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Minimum legal age to contract credit

The minimum legal age to be able to apply for a credit is 18 years old, but it depends on various requirements. Just having the minimum age is not enough to move forward, as each case is analyzed individually by the banks to determine if your effort rate will support the monthly installment of the credit.

This applies to any credit, from personal credit to housing credit. However, regarding maximum age, this varies depending on the type of financing to be contracted.

Maximum age at which banks allow to contract credit.

Regarding the maximum age to contract credit, in relation to mortgage credit , the banks' rule is that, when contracting credit, the repayment term does not end after the borrower turns 75 years old .

In personal credit, the maximum age allowed is also less than 75 years, and in some banks, it cannot even exceed 70 years of age at the end of the contract.

Please note that, currently, there are also maximum terms for housing credit depending on age:

Borrowers aged 30 or under can apply for credit with a repayment term of up to 40 years
Borrowers aged 30 to 35 years old can take out a loan with a repayment term of up to 37 years.
Borrowers over 35 years old can take out credit with a maturity of up to 35 years.

If you are over 50 years old, you can apply for a senior credit.

In the case of senior credit, it is possible to exceed the age limits mentioned above. This type of financing allows for loans to borrowers over 50 years old, with more flexible conditions regarding the age of the borrower.

For customers over 50 years old, depending on the banks, incomes and origin of the parties involved, the maximum financing period can go up to the age of 80 of the oldest applicant.

The difference is that guarantees are required: typically, you need a younger guarantor to ensure the repayment of the credit in case of default.

If the amount of the financing is high, the bank also requires a life insurance to protect itself from the risk of the borrower's death before paying off the debt.

If it's a senior housing credit, you should also consider that banks may finance, only up to 50% of the property's appraisal value.

To understand your credit options and their respective conditions, contact a free credit intermediary, such as Poupança no Minuto, and easily find out the proposals from different banks for you, so you can choose the most advantageous one! Contact us here:

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