In order to mitigate the economic effects of the crisis linked to the coronavirus pandemic, Portugal has put in place mechanisms which in particular allow individuals to benefit from a moratorium on mortgage loans. Individuals must, electronically or physically, send the lending institution a declaration of adherence to the application of the moratorium signed by the borrower and accompanied by documentation proving the regularity of the tax situation of the person making the request. The decree-law of March 27, published within the framework of the COVID-19 disease pandemic, establishes exceptional measures for the protection of households for the credit for clean and permanent housing, measures which will be in effect until 30 September 2020. Lisbob, the expatriate assistant in Portugal, tells you everything to benefit from the moratorium on mortgage loans.
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How to benefit from the moratorium on real estate loans in Portugal?
How to formalize the request for a moratorium ?
Individuals must, electronically or physically, send the lending institution a declaration of adherence to the application of the moratorium signed by the borrower. This declaration must be accompanied by documentation proving the regularity of the respective tax and contributory situation. This is proof that you are up to date with the Portuguese tax authorities and that you have no debts in arrears.
The bank has five working days to respond to the request. This period begins after receipt of the declaration and the documents sent, unless the person does not meet the necessary conditions.
If the bank finds that the applicant does not meet the conditions to be able to benefit from the measures envisaged, it must inform him of this fact within a maximum of three working days, by sending him a communication by the same means as that used by the Applicant to send the declaration with the request for a moratorium.
In summary, the consumer must:
Contact your bank and request the form to request the moratorium;
Complete and sign the request;
Attach the documents proving the situation which allow you to access the moratorium and the declaration of non-debt to Finanças and social security;
Send everything and wait five days;
If there is no response after five days, you must insist with your bank until you are sure you do not pay in April.
When do the effects of request for moratorium set in place?
At the date of presentation of the declaration.
Consequences:
The extension of the payment period for capital, rent, interest, commissions and other charges does not give rise to any:
Contractual breach;
Activation of early maturity clauses;
Suspension of interest due during the extension period, which will be capitalized in the loan amount according to the date on which it is due at the rate of the contract in force;
Ineffectiveness or termination of the guarantees granted by the entities benefiting from the measures or by third parties, namely the effectiveness and validity of the insurances, guarantees and / or guarantees.
The decree entered into force the day after its publication, on March 27, and is in effect until September 30, 2020.
