Home Improvement Loan

• Main residence 
  Up to 90% of the expected valuation after completion of the works for properties over 2 years old, or 90% of the purchase price plus the renovation budget for properties under 2 years old.
• Other purposes 
  Holiday home or rental property. 
  Up to 90% of the expected valuation after completion of the works for properties over 2 years old, or 90% of the purchase price plus the renovation budget for properties under 2 years old.

Property valuations and estimated renovation or construction costs are always carried out by bank‑appointed valuers, certified by the CMVM. (Portuguese Securities Market Commission)

• Variable interest rate 
  Indexed to 12‑month Euribor, plus a spread from 0.9% (*).
• During the renovation period 
  You only pay interest on the amount drawn down.
• After completion 
  Repayments switch to constant instalments of capital/principal and interest.

• Age up to 30. Maximum term 40 years 
  Age 31 to 35. Maximum term 37 years 
  Age over 35. Maximum term 35 years

The age of the oldest borrower cannot exceed 75 years at the end of the loan.

• You have 18 months to complete the renovation works after signing the loan agreement.

• Loans are secured by a mortgage over the property and, in the case of construction, also over the land. 
• The mortgage on the financed property may be partially or fully replaced by a mortgage over another property. 
• Guarantors may also be required to secure repayment of the loan.

• The mortgage is automatically settled with the payment of the final instalment.
• Early repayment 
  For variable‑rate loans, an early repayment fee of 0.5% applies to the repaid capital.
• Legal exemptions 
  Under Decree‑Law 80‑A/2022 (25 November), early repayments of variable‑rate mortgages for the acquisition or renovation of a main residence are exempt from fees until 31/12/2023. 
  Under Decree‑Law 74‑A/2017 (23 June), early repayment due to death, unemployment or professional relocation is exempt from fees.

Reduce your spread by 0.5% with the First Bank Pack.

Salary crediting 
Monthly salary or pension credits identified with payment types “08” or “11”. 
Other types of transfers may be considered, subject to: 
• A minimum amount above €250 
• A minimum regular credit period of 4 months

Packaged current account 
A current account with bundled products and services. When taken together, they benefit from improved terms and a competitive account fee.

Obtain a narrower spread by 0.2% with the Protection Pack.

Mortgage Life Insurance. 
Life insurance (GamaLife) linked to the Mortgage, ensuring full repayment of the outstanding balance in case of death or total and permanent disability, for all non‑exempt borrowers.

Home multi‑risk insurance 
Home insurance from GNB Seguros, Maxi or Top plans, associated with the Mortgage.

You may choose insurance from another insurer of your preference, provided the policy includes equivalent cover and minimum requirements. 
In this case, the 0.2% spread reduction / narrowing in spread does not apply.