The measure, which allows financing up to 100% of housing credit, is expected to advance within 60 days.
Source: Freepik
Author: Redaction
The decree-law that stipulates the conditions of the public guarantee in the purchase of first housing, own and permanent, by young people up to 35 years, was published this Wednesday, July 10, in Diário da República, and the measure is expected to advance within 60 days.
According to the publication in Diário da República, the document "establishes the conditions under which the State can provide personal guarantee to credit institutions with a view to the viability of granting credit to own and permanent housing to young people up to 35 years", fitting "to the members of the Government responsible for the areas of finance, housing and youth approve, within a maximum period of 60 days from the entry into force of this Decree-Law, the regulations necessary to the provisions of this Decree-Law".
In this way, all young people aged 35 years or less, who buy a house for the first time, will be able to resort to financing up to 100% of housing credit, with the State providing personal guarantee to credit institutions. With this benefit, young people can more easily buy a house, since it is possible to grant credit.
According to the document, "Banco de Portugal and the Portuguese Association of Banks were heard", stipulating that, in order to access the public guarantee, young people must comply with the requirements determined for this purpose, namely be between 18 and 35 years of age, with tax domicile in Portugal, and have income that does not exceed the 8th tier of the IRS. In addition, in order to be able to benefit from the financing, they cannot own another property that affects the house and the house they acquire cannot exceed the value of 450 thousand euros, being defined as the limit of the guarantee 15% of the transaction value.
The Minister of Finance pointed out that the measure was developed jointly with Banco de Portugal, stressing that "there is no dispute with Banco de Portugal" on the matter, ensuring that "Banco de Portugal is involved in the process", having been "consultation and coordination with the financial supervisor".
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