Housing Finance Policy

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    A. Legal and Regulatory Framework

    A.1 Legal and Regulatory Framework
    VariableEnd of 2018End of 2017End of 2016SourcesVar ID
    Basis of the legal system: Civil, Common, Islamic, Other? (Describe)Based on Roman civil law with influence from French systemBased on Roman civil law with influence from French system  Based on Roman civil law with influence from French system
    U.S. Library of Congress
    		A.1.1
    Are there specific laws that deal with mortgages? YesYesYesA.1.2
    Registration/Transfer of titles:A.1.3
    Does the law clearly define different types of property rights?YesYesYesA.1.3.1
     Are property rights easily transferable?YesYesYesA.1.3.2
    Typical number of days needed for the transfer of title10.001.001.00
    WDI
    		A.1.3.4
    Can liens be effectively enforced?YesYesYesA.1.4
    Number of months until lender acquires the property in case of foreclosure on a single-family residential property?  16 months
    IMF
    		A.1.4.1
    Are there legal constraints on mortgage features?YesYesYes
    Research
    		A.1.6
    Interest rate capsNoNoNo
    Research
    		A.1.6.1
    Loan-to-Value capYesYesYes
    Decree-Law No. 349/98
    		A.1.6.2
    OtherYesYesYes
    Decree-Law No. 320/2000
    		A.1.6.4
    Are there consumer rights for mortgage lending? YesYesYes
    Decree-Law No. 320/2000
    		A.1.7
    Are there disclosure requirements for mortgage lending?YesYesYes
    Decree Law No. 51/2007
    		A.1.8
    Is there specialized legislation covering:A.1.9
    Issuance of covered mortgage bondsYesYesYes
    Decree Law 125/90
    		A.1.9.1
    Issuance of RMBSYesYesYes
    Decree Law No.453/99
    		A.1.9.2
    B. Housing Finance Subsidies
    B.1 Subsidies to Housing Finance Institutions
    VariableEnd of 2018End of 2017End of 2016SourcesVar ID
    Are there subsidized funding sources for mortgage lenders?NoNoNo
    Research
    		B.1.1
    B.2 Subsidies to Households
    VariableEnd of 2018End of 2017End of 2016SourcesVar ID
    Are there subsidies to households on housing finance?YesYesYes
    OHCHR
    		B.2.1
    Interest rate subsidies by special government fundsYesYesYes
    Decree Law No. 64/2014
    		B.2.1.1
    Buy-down of monthly/interest paymentsNoNoNo
    FESSUD
    		B.2.1.2
    Down-payment subsidies NoNoNo
    FESSUD
    		B.2.1.3
    Mortgage interest deductibility from income taxYesYesYes
    OECD
    		B.2.1.5
    Reach of subsidies in 2.1.1 to 2.1.4 ?B.2.2
    C. Taxation
    VariableEnd of 2018End of 2017End of 2016SourcesVar ID
    What taxes apply to Residential Real Estate?C.1
    Tax on property (home-owners) YesYesYes
    Deloitte
    		C.1.1
    Property transaction taxes (purchase/selling)YesYesYes
    Deloitte
    		C.1.2
    Mortgage transaction taxesYes  
    Berkshire Hathaway
    		C.1.3
    Tax on capital gains on property YesYesYes
    Deloitte
    		C.1.5
    back to top | Country Data:
    Notes: 46% of variable rate agreements had a spread 1.5-2%
    Notes: BPI provides Credit Protection Insurance which covers BPI mortgage loan monthly instalments. Life insurance is required to obtain a mortgage in Portugal
    Notes: - Up to 90% for residential immovable property for the purchase or construction of own and permanent residence - Up to 80% for residential immovable property or credit secured a mortgage for other purposes than own and permanent residence - Up to 100% for residential immovable property and credit secured by a mortgage or equivalent guarantee for purchasing immovable property held by the institutions themselves and for property financial leasing agreements 
    Notes: - Up to 90% for residential immovable property for the purchase or construction of own and permanent residence - Up to 80% for residential immovable property or credit secured a mortgage for other purposes than own and permanent residence - Up to 100% for residential immovable property and credit secured by a mortgage or equivalent guarantee for purchasing immovable property held by the institutions themselves and for property financial leasing agreements  
    Notes: - Up to 90% for residential immovable property for the purchase or construction of own and permanent residence - Up to 80% for residential immovable property or credit secured a mortgage for other purposes than own and permanent residence - Up to 100% for residential immovable property and credit secured by a mortgage or equivalent guarantee for purchasing immovable property held by the institutions themselves and for property financial leasing agreements  
    Notes: - Up to 90% for residential immovable property for the purchase or construction of own and permanent residence - Up to 80% for residential immovable property or credit secured a mortgage for other purposes than own and permanent residence - Up to 100% for residential immovable property and credit secured by a mortgage or equivalent guarantee for purchasing immovable property held by the institutions themselves and for property financial leasing agreements  
    Notes: - Up to 90% for residential immovable property for the purchase or construction of own and permanent residence - Up to 80% for residential immovable property or credit secured a mortgage for other purposes than own and permanent residence - Up to 100% for residential immovable property and credit secured by a mortgage or equivalent guarantee for purchasing immovable property held by the institutions themselves and for property financial leasing agreements  
    Notes: - Up to 90% for residential immovable property for the purchase or construction of own and permanent residence - Up to 80% for residential immovable property or credit secured a mortgage for other purposes than own and permanent residence - Up to 100% for residential immovable property and credit secured by a mortgage or equivalent guarantee for purchasing immovable property held by the institutions themselves and for property financial leasing agreements  
