Bank loans in Portugal

Last activity 27 August 2018 by sewright

2346 Views

1 replies

Post new topic

PriscillaViP22 August 2018 09:42:32

42358

Hello,

Finances and banking can sometimes be a headache for many expats, especially when it comes to taking out bank loans.

Is it difficult for an expat to get approved for a bank loan in Portugal?

What are the types of bank loans available for expats (mortgage/bonds; business loans; car loans; personal loans; student loans)?

What are the general conditions for expats to take out bank loans (interest rates; timeframe to repay loans, etc.)?

Which bank in Portugal is the most popular or accessible for expats regarding loans?

Would you normally require the services of an accounts manager at the bank in order to facilitate the process of taking out a loan? Is this service free of charge?

What would happen in the case of an unpaid loan if you have to repatriate back to your home country or move somewhere else?

Are there any other options for loans aside from the bank in Portugal, such as taking out a loan from your bank in your home country, or other types of companies not affiliated with banks, that give out loans?

Thank you for sharing your experience.

Priscilla

sewrightNew member27 August 2018 08:00:03

My spouse and I looked into financing a home (mortgage) since the borrowing rates are very cheap. But the requirement that Portugal banks have of additional life insurance for each mortgage holder is so expensive at our age (60), that it was prohibitive. We have USA life insurance that would pay out here but apparently that was not considered as acceptable. This is the bank’s way of ensuring they always get paid in case of death. These rules don’t exist in the USA unless you are putting down less than 20% (that is called mortgage insurance). But in Portugal at least with Millinneum Bank the amount you put down does not matter. All in all we ended up purchasing outright with no financing.

Articles to help you in your expat project in Portugal

Banking in Portugal
Expats moving to Portugal may wish to open a bank account in their new country of residence. Having a local ...
Dating in Portugal
If it's true that dating in general can be tricky and present its challenges, even more so when we talk about ...
Phones and Internet in Portugal
Whether or not you are a tech-savvy person, this is still quite an important part of everyday life – and it ...
The Portuguese lifestyle
Moving to a new country means you will be discovering a new culture and exploring different habits, as well as a ...
Work visas in Portugal
Portugal can be a great place to live in. This Southern European country is known for its great weather, ...
Renting options in Porto
Over the past few years, rent prices in Porto have been soaring. As the city's popularity grows among tourists ...
Working in Lisbon
Lisbon is Portugal's capital and also the largest city in the country. Furthermore, it is the richest ...
Healthcare for the elderly in Portugal
Portugal is a popular destination for retirement for Europeans, in general, but also retirees from other ...