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房地产市场新闻
类别
Economy

PPR redemptions to pay for a house will continue without penalty

16 十一月 2023
话题
Bancos Empréstimo à Habitação Impostos Portugal Prestação da Casa Crédito Habitação Poupança
In force since 2022, the measure will be extended for another year, continuing to support the costs of home loans.
PPR redemptions to pay for a house will continue without penalty
Source: Freepik
Author: Redaction

The possibility of redeeming PPRs (Retirement Savings Plans) came into force last year, allowing families to amortise them in advance to cover the cost of home loans without penalty. The measure has now been extended for another year by the Socialists, according to the proposal presented for the 2024 State Budget.

For those wishing to buy their own permanent home, using early amortisation of loans for this purpose, the redemption value will more than double the Social Support Index (IAS), corresponding to 5,765.16 euros. This IAS is currently set at 480.43 euros, for 24 IAS, which means it will rise to 12,245.28 euros, due to the 510.22 euro increase in the IAS from 2024.

In addition to the redemption of Retirement Savings Plans, it will be possible to request, until next year, the total or partial reimbursement of the value of Education Savings Plans (PPE) and Retirement Savings Plans/Education (PPR/E) "for the payment of instalments of credit contracts guaranteed by a mortgage on property intended for the participant's own permanent home, as well as instalments of credit for the construction or improvement of properties for own and permanent housing, and transfers to housing cooperatives in solutions for own permanent housing, and are exempt from the minimum permanence requirement of five years for mobilisation without penalty", as the Socialist Party explained.

In its explanatory note, the PS party also states that "the early redemption, without penalty, of PPRs, PPEs and PPR/Es, can be a relevant mechanism to support families' financial capacity, and a legislative solution was adopted in this area during the pandemic crisis". 

Before the extension, PPRs could only be redeemed early in situations of long-term unemployment of the subscriber or one of their household members, permanent disability or serious illness, so the values of these plans would only be available after retirement, when the subscriber reached the age of 60 or if it was used to cover costs with professional or higher education. 

Now, with the measure in force, the subscriber can do this in advance without penalty if the amount is used for the instalments of the housing loan, which means that, if they are not in the situations mentioned above, in which there is no penalty, they will have to return the tax benefit received to the State, in an amount increased by 10%. 

话题
Bancos Empréstimo à Habitação Impostos Portugal Prestação da Casa Crédito Habitação Poupança
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