NOVO BANCO has a dedicated team to help Non-Resident Foreigners through the procedure, such as assistance with compilation and translation of documents. We do not ask for Life Insurance.
Financing solutions for Non-Resident Foreigners or Temporary Residents who wish to buy a house in Portugal as a secondary residence or for rental purposes.
The loans are targeted for appropriate, permanent, second-home or buy-to-let accommodation for a loan length of less than 30 years (provided that the age of the mortgage holders does not exceed 75 years at the end of the mortgage).
Spreads from 2.3% without the need to purchase additional products.
There is an exemption from Life Insurance for all these mortgages (this is optional according to the client's wishes and the Insurer's acceptance).
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FINANCE TO BUY A HOME
Up to 75% of the acquisition value, not exceeding the value of the Deed.
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CONSTRUCTION OR PURCHASE OF LAND + CONSTRUCTION
Up to 75% of the acquisition value of the estate, not exceeding the value of the Land + Construction Project.
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FINANCE FOR HOME IMPROVEMENTS OR EXTENSION
Up to 75% of the plan value, not exceeding 90% of the property valuation estimate.
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FINANCE FOR HOUSE PURCHASE + IMPROVEMENTS WORKS
Up to 75% of the estimate of the property asset to be purchased, including the Works Estimate.
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| INTEREST RATE | Variable rate based on the 12-month Euribor Market Index, plus a spread based on the tariff defined by NOVO BANCO. The rate is updated annually, according to the index. In this way, the value of the monthly payments can increase or decrease annually. |
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| OBLIGATORY INSURANCE | Life Insurance. Home Insurance ( see the product ). |
| APR | APR of 2.3%; NAR Variable of 1.859% (12 month Euribor of -0.191% from April 2018 and spread of 2.05%); Monthly repayment €543.91; Total For The Consumer: €206,153.26. |