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Real estate

PPR redemption may benefit mortgages

6 FEBRUARI 2023
Onderwerpen
Bancos Crédito Hipotecário Destaque Notícia Homepage Comprar Casa em Portugal Fundos de Investimento Portugal Crédito Habitação
With no penalties announced, the redemption of the PPR can be made, totally or partially, for the payment of the house instalments.
PPR redemption may benefit mortgages
Source: Pexels
Author: Redaction

It is already possible, throughout 2023, to make an early redemption of the Retirement Savings Plan (PPR) so that it may serve as a part of the payment of the instalments associated to the home loan. The PPRs are plans that serve as a complement to the old age pension, which work as a long-term savings, which generally do not allow their use for emergencies. However, exceptions have been made for the application of this plan, whether for retirement, entry into higher education or housing loan payments, require that they be unused for a period of at least five years, only then being able to access all of this savings. 

The Ministry of Finance said: "taxpayers who request the partial or total redemption of the PPR in 2023 for the payment of instalments of credit contracts for own and permanent home loans may now do so, without any limit as to the amount or the time period that has elapsed since subscription, and will also not be penalised", which comes under a special regime approved by the Government, until 31 December 2023.

Through this update, it will be possible to redeem the PPRs without penalty for home loans, partially or totally, to pay the instalments of the loans. However, if this redemption is made for expenses other than for the payment of house instalments, the limits associated with the IAS (Social Support Index) and subscriptions will have to be analysed so as not to incur a penalty. 

The Ministry underlines, in the same note, that "taxpayers who have retirement savings plans may redeem the PPR, without penalties, up to the monthly limit of the IAS before 5 years have passed since subscription, as long as the reimbursement is related to amounts subscribed until 30 September 2022" and adds that these are cumulative situations in which "the same taxpayer may simultaneously use the two types of redemption of the PPR, within the established limits".

Onderwerpen
Bancos Crédito Hipotecário Destaque Notícia Homepage Comprar Casa em Portugal Fundos de Investimento Portugal Crédito Habitação
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