    Notes: - Up to 90% for residential immovable property for the purchase or construction of own and permanent residence - Up to 80% for residential immovable property or credit secured a mortgage for other purposes than own and permanent residence - Up to 100% for residential immovable property and credit secured by a mortgage or equivalent guarantee for purchasing immovable property held by the institutions themselves and for property financial leasing agreements  
    Notes: - Up to 90% for residential immovable property for the purchase or construction of own and permanent residence - Up to 80% for residential immovable property or credit secured a mortgage for other purposes than own and permanent residence - Up to 100% for residential immovable property and credit secured by a mortgage or equivalent guarantee for purchasing immovable property held by the institutions themselves and for property financial leasing agreements  
    Notes: - Up to 90% for residential immovable property for the purchase or construction of own and permanent residence - Up to 80% for residential immovable property or credit secured a mortgage for other purposes than own and permanent residence - Up to 100% for residential immovable property and credit secured by a mortgage or equivalent guarantee for purchasing immovable property held by the institutions themselves and for property financial leasing agreements  
    Notes: - Up to 90% for residential immovable property for the purchase or construction of own and permanent residence - Up to 80% for residential immovable property or credit secured a mortgage for other purposes than own and permanent residence - Up to 100% for residential immovable property and credit secured by a mortgage or equivalent guarantee for purchasing immovable property held by the institutions themselves and for property financial leasing agreements
    Notes: Net of taxes and contributions to social security. Up to 50% with the following exceptions on the total amount of credit granted by each institution in each year: up to 20% of mortgage: ratio of up to 60%; up to 5% of mortgage: no ratio limit
    Notes: Net of taxes and contributions to social security. Up to 50% with the following exceptions on the total amount of credit granted by each institution in each year: up to 20% of mortgage: ratio of up to 60%; up to 5% of mortgage: no ratio limit
    Notes: Net of taxes and contributions to social security. Up to 50% with the following exceptions on the total amount of credit granted by each institution in each year: up to 20% of mortgage: ratio of up to 60%; up to 5% of mortgage: no ratio limit
    Notes: Net of taxes and contributions to social security. Up to 50% with the following exceptions on the total amount of credit granted by each institution in each year: up to 20% of mortgage: ratio of up to 60%; up to 5% of mortgage: no ratio limit
    Notes: Net of taxes and contributions to social security. Up to 50% with the following exceptions on the total amount of credit granted by each institution in each year: up to 20% of mortgage: ratio of up to 60%; up to 5% of mortgage: no ratio limit
    Notes: 2011 housing census shows 73.24 owner occupied units
    Notes: 29.3% of variable rate agreements had a spread 1-1.5%
    Notes: 50% of gains from sale of immovable property is subject to tax as income at progressive rates. Capital gains on sale of main residence are exempt if proceeds are used to purchase another permanent residence in Portugal or EU/EEA member state
    Notes: 50% of gains from sale of immovable property is subject to tax as income at progressive rates. Capital gains on sale of main residence are exempt if proceeds are used to purchase another permanent residence in Portugal or EU/EEA member state
    Notes: 50% of gains from sale of immovable property is subject to tax as income at progressive rates. Capital gains on sale of main residence are exempt if proceeds are used to purchase another permanent residence in Portugal or EU/EEA member state
    Notes: 50% of gains from sale of immovable property is subject to tax as income at progressive rates. Capital gains on sale of main residence are exempt if proceeds are used to purchase another permanent residence in Portugal or EU/EEA member state
    Notes: 50% of gains from sale of immovable property is subject to tax as income at progressive rates. Capital gains on sale of main residence are exempt if proceeds are used to purchase another permanent residence in Portugal or EU/EEA member state
    Notes: 50.9% of variable rate agreement had a spread of1-1.5%
    Notes: According to Decree-Law No 12/2010 microcredit financial institutions can only grant financing to small businesses or professional projects
    Notes: According to Decree-Law No 12/2010 microcredit financial institutions can only grant financing to small businesses or professional projects
    Notes: According to Decree-Law No 12/2010 microcredit financial institutions can only grant financing to small businesses or professional projects
    Notes: According to Decree-Law No 12/2010 microcredit financial institutions can only grant financing to small businesses or professional projects
    Notes: According to Decree-Law No 12/2010 microcredit financial institutions can only grant financing to small businesses or professional projects
    Notes: According to Decree-Law No 12/2010 microcredit financial institutions can only grant financing to small businesses or professional projects
    Notes: According to Decree-Law No 12/2010 microcredit financial institutions can only grant financing to small businesses or professional projects
    Notes: According to Decree-Law No 12/2010 microcredit financial institutions can only grant financing to small businesses or professional projects
    Notes: According to Decree-Law No 12/2010 microcredit financial institutions can only grant financing to small businesses or professional projects
    Notes: According to GCS, an investment property firm, there are 15 mortgage lends in Portugal. Comparaja lists 17 financial institutions that offer mortgages.
