Minimum recommended amount: €10,000.

Maximum: 90% of the lower of the expected property valuation upon completion of the construction project or the purchase price of the land and construction cost for a permanent residence, or 80% for other purposes.

If the land belongs to novobanco, financing may reach 100% of the lower of the expected property valuation upon completion of the construction project or the land purchase price and construction cost.

The property valuation or estimated construction and building costs are always calculated by valuers appointed by novobanco and certified by CMVM.  

Variable Rate indexed to 12-month Euribor plus a spread from 0.9%.

During the construction period, you pay interest only on the capital already used.

After construction is completed, repayments consist of capital and interest. 

Borrowers aged up to 30 years: maximum term of 40 years.

Borrowers aged 31 to 35 years: maximum term of 37 years.

Borrowers over 35 years: maximum term of 35 years.

Loans are secured by a mortgage over the property and, in the case of construction projects, the land. The mortgage over the financed property may be replaced in whole or in part by a mortgage over another property.

Guarantors may also be used to support repayment of the loan. 

The Mortgage is automatically settled when the final instalment is paid.

Early repayment of a Variable Rate loan is subject to a charge of 0.5% of the capital repaid.

Under Decree-Law 80-A/2022 of 25 November, requests for early repayment of Variable Rate Mortgage agreements for the acquisition or construction of owner-occupied permanent housing were exempt from the fee until 31/12/2023.

Under Decree-Law 74-A/2017 of 23 June, requests for early repayment due to death, unemployment or professional relocation are exempt from the fee.