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Want to buy a house alone? Apply for a home loan for singles!

Are you looking for a business opportunity to gain your independence, but believe that alone you will not be able to buy a house? We have great news for you: it is possible to apply for a home loan with just one holder.

To begin with, you must ensure that you have the necessary savings for unexpected situations, stability in your job and the financial capacity to take this step of applying for a credit.

The process to apply is very similar to what is done for a normal loan, the differences are in the conditions that can be a little more demanding on the part of banking entities.

Some conditions that help in applying for credit

- Be working in an effective regime and for more than two years in the current job;
- No debts with the Bank of Portugal;
- Have a source of income that proves to the bank the ability to support the provision of credit;
- If you are currently paying rent and its value is similar to or greater than the monthly installment of credit, for banks it is an excellent indication of how you will be able to meet the payment.

What guarantees will banks ask for?

In situations where the financial institution considers that there is a greater risk of non-payment, more guarantees will be requested. It is a protection measure by the banks themselves that there is no way to escape.

When applying for a home loan alone, the age issue is very important because if you are under 25 you will have to guarantee a guarantor. Above this age it is not always mandatory to have a guarantor, depending a lot on your situation.

Banking entities may require different guarantees, so it is best to get information from a Credit Intermediary who will make contact with the different banks to present you with the solutions available on the market and will help you choose the most suitable for you.

Is the entry fee the same? What is the best effort rate?

The entry value for a home loan with a single holder is the same as for a normal loan, that is, 10 to 20% of the purchase price of the property. However, taking into account that the credit will be provided by only one person, it represents a greater risk for the bank, so the greater the down payment, the better! Furthermore, in this situation, the effort rate may also be lower.

Where should I start?

If you are thinking of buying a house, you should ask professionals certified by the Bank of Portugal who will answer all your questions and find the best solutions for you.

 

At Zome we have a team of Credit Intermediaries that work daily to obtain the best credit conditions for our customers, allowing them to save time with unnecessary travel or bureaucracy, accelerating the process with banking entities and keeping them informed from the point of situation whenever requested.

 

To get the right help, consult one of our team professionals who will help you throughout the home buying process (here - https://carlomonteiro.pt/en/equipa )

 

Applying for a home loan doesn't have to be a headache if you know exactly where to start, and buying a home alone is possible, with the right help!

 

 

Source: zome.pt 

31 from March from 2022

Sara MartinsMarketing Assistant

Applying for a home loan is possible! Know the conditions for accessing this type of credit.

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