The reinforcement is preventive given the great demand that the initiative has had from young people who want to buy their first home.
The public guarantee designed to support young people in the purchase of the first permanent housing will be reinforced at 350 million eurosincreasing the total amount from 1200 to 1550 million euros. The decision was advanced by, which cites a government source.
The measure was initially launched with 1,000 million euros, which soon joined additional 200 million. Nine months later, the government fulfills the promise of reinforcement, ensuring margin for Reply to requests for more funds by adherent banks and financial companies. This reinforcement is preventive, because although the global amount is not yet exhausted, some institutions are already approaching the limit of their quota.
According to data from Banco de Portugal, at the end of July 348 million euros were used (32.1% of the initial total). The amount was distributed to the financial institutions depending on your share of housing credit for young people from 18 to 35 years old. Thus, Santander received 259 million, Caixa Geral de Depósitos (CGD) 257 million, BCP 185 million, BPI 149.5 million and New Bank only 20 million.
The regime provides for the State guarantee up to 15% of the credit amount Granted to young people up to 35 years, as long as it is the first housing, with a limit of 450 thousand euros per property and income not exceeding the eighth level of IRS.
The impact on credit granting has been expressive. In the first seven months of the year, they were celebrated 13 200 Contracts Under the public guarantee, in a total amount of 2.5 billion euros. These contracts accounted for almost 39% of the total granted to young people up to 35 years in the same period, corresponding to 24.2% of all permanent housing credit assigned by the financial system.
With the high demand, the reinforcement now announced intends to ensure the continuity of the program and consolidate the access of young people to their first housing.
