However, this process is far from being just about signing a contract with the bank. It involves relevant financial decisions, knowledge about additional costs, and ensuring that all required criteria are met.

So, we gathered in a practical and accessible way everything you need to know to move forward safely and confidently.

If you are thinking about moving forward, this guide will help you:

Avoid common mistakes that can delay or make your credit unavailable.

Know all costs involved - in addition to the monthly installment.

Know what the bank analyzes before approving your request.

Understand the available financing options (including whether 100% financing is feasible);

Gather all necessary documentation.

Is it worth taking out a mortgage loan?

Hiring a mortgage loan involves taking on a long-term debt. Before proceeding, it is essential to evaluate:

Financial capacity: Monthly installments should not exceed 30% to 35% of the family budget.

Total costs: In addition to interest, there are bank fees, taxes, and mandatory insurance.

Alternatives: If possible, consider other funding or acquisition options.

Despite the costs, acquiring a property represents the construction of one's own assets, offering security and potential future appreciation.

How much is the initial entry fee for housing credit?

Banks do not finance 100% of the property value. Typically, a down payment is required.

Own and permanent housing: Minimum down payment of 10% of the purchase price or appraisal value (whichever is lower).

Secondary housing: Minimum entry of 20%.

For example, for a property of €280,000, you may need to have €28,000 to €56,000, depending on the purpose and evaluation.

How to get capital for the entry of a housing loan?

To raise the amount needed for the initial down payment:

Create a savings account or emergency fund: Separating money for the down payment helps prevent impulsive spending.

Reorganize the monthly budget: Identify and reduce unnecessary expenses;

Adopt saving strategies: Methods like "50/30/20" or the 52-week challenge can be effective.

How much does it cost to get a home loan?

In addition to the down payment, there are other costs to consider: how to know if I have financial capacity.

Taxes:

Stamp Duty: 0.8% of the acquisition value.

IMT (Municipal Tax on Onerous Property Transfers): Varies according to the value and location of the property;

Bank commissions: They may include evaluation, opening, process study, and formalization, totaling between €500 and €1,300.

Mortgage Registration: Approximately 700€ cost.

Expenses after purchase: Condo fees, Property tax, maintenance, among others.

How to know if I have financial capacity for a home loan?

Before applying for a loan, it is essential to analyze: how to know if I have financial capacity:

Effort rate: Percentage of monthly income destined to pay off credits. Ideally, it should not exceed 30% to 35%;

Required documentation:

Personal identification;

IRS statements and income declarations;

Payroll receipts.

Bank statements.

Bank of Portugal credit responsibilities map.

This analysis helps determine the maximum amount that can be financed.

How many holders can I hire a home loan with?

It is possible to contract the credit individually or collectively. Having more than one holder can increase the financing capacity.

What are the requirements for an approved housing credit?

These are the requirements to have an approved home loan.

Professional stability in the workplace.

Positive credit history.

Sufficient income to support the installments.

Age compatible with the loan term (usually up to 75 years at the end of the contract).

What do I need to do a home credit simulation?

To perform a simulation, it is necessary to provide the following: simulation credit for housing.

Personal and professional information;

Details about income and expenses;

Information about the desired property.

What is the maximum age to apply for a mortgage loan?

The maximum age to apply for a mortgage loan varies depending on the bank, but generally, the loan must be repaid by the time the oldest applicant reaches 75 years of age.

10. What documents will the bank ask me for when buying a house with a home loan?

The documents usually required include:

Personal identification document;

Income statement;

Receipts of payment;

Income Tax Declaration;

Map of credit responsibilities.

Proof of address and IBAN.

11. Financing 100% in housing credit: is it possible?

Financing of 100% is rare and usually only possible in specific cases, such as the acquisition of foreclosed properties owned by the bank.

What is the credit responsibilities map and how to get it?

This document, issued by the Bank of Portugal, lists all active credits in the name of the holder, allowing the bank to assess the risk of granting a new loan.

The "credit responsibilities map" can be obtained through the website of the Bank of Portugal, by authenticating with the Citizen Card or Digital Mobile Key.

13. What is the difference between primary and secondary own housing in credit?

Permanent primary residence: Principal residence of the holder.

Secondary housing: Second residence, such as vacation homes.

The financing conditions and down payment amounts can vary between both. Learn more.

Can I choose the home loan before choosing the house?

Yes, it is possible to obtain a pre-approval for a mortgage before choosing the property, which can facilitate the buying process.

Is it harder to get a loan when the Euribor rises?

Yes, the increase in Euribor can lead to higher interest rates in the variable interest rate regime, making loans more expensive and, consequently, harder to obtain.

Hiring a mortgage loan is a decision that requires careful analysis of various factors, from financial capacity to associated costs.

Getting informed properly and planning ahead are essential steps to ensure a sustainable choice aligned with your life goals.

For personalized and free support, consider consulting the credit intermediaries of Poupança no Minuto, who can help find the best solutions for your specific case! Simulate your financing with us and start today:

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