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Public guarantee expires when young people pay first 15%
The public guarantee of up to 15% of the value of property acquired by young people up to 35 years of age will be extinguished when the first 15% of the loan has been paid, said today the Minister of the Presidency, António Leitão Amaro.
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Economia Empréstimo
The minister was speaking at the end of the extraordinary Council of Ministers held today, which approved several measures within the scope of the new housing strategy approved by the Government in early May.
Questioned about the extent of this guarantee and what happens in the event of default, Leitão Amaro began by explaining that "the guarantee exists until the young person pays the first 15% [of the loan] to the bank", adding that when these 15% are paid, "the State leaves the equation".
Thus, he said, the State will only be called upon to pay any amount if there is a default on the loan payment, stressing, however, that this amount will have to be paid to the State -- in the same way that default with the bank does not exempt the customer from responsibilities.
"The State is only called upon if the young person defaults and [in that case] the State acts as guarantor, generating an obligation between the parties", he said.
Leitão Amaro pointed out, however, that the levels of default on housing loans are low.
The public guarantee, of up to 15%, applies to houses worth up to 450 thousand euros and aims to create conditions for young people to access a loan of up to 100% of the value of the house.
It should be recalled that the rules currently in force determine that the loan cannot exceed 90% of the value of the house (the lower value between the purchase value and the appraisal value being considered for this purpose) of permanent own housing.
The measure, which the Government wants to have in force on August 1, is intended for young people between 18 and 35 years old, with incomes up to the 8th IRS bracket, that is, 81,199 euros of annual taxable income.
Read Also: SIC approves distribution of 2023 dividends (Portuguese version)
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