If you are single or simply want to buy a house by yourself using a home loan as a single owner, know that Yes, it is possible. That is, there may be a “half-credit” for you.
Although the chances of getting a home loan may be higher with two holders, not only the number matters, but your customer profile and respective financial conditions.
How much money do I need to apply for a home loan?
Banks do not finance the entire value of the property because the Bank of Portugal imposes a maximum limit of 90%. Therefore, in order to proceed with a home loan application must have at least 10% of the value of the house. That is, if the property costs 200,000 euros, you must have at least 20,000 euros to make a down payment.
Having a higher amount for the down payment on the house can also help you get a home loan.. Since the bank may consider it a greater risk to have only one holder to ensure the monthly installment of credit.
And attention! It must still have capital available for the remaining costs. Ie, in addition to the entry value, you must account for appraisal costs, taxes and all procedural costsnamely, in the act of writing.
What’s the difference between buying a house alone or as a couple?
In addition to the obvious sharing of expenses, whether at the time of purchase, payment of future monthly installments or other costs associated with housing, the truth is that financial institutions seek customers who represent the lowest risk of default. And so, often, two people represent more security for the bank than just one holder. Since in most cases the level of income is higher and there are two people to whom responsibilities can be attributed.
In short, the credit process is the same, what may vary are the conditions offered by the bank, as well as its requirements (request guarantor, for example).
What can help to see the home loan approved?
Are several you factors that must be taken into account and that will be analyzed. Such as:
O Maximum term of housing credits remains 40 years only for borrowers up to 30 years. For those between 30 and 35 years old, the maximum recommended period drops to 37 years. And for those over 35, the maximum contract term recommended by the supervisor drops to 35 years. By reducing the maximum term, the monthly installments will weigh more on the budget, that is, the effort rate will increase.
Professional and financial stability:
The more stable their professional and financial situation and the company they work for, the greater the possibility of having a bankable profile. The bank will assess your incomebased on your IRS, pay slips or green receipts.
The banking institution will analyze your bank statements, credit cards, as well as the Bank of Portugal Responsibilities Map. An overdue invoice or an unpaid amount can lead to credit disapproval.
Amount available for entry:
As already mentioned in the article, you will need at least 10% of the value of the property and capital for taxes and associated costs.
It is through the calculation of this rate that a bank will understand its financial capacity to support credit. To understand how much you can pay for the monthly installment, you must calculate your effort rate. The charges for a home loan should not exceed 30% of your total income.
It is not mandatory to have a guarantor. The requirement of the same varies from case to case and will depend on the risk it may pose to the bank. The greater the risk you present, the more likely you are to be required to have a guarantor. This financial capacity is calculated through your effort rate.
Doctor Finance can help you in this process
To get the best offer for your case It is important that you are aware of all the variants that influence the amount you will pay each month. In addition to spread and term, you should pay attention to associated insurance and commissions.
At Doctor Finance, our experts are available to support you in finding the best solution and making the best decision. We take care of the bureaucracy for you, we accompany your process from beginning to end and we clarify any doubts that may arise. And this, at no cost!
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