Banks and Loans in Portugal

[@actionvj]

Have you updated this video? Which banks are best in 2024?

[@faheemanjum4021]

Excellent information thanks appreciate your effort’s what you made

[@SavvyCatRealty]

Thank you Faheem! 😊

[@naveedurrehman1059]

Hi! Nice video! I am a foreigner and i have a TRC. I have a question, how i can get the business loan or if i show them place that i want to start business at that specific place. lets say it cost 50k to 80k to setup without downpayment. Is that possible?

[@TheTisbaga]

Thanks for the video. It is really informative. What do you think about using mortgage brokers like Doutor Finanças, ComparaJá or smaller ones to get pre-approvals from banks?

[@SavvyCatRealty]

Olá Orxan Gasimov, Thank you so much for feedback! 😻 In our opinion, Websites like Doutor Finanças, ComparaJá are great tools to support us with estimates while we plan and search for technical information but nothing can replace a local expert. Our advice is to ask around, specially in the expat online groups / communities already living in Portugal for a professional that they already worked with.

[@lucchese20]

Thank you for this video. Is it safe to assume that conditions of a bank loan or mortgage for an EU citizen is the same as a PT citizen and an EU citizen from outside PT is not considered a “foreigner.” Is that correct?

[@tamaramadelin4831]

In our experience thus is true...As an EU citizen with Portuguese residency we get the same standards of consideration!!

[@SavvyCatRealty]

Olá Lucchese20 😸 In response to your previous question, they are not 100% the same, EU and foreign citizens are seen in a similar light to self employed people, as in the bank both will be asked for more guarantees/higher down payments. But it's always a case by case basis. There is also no such thing as pre approvals so only when you have a specific property in mind you will have the final conditions. In our case, we work with a credit mediator and facilitate the process for our clients at no extra cost.

[@lucchese20]

@@tamaramadelin4831 Thanks Tamara for your feedback.

[@lucchese20]

@@SavvyCatRealty Thank you Ana for your reply and sharing your experience.

[@tamaramadelin4831]

It really depends, that's true! We received numerous simulations and out of 3 mortgage brokers only 1 was able to get us a loan that we wanted...90% and fixed rate! That was only possible because of my husband's Portuguese residency as an EU citizen and fixed income! All situations are different, but if you shop around there's always someone to get you what you want and it's comprised of many factors!!

[@intertwinedmpz8679]

Are you saying if I make $2000 as on income the bank will only lead me $700 I think that's 35%?

[@SavvyCatRealty]

Hi 😺 Answering your question, if you have a 2000€ income the bank won't allow the monthly installment to be over 700€, unless you have a guarantor.

[@MyGodTube]

Is it possible to found the the first down payment with additional personal loan in another bank?

[@SavvyCatRealty]

It is not advisable to ask for a personal loan for the down payment, most banks will check that and not allow. But sometimes it can be done (we also don't recommend doing it)

[@portugalforever2732]

#replay

[@goldysingh2572]

i have nationality of portugal i want to take loan ? can i meet you ?

[@MyGodTube]

Are you talking about loans or mortgage? The title says one thing but on the video you refer specially to a loan for buying a property. I think it should be more clear

[@SavvyCatRealty]

Hello 😺 In Portugal what we call loans /mortgage means the same (empréstimos) and so we make no distinction.

[@MyGodTube]

@@SavvyCatRealty I see. What about personal loans? Can I take personal loan from some bank in order to pay the initial capital (20%) of the mortgage that I am going to take on another bank? In other words get loans on 100% of the value of the property. Is it possible?

[@intertwinedmpz8679]

Are you a portugese?

[@SavvyCatRealty]

Yes! The entire Savvy Cat team is made up of local Portuguese and we live all around the mainland 😸