New housing for disabled Credit scheme comes into force … – publico

                 

                         
                     

                 

 
                         

The Bank of Portugal (BoP) published on Monday in his sit, the new rules of subsidized home loans for people with disabilities, adopted in August, and entering into force on 1 January.

                     

                         Law No. 64/2014, of 26 August, creates an autonomous system for the granting of mortgage loans to people with disabilities and provides for a subsidized interest rate, provided that the conditions of access are fulfilled.

“The new law does not establish the obligation of credit institutions to grant this type of credit, but provides the customer’s right to convert their loan to the new regime where the acquisition of the degree of disability less than 60% is after the conclusion of the mortgage loan contract, “the bop information, which is also available on the Bank Customer Website.

The transfer of a general scheme for credit loans to disabled can be made by customer request and where that satisfies all the conditions laid down in the law.

At disabled military continue to apply the conditions set for the workers of credit institutions , foreseen in the regime of Decree-Law No. 230/80 of 16 July. Can access this credit scheme individuals over 18 years and a degree of disability equal to or greater than 60% and wishing to hire a loan to permanent housing.

can also access this regime credit individuals who have acquired a degree of disability equal to or greater than 60% at a later stage than taking out a loan to permanent housing.

The scheme covers loans for acquisition, expansion, construction and carrying out conservation work or permanent residence of improvement (including the acquisition of garage or parking place in collective garage);

They also include the purchase of land and construction of property for owner-occupied housing permanent (including building garage) and conducting regular maintenance work, extraordinary or rehabilitation in common parts of buildings intended for compliance with technical standards, required by law, to improve the accessibility of residential buildings, by owners of units, setting up their permanent residence, and whose responsibility is the co-owners.

Access to the new regime is still dependent on the fulfillment of various requirements, such as the loan amount can not, in 2015 exceed 190,000 euros (this value is updated annually according to the consumer price index);

The maximum loan term can not exceed 50 years and the loan amount not may exceed 90% of the appraised value of housing by the credit institution, or the cost of regular maintenance works, extraordinary or rehabilitation. Among other limitations is the sale of the property is not possible for a minimum period of five years.

One of the novelties of the new regime is the hiring of the borrower for life insurance no longer be legally binding.

The loans covered by the new law benefit from a subsidy on the interest rate equal to the difference between the reference rate defined by Ordinance No. 502/2003 of 26 June (TRCB) and 65% of the rate European Central Bank’s (ECB). If the contracted interest rate is lower than the TRCB, the bonus is calculated taking into account the difference between the contracted interest rate and 65% of the ECB reference rate.