100% financed home loan with no taxes until age 35: Understand the measures.
What does the new Government promise for young people's housing credit? 100% financing and tax exemption are the measures in question.
Buying a house with financing can be a complex process, with acronyms, fees, and charges. But if you use free credit intermediation services, like those from Poupança no Minuto, you have access to a more simplified procedure, which takes care of all the bureaucratic part and clarifies it at each stage of the way. Contact us!
Young people up to 35 will be able to buy a house with 100% financing and no taxes.
The program of Luís Montenegro's Government aims to keep the young people in Portugal, as currently too many youths "do not see Portugal as part of their future".
To this end, they intend to support young people by encouraging them through access to housing: the new program provides public guarantee for young people's housing credit.
As stated in the electoral program of the Democratic Alliance (DA), the document states that it will exempt young people up to 35 years old from taxes when purchasing their permanent residence, namely: the Municipal Property Transfer Tax (IMT) and Stamp Duty.
In addition, the State will guarantee the viability of 100% bank financing for the acquisition of the first home, according to a document already approved by the Council of Ministers. This means that, by providing guarantee on the loan, if the borrower defaults, the State has to repay the financing to the bank.
In the document, the government indicates that it will increase the scope of the Porta 65 program within its application limits, without specifying.
Despite the program already being disclosed, the financial impact that these measures may have is not yet known.
The program of the XXIV Constitutional Government was delivered on April 10 by the Minister of Parliamentary Affairs, Pedro Duarte, to the President of the Assembly of the Republic, José Pedro Aguiar-Branco.
It is worth noting that the document is not voted on in the Assembly of the Republic, but rather considered, with parliamentary groups allowed to present motions to reject the program. Approval requires an "absolute majority of the deputies in effective functions".
Only after the program is appreciated in the Assembly of the Republic will the Government fully perform its functions, so now it can only limit itself "to the practice of acts strictly necessary to ensure the management of public affairs."
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