100% financed mortgage and tax-free up to 35 years old: Understand the measures.
What does the new government promise for young people's housing credit? 100% financing and no taxes are the measures in question.
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Young people up to 35 can buy a house with 100% financing and without taxes.
The program of Luís Montenegro's Government aims to keep young people in Portugal, as currently too many young people "do not see Portugal as part of their future".
To this end, they intend to support young people by encouraging them through access to housing: the new program provides public guarantee for housing credit for young people.
As stated in the electoral program of the Democratic Alliance (AD), the document discloses that it will exempt young people up to 35 years old from taxes when purchasing their permanent home, that is: the Municipal Property Transfer Tax (IMT) and Stamp Duty.
In addition, the State will guarantee the viability of 100% bank financing for the purchase of the first home, according to a document already approved by the Council of Ministers. This means that, by providing loan guarantee, if the borrower defaults, the State has to repay the loan to the bank.
Also in the document, the Government indicates that it will increase the scope of the Porta 65 program within its application limits, without specifying.
Despite the program already being disclosed, the financial impact that these measures may have is still unknown.
The program of the XXIV Constitutional Government was delivered on April 10 by the Minister of Parliamentary Affairs, Pedro Duarte, to the President of the Assembly of the Republic, José Pedro Aguiar-Branco.
It is worth noting that the document is not voted on in the Assembly of the Republic, but appreciated, with parliamentary groups being able to present motions rejecting the program. Approval requires an "absolute majority of deputies in effective functions".
Only after the program is reviewed in the Assembly of the Republic will the Government enter into its full functions, so now it can only limit itself to "the practice of acts strictly necessary to ensure the management of public affairs."
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