Housing Mortgage Loan
Name
Housing Mortgage Loan
Introduction
Housing Mortgage Loan is one of the loans offered to personal clients. The client pledge the house to bank to get the loan, for the purpose of purchasing houses or other consumption.
Features
1. Resident or non-resident can apply for this mortgage loan;
2. Customers can buy the property for reside or buy-to-let;
3. For resident, up to a maximum mortgage term of 30years and 80% Loan to Value;
4. Repayment on a basis of monthly installment.
Target Customers
Customers who would like to buy or pledge the residential house in Portugal and can meet all the conditions of loan.
Procedure
1. The bank assesses the client's financial situation and informs documents required.
2. The client submits the mortgage application and all necessary supporting documents.
3. The bank arranges a property valuation survey and finishes the internal loan approval.
4. After receiving the mortgage offer, the client signs the required legal documents. The bank helps the clients to buy the insurance and arrange the deed and mortgage date.
5. The bank and the client finish the deed and mortgage procedure. The bank grants the loan.
Tips
1. All the terms and conditions need to be met;
2. The client needs to buy the house insurance， life insurance (qualified exemption);
3. Deposit the amount of 3-6 months' installments in our bank as repayment assurance;
4. For early repayment, bank will charge certain of fees. (From November 26, 2022 until December 31, 2024, it is suspended the charging of early repayment commission for credit agreements covered by DL nº 74-A/2017 for the acquisition or construction of permanent own house with variable rate regime and regardless of the outstanding amount, pursuant to Decree-Law nº. 80-A/2022, of 25 november updated by the Decree-Law nº.91/2023 of 11 october)
5. The above information is only for reference please further read the attached document ‘Pre-Contract General Information on Mortgage Loan’ (Informação Geral Pré-contratual sobre Crédito Habitação). Clients can also send email to consult: service.pt@bankofchina.com.
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