Is there a maximum age limit for applying for housing credit?

Housing Credit is an easy and safe way to obtain the amount needed to purchase a new home. Additionally, some credits can even be used for renovations! So, come find out the age to place your order and plan your future!


There is no age for your dream! Discover now how to own your own home, regardless of age

real estate agent Delivering sample homes to customers, mortgage
There is no age for your dream! Discover now how to achieve your own home, regardless of age; Source: AdobeStock

If you dream of getting your own look, there is always the option of asking for a mortgage from a bank, but recently the maximum age laws have changed in Portugal! So, it is important to know more about the rule.

Find out with us if there is an age limit for applying for a home loan. The answer may surprise you! But regardless of the answer, it's never too late to make your dream come true, right?

sala de estar com um computador, cadeira, planta, livros e decoração em geral

Home Credit vs Personal Credit

Today you see a clash of giants: housing credit vs personal credit! Find out which one is best in each situation and what its main characteristics are.

However, age can play a role in loan approval and terms. We want to help you understand how your age can impact your path to the home of your dreams.

This way, it is possible to plan more concretely for the future that lies ahead! Read on to find out how you can make the most of home loan opportunities, regardless of your age.

What is needed for a housing loan?

To apply for a housing loan in Portugal, there are some requirements that must be met by the applicant, including some rules regarding age! So, stay tuned and check all the bank's details!

In any case, you need to have a stable income and prove this source. That's why the older you are, the shorter the period, as the chances of entering the reserve are greater, which would make it difficult to pay the monthly fees.

In addition, you must present documents such as your citizen card and credit history to demonstrate that you are financially reliable. Additionally, depending on the bank and negotiation, other documents may be requested.

Is there a maximum age for applying for housing credit?

The answer to this question is quite simple. In 2022 there was a change in the rules governing housing credit. The entire proposal aims to make transactions safer for banks and more accessible for customers.

Firstly, it is important to point out that the minimum age for any request of this type is 18 years old! Furthermore, the maximum age ends up being 75 years old. Do you want to understand why or how it is possible to mitigate this? We will help you understand better!

Furthermore, it is worth highlighting that the details of terms and interest are specific to each bank. So, first of all, remember to check the conditions of financial institutions across the country!

What is the rule in general?

Multiethnic mid adult couple using digital tablet at home
What is the rule in general? Find out below. Source: AdobeStock

In the case of people between 18 and 30 years old, the maximum period is 40 years to repay the credit loan amount. On the other hand, between 30 and 35 years, the average term is 37 years!

Furthermore, for people over 35, the maximum period is 35 years to pay off the loan. However, the maximum age when making the request must not exceed 75 years for the credit to be valid!

This minimizes the risk of default by applicants and makes financing possibilities more realistic for the bank, which guarantees that it will receive the amount loaned.

Other information about housing credit

Remember that the shorter the term, the larger the installments. However, at the same time the total amount is lower, as there is less interest involved in the loan. So consider all this information.

Furthermore, there are some ways to apply for housing credit even if your age is close to the maximum. So, don't give up on your dream! Thus, it is possible to add a younger guarantor as the credit holder.

This way, it is possible to find longer deadlines to reimburse the bank. Another valid option is to make a larger down payment, reducing the value of the loan itself and reducing the repayment time!

Mulher confusa com a mão na cabeça olhando celular

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How to get better conditions on housing credit?

If you are an older person, to obtain better conditions to acquire your housing loan you need to use some strategies to reduce the risks of the financial institution, such as some mentioned above.

Furthermore, it is worth highlighting that adding one more holder to share the credit does not resolve the situation, as the restriction is valid for the oldest member among the holders. Still, having another holder can guarantee more security for the bank.

So, remember to talk to the bank and look for alternatives to make your credit viable, but be careful not to make a choice that will harm your financial health. It's important to take your time and do the math well.

What are the consequences of applying for housing loans close to the age limit?

As has already been said, the older people are, the need to pay off the credit in a shorter period of time! Therefore, it is important to plan this type of request as soon as possible to enjoy easier deadlines.

Thus, the main consequences of applying for this type of credit when older is to have larger installments with fewer monthly payments. So be careful not to end up overloading your family's budget!

What should you consider when applying for a housing loan in addition to what has already been presented?

Couple shopping online. Happy couple looking together sitting floor at home.
Understand what you should consider when applying for a housing loan. Source: AdobeStock

It is important to take other points into consideration when applying for your home loan regardless of your age! Therefore, check whether the offer rate is fixed or variable. This can have a profound impact on what you owe the bank.

Additionally, compare APR and MTIC offers to spend as little as possible on interest and extra fees related to the letter of credit! Another point of attention is whether there are mandatory products and how much they cost.

This may end up involving insurance, for example, to reduce the credit spread! Furthermore, see what expenses the bank charges per account and compare all available offers carefully to always spend as little as possible!

Recommended alternative: Discover EuroBic home loan!

Now that you know how the age limit for applying for housing credit at a financial institution works, grab a pencil and paper and do the math to find out which is the best solution for you!

Furthermore, remember to consult different proposals to choose the most appropriate one for your reality. Therefore, one of the most interesting options is EuroBic's housing loan!

So, you want to know more information about how to apply. With a variable interest rate, a term of up to 40 years depending on age and a competitive spread, it is worth finding out more details about EuroBic.

So, without further ado, access the link available below and find out more about this home loan opportunity. Get the information you need to get your new address and analyze the offers!

Casa com logo EuroBic na frente

Discover EuroBic Home Credit

The EuroBic Housing Loan works with extended terms, expanded values and competitive spread to facilitate your acquisition!

About the author  /  Filipe Travanca

Bachelor in History and Audiovisual from the University of São Paulo. Passionate about writing and literature, he works as a screenwriter, editor and short story writer, exploring the most varied themes and subjects. A very curious person, who likes to study a little bit of everything and share this learning in his texts.

Reviewed by  /  Samantha Scorbaioli

Senior Editor

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