Mortgages in Portugal
Foreign nationals are able to obtain mortgage loans to buy real estate in Portugal on favourable terms. The lowest interest rates are less than 3% and local banks issue loans for both newly-built and existing property.
Maximum LTV ratio | |
Rates | |
Loan term | Up to 30 years |
Minimum age of the borrower | 21 |
Maximum age of the borrower by the end of the loan term | 75 |
Maximum percentage of monthlyincome for mortgage | 33% |
Documents
Mortgage applications in Portugal require the following documents:
- passport copy
- individual taxpayer number (número de identifição fiscal, NIF or número contribuinte)
- bank statements for the last three months
- personal income tax form for the last year
- employment contract (identifying position and salary)
- proof of address (bank correspondence with name and address, utility bills)
- letter of recommendation from another bank.
All of the documents need to be officially translated to Portuguese and certified with an Apostille.
The loan application approval process typically takes
Extra costs
Property appraisal and Due Diligence | About €250 |
Compulsory borrower's life and property insurance | |
Mortgage arrangement fee | About €1,200 |
Early repayment penalty | — |
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