Buying home before the age of 35 sounds the impossible mission? With the prices rising and the rents shooting, having a home of its own looks like a lottery prize. But there is good news: the state has decided to help. It does not solve everything, but it can make a difference.
With measures designed to facilitate access to housing, opportunities arise for those who are taking their first steps in the real estate market. Let’s get down to business: what exists, who can benefit and how you can enjoy it.
Since August 1, 2024, those who buy their own first and permanent housing can benefit from the total exemption of IMT and seal tax, provided that the value of the property does not exceed 316,772 euros.
According to the ekonomist, there is also a partial exemption for real estate between 316,772 and 633,453 euros. To benefit, it is necessary:
- Have up to 35 years on the date of Scripture
- Not being dependent for IRS purposes
- Not being homeowner in the last three years
- The property is intended for its own and permanent housing
Public guarantee for 100% financing
The same publication indicates that it is possible to obtain financing up to 100% of the value of the property, with the State guaranteeing up to 15% of the amount financed, for a period of 10 years.
According to the same source, this public warranty applies to real estate up to 450,000 euros and is subject to additional criteria:
- Age between 18 and 35 years
- Fiscal domicile in Portugal
- Yields up to the 8th level of IRS
- No debt to finance or social security
- The property has to be for its own and permanent housing
What covers the warranty?
The public guarantee to buy home is not a direct allowance. As the site explains, it is a mechanism in which the state works as a partial guarantor. If the buyer cannot afford, the state covers up to 15% of the capital.
It refers to the same source that the risk continues to fall on the buyer, who has to comply with installments as in any other credit.
We recommend:
Even with these supports, there are additional charges when buying home:
- Credit Seal Tax (0.6% of the amount financed)
- Diverse bank committees
- Mandatory insurance (life and multirriscos)
- Scripture fees and records
All of these values must be included in the global budget calculation for home purchase.
Essential checks before buying
Before moving on with any purchase, there is care to have. The ekonomist recommends confirming if:
- House documentation is regularized
- The property is free of pledges or debts
- There are needs for relevant works
- The family effort rate is within the recommended
The type of interest rate can make a big difference in the monthly budget. There are three possibilities:
- Fixed: Constant Benefit
- Variable: accompanies the Euribor
- Mixed: starts with fixed rate and then passes the variable
The choice should depend on the buyer’s financial stability and their risk tolerance.
Is it worth doing CPCV?
The Promissive Purchase and Selling Agreement (CPCV) is useful for guaranteeing the business while the housing credit is processed. According to it, it usually implies the payment of a sign of 10% to 20% of the value of the property and protects both parties.
Also read:
