Immaculada Duran: "For young people to have a mortgage to live here is an investment in the region."

PalmWith over 25 years of experience in the financial sector, this IT professional is the head of business at Colonya Caixa Pollença and one of those responsible for the Hipoteca Jove program within the institution. She witnesses the desperation of citizens seeking housing every day.

How has Hipoteca Jove worked in the case of Colonya?

— It's a fantastic program because it solves a specific problem: the lack of savings that, unfortunately, many citizens face, preventing them from accessing a mortgage. Thanks to the guarantees provided by the regional government, our institution can offer, in addition to the 80% allowed by regulations, extraordinary financing that for many makes the difference between owning a home and being excluded from any purchase options. We have already approved more than 260 transactions thanks to this program.

You can't buy an apartment without savings. And how can you save with the cost of living in the Balearic Islands?

— This is the great contradiction. With the price of rent, young people can't save. Well, I say young people, and I take that back, families can't save. This means that when the time comes to buy a home, people find they don't have the necessary money. Banks have legal limitations, which makes perfect sense, but at the same time, there's a reality we as a society must face: many people are being left without any options to buy any property, however small, due to the mismatch between prices in the Islands and their financial means. Therefore, it's essential that everyone makes an effort to offer solutions.

Can you give a specific example of the change this program represents?

— Absolutely. A couple wanting to buy an apartment in Manacor for €220,000 finds that, without a guarantee from Ibavi (the Balearic Housing Institute), they must contribute €44,000, because we can only finance €176,000. How many young couples have €44,000 saved? Thanks to this program, we can finance 100%. I believe that right now, this program should not only be maintained but expanded. We are facing a housing emergency, and I am certain that enabling young people to obtain a mortgage to buy and live here is an investment in the future of the region.

From his position, he must see stories of suffering.

— In recent years, after the pandemic, the situation has worsened considerably. And, frankly, I believe that a small company like ours is always there for its clients. Especially during the purchase process. I sit down and listen to how clients see life, how they envision it, and helping them is one of the greatest pleasures I have in life. Of course, it's not always possible; we also experience difficult times. Right now, having a mortgage on an apartment is the dividing line between the joy of living and the feeling of failure. All of this has a psychological impact on an entire generation. I see a disillusioned society, and public authorities, the financial sector, and business owners—we all have to do our part to address this problem, because it is truly very serious.

Are there people who give up before applying because they think the conditions are only for very low incomes?

— One of the features of Hipoteca Jove is that the beneficiaries' income can be as low as €60,666 for a single borrower and €68,250 for two, demonstrating that it's an initiative that opens the door to a large segment of society. Applicants are also required not to own another property, except in justified cases such as separations or partial inheritances. I believe an effort has been made to provide a solution, and the clearest example of this is that we continue to sign transactions. When the government changed, we experienced a few weeks of uncertainty, and it would have been a shame if it hadn't continued, but the new administration was clear that it couldn't halt it.

He speaks passionately about Colonya. You are among the few privileged people in the entire country who can say they work in a savings bank.

— That's right. I don't know everyone on the team anymore, which is good news, because it means the project is growing, getting bigger, and that fills us with joy. Working at Colonya means being part of a family that understands financial services as more than just a business. To begin with, as you know, we reinvest our profits in social projects, and therefore we are deeply involved in the needs of society. This isn't just a cliché; it stems from the regulations governing savings banks and from our convictions. And of course, this makes you come to work every day eager to help thousands of people achieve their dreams through rigor and personalized attention.

In fact, it will be one of the few entities where you don't need to book an appointment through an app to be seen.

— We have around 50,000 customers who trust in a local bank deeply rooted in the community. When we say local, it's not just an advertising slogan, but a daily reality. Our customers come to our branches or call us, and we provide them with the best possible service. We respect all business models, but we're clear that ours isn't about treating customers like just a number. Every transaction is important to us, and we have no restrictions on service hours, cash withdrawals, or anything else. When they come in, we assist them with everything they need. Of course, if it's a mortgage, the most important decision people make in their lives, we sit down and review it very carefully.