Is your budget already suffering from the rise in mortgage loan installments? There are measures that can help overcome this phase. Know what they are.
The rise in interest rates can already be seen in the value of mortgage loan installments. If this increase is already causing you difficulties, it is important to know the measures launched by the Government to alleviate the family budget.
If your effort rate is greater than 36% and you have a loan of up to 300 thousand euros, you will have to receive, from your bank, a proposal to renegotiate the credit.
This renegotiation may involve the reduction of the spread, a grace period or an extension of the repayment period. In the latter case, you will have more time to pay your credit, reducing the amount of the monthly installment.
Another measure in force is the exemption of commissions for renegotiating contracts. If you decide to make an early repayment, you cannot be charged the respective commission either.
Mortgage credit holders also have the possibility of reducing withholding tax, paying less IRS every month.
If your performance is going up, it’s important read this article and understand, in detail, what you can do to deal with the situation, namely talking to your bank.
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THE Positive Balance is Caixa Geral de Depósitos’ financial literacy website and aims to make life easier for the Portuguese with regard to money management with the regular publication of articles, news, guides and infographics.