The New Bank housing loan consists of seven different products depending on the financing needs of its clients. The consumer can use the New Bank housing credit simulator and, when choosing the term of payment and the amount to be financed, to know what interest rate to apply, the total cost of credit (total amount charged to the consumer) and how much will pay per month.
All New Bank housing credit products require the contracting of two insurance: the life insurance and the multirisk-housing.
This product allows the monthly installment to keep pace with the market oscillations, since the interest rate is variable, indexed to the EURIBOR. Thus, if the EURIBOR goes down, the monthly payment will also be lower.
The minimum spread offered is 1.25% and the payment term can extend up to 40 years. It is possible to finance a housing, works, land and construction up to € 700,000. The customer may have a bonus in the spread if he or she subscribes to certain New Bank products and services, such as insurance, a debit card, or the domiciliation of the payroll. In addition, young people up to the age of 35 get a bonus of 0.1%.
Through this modality, for two, five, 10 or 15 years, the interest rate of the home loan is fixed and as such, the monthly installment is always the same. After this period, the variable interest rate indexed to EURIBOR shall be applied. If the client wishes, he may still have a fixed interest rate for the duration of the contract.
In this case it is also possible to obtain a bonus of the spread through the subscription of several products, such as the domiciliation of salary or the contracting of insurance by the bank. This New Bank housing credit also allows young people, up to the age of 35, a 0.1% reduction in the contracted spread.
This loan is especially designed for clients who, because they do not have sufficient resources for the initial entry, need to finance 100% of the housing they intend to acquire. As such, they should reinforce the credit guarantee with a second home, which could be in the name of the client, their parents or other close relatives.
This New Bank housing credit product is intended for the acquisition of Own Permanent or Secondary Housing or for lease. The debt repayment term can extend up to 40 years and the possible amount of contracting reaches 700,000 €.
The Housing Credit 100% NB offers a spread that starts at 1.25%, although there may be a bonus by contracting other bank products or services, such as compulsory insurance or the subscription of a debit card. Young people up to 35 years still get a direct discount of 0.1%.
The New Bank housing credit for home swap is directed at clients who already hold a home loan at this financial institution, provided that this agreement was made before January 2010.
In this case, the minimum term of payment of the financing must be 10 years and the spread starts at 1.25%. In the case of a New Bank property, the spread starts at 1.1%.
This financial institution has a wide variety of properties in its possession for sale below market price and with very attractive financing conditions.
On the one hand, the financing can reach 100% of the valuation value of the house without there being any need for any reinforcement given by guarantees. On the other hand, this New Bank housing credit has a spread that starts at 1.15% for financing that correspond up to 80% of the value of the property.
Finally, the purchase of real estate that is from the New Bank is made easier, composed of less bureaucracy and taking less time until the entire process is completed. The client is also exempt from payment of evaluation and study fees.
This financing is destined to real estate marketed by real estate developers partners of the New Bank and that are destined for Permanent or Secondary Own Housing, lease, construction, acquisition of land or works. The term extends to 40 years and the spread begins at 1.25%, without the need for the customer to subscribe other products or services of the bank.
The big difference between this loan and the remaining New Bank housing loans lies in the possibility of waiving life insurance. This solution is intended for foreigners not resident or temporarily residing, who intend to buy a house in Portugal for second housing or for rent.
The payment term can reach 30 years and the spread begins at 2.05%, without the need to contract other products or financial services of the New Bank.