional cases, may be extended by a supplementary term of 4 years. You can also request a grace period of 6 months (meaning you start paying the loan after the sixth month).

Ministry Order TMA/378/2020 of April 30 of the Ministry of Transportation, Mobility and the Urban Agenda implements the stipulations of Royal Decree-Law 11/2020 of March 31, on urgent complementary social and economic measures to deal with COVID-19.

This Ministerial Order lays out the criteria and requirements for tenants who are socially and financially vulnerable as a result of the spread of COVID-19 to access temporary financing grants in the form of loans guaranteed and subsidized by the State to cover the rent payment on a primary residence.

What vulnerability conditions are required to request this aid?

The COVID-19 ICO Rent Assistance is intended for people who rent their primary home, are residents of Spain and who also meet the following requirements: 

 

  • The tenant, or at least one person in the family unit¹, has had a reduction in their income as a result of losing their job, being furloughed, having to work fewer hours to take care of relatives, or is self-employed and has stopped working, or other circumstances caused by COVID-19.
  • In the month preceding the loan application, the total household income did not exceed €2,689.20 (less than 5 times the Public Revenue Index (IPREM))
  • In the month prior to the loan application, the rent plus expenses and basic utilities² were at least 35% of the household's net income.

 

  1. For the purposes of ICO Rent Assistance, a family unit or household is defined as the person who makes the rent payments, their spouse, not legally separated, or registered civil partner, and their children, regardless of their age, who reside in the property, including foster children and those under the guardianship of the applicant, their spouse, not legally separated, or registered civil partner, who reside in the property.
  2. The basic expenses and utilities consist of the total costs for electricity, gas, heating diesel, water, and fixed and mobile telecommunication services, and possible owners' community fees, all of them associated with the main residence and that are payable monthly by the tenant.

 

How can you request the ICO Rent Assistance?

In order to apply, you have to go to your BBVA branch, where they will help you with the process. We recommend you check the "Documentation" tab on this page to see which documents you will need to provide. You also have to validate your email address with BBVA.

You can also contact your usual branch or adviser by phone if you have any questions.

What documents are required for the ICO Rent Assistance?

To request this financing, you will need to provide the following documents:

  • Loan application form, completed and signed by all the people who are applying for it. 
  • DNI/NIE card of all people requesting the aid.
  • Current rental contract for the primary residence, specifying the identity of the landlord.
  • If the lessor's account number is not specified in the lease contract, the lessor's certificate of account ownership.
  • Unemployment certificate, furlough certificate (ERTE, issued by the entity that processes benefits claims) or certificate of stoppage of activity in the case of self-employed workers (issued by the AEAT or the equivalent regional agency), for any member of the family unit who is in that situation as a result of COVID-19. In these 3 cases, if it is not possible to submit the certificate, it may be temporarily replaced by a non-filing declaration of income reduction (document that will be provided by a BBVA adviser).
  • Applicant's family book or civil union registration document. Only if the documents do not exist (the applicant does not constitute a family unit) can a non-filing declaration be submitted (this document is available from a BBVA adviser).
  • Current group certificate of municipal registration (empadronamiento) for the relevant persons. If it cannot be provided, it may be temporarily replaced by a non-filing declaration (document that is available from a BBVA adviser).
  • Registry Certificate, or non-certified note from the property registry for all members of the family unit.
  • Affidavit of home ownership, only in the event that a family member owns or is entitled to use a property but does not have access to it by virtue of having received it as part of an equal share in an inheritance; not available due to separation, divorce or another justified cause; or be inaccessible to a disabled member of the family unit.

 

What happens if you don't have one of the documents?

If the person requesting the aid submits an affidavit due to the inability to provide a certificate of reduced income (unemployment, furlough or cessation of activity) and/or the registration (empadronamiento) certificate, they will have 3 months from the end of the last extension of the state of emergency to submit the original certificates to BBVA. 

 

The deadline for requesting the ICO Rent Assistance is September 30, 2020. 

Applicable laws:

  • Royal Decree-Law 11/2020 of March 31, on urgent complementary social and economic measures to deal with COVID-19. 
  • Order TMA/378-/2020 of April 30 of the MITMA (Ministry of Transportation, Mobility and the Urban Agenda).
  • Resolution of May 1, 2020 of the Secretary of State for Transportation, Mobility and the Urban Agenda, which published the agreement with the Instituto de Crédito Oficial, E.P.E., to process government guarantees and subsidies for the expenses and interest of tenants as part of the "COVID-19 Guarantee Line for leases".