    Notes: According to GCS, an investment property firm, there are 15 mortgage lends in Portugal. Comparaja lists 17 financial institutions that offer mortgages.
    Notes: According to GCS, an investment property firm, there are 15 mortgage lends in Portugal. Comparaja lists 17 financial institutions that offer mortgages.
    Notes: According to GCS, an investment property firm, there are 15 mortgage lends in Portugal. Comparaja lists 17 financial institutions that offer mortgages.
    Notes: According to GCS, an investment property firm, there are 15 mortgage lends in Portugal. Comparaja lists 17 financial institutions that offer mortgages.
    Notes: According to GCS, an investment property firm, there are 15 mortgage lends in Portugal. Comparaja lists 17 financial institutions that offer mortgages.
    Notes: BPI provides Credit Protection Insurance which covers BPI mortgage loan monthly instalments. Life insurance is required to obtain a mortgage in Portugal
    Notes: BPI provides Credit Protection Insurance which covers BPI mortgage loan monthly instalments. Life insurance is required to obtain a mortgage in Portugal
    Notes: BPI provides Credit Protection Insurance which covers BPI mortgage loan monthly instalments. Life insurance is required to obtain a mortgage in Portugal
    Notes: BPI provides Credit Protection Insurance which covers BPI mortgage loan monthly instalments. Life insurance is required to obtain a mortgage in Portugal
    Notes: BPI provides Credit Protection Insurance which covers BPI mortgage loan monthly instalments. Life insurance is required to obtain a mortgage in Portugal
    Notes: Caixa Geral de Depositos is the largest public bank, second largest overall.
    Notes: Caixa Geral de Depositos is the largest public bank, second largest overall.
    Notes: Central bank sets macroprudential limits on LTV, DTSI, maturity
    Notes: Central bank sets macroprudential limits on LTV, DTSI, maturity
    Notes: Central bank sets macroprudential limits on LTV, DTSI, maturity
    Notes: Central bank sets macroprudential limits on LTV, DTSI, maturity
    Notes: Central bank sets macroprudential limits on LTV, DTSI, maturity
    Notes: Conventional Dwellings Estimate: Conventional dwellings includes vacant and second homes
    Notes: Credit Bonficado (a subsidy program) expired at the end of 2002
    Notes: Credit Bonficado (a subsidy program) expired at the end of 2002
    Notes: Credit Bonficado (a subsidy program) expired at the end of 2002
    Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
    Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
    Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
    Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
    Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
    Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
    Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
    Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
    Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
    Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
    Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
    Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
    Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
    Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
    Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
    Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
    Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
    Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
    Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
    Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
    Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
    Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
    Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
    Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
    Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
    Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
    Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
    Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
    Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
    Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
    Notes: figures calculated by households, not units
    Notes: figures calculated by households, not units 
    Notes: figures calculated by households, not units 
    Notes: Includes rural transactions. However, Portugal is largely urban.
    Notes: Includes rural transactions. However, Portugal is largely urban.
    Notes: Includes rural transactions. However, Portugal is largely urban.
    Notes: Includes rural transactions. However, Portugal is largely urban.
    Notes: Includes rural transactions. However, Portugal is largely urban.
    Notes: Includes rural transactions. However, Portugal is largely urban.
    Notes: Includes rural transactions. However, Portugal is largely urban.
    Notes: Includes rural transactions. However, Portugal is largely urban.
    Notes: Includes rural transactions. However, Portugal is largely urban.
    Notes: Includes rural transactions. However, Portugal is largely urban.
    Notes: Includes rural transactions. However, Portugal is largely urban.
    Notes: Includes rural transactions. However, Portugal is largely urban.
    Notes: Includes rural transactions. However, Portugal is largely urban.
    Notes: Includes rural transactions. However, Portugal is largely urban.
    Notes: Levied by municipalities at a maximum rate of 6% on the transfer of residential property, 5% on the transfer of rural property, 6.5% on the transfer of urban property and 10% if the purchaser is located in a listed tax haven.
    Notes: Levied by municipalities at a maximum rate of 6% on the transfer of residential property, 5% on the transfer of rural property, 6.5% on the transfer of urban property and 10% if the purchaser is located in a listed tax haven.
    Notes: Levied by municipalities at a maximum rate of 6% on the transfer of residential property, 5% on the transfer of rural property, 6.5% on the transfer of urban property and 10% if the purchaser is located in a listed tax haven.
    Notes: Levied by municipalities at a maximum rate of 6% on the transfer of residential property, 5% on the transfer of rural property, 6.5% on the transfer of urban property and 10% if the purchaser is located in a listed tax haven.
    Notes: Levied by municipalities at a maximum rate of 6% on the transfer of residential property, 5% on the transfer of rural property, 6.5% on the transfer of urban property and 10% if the purchaser is located in a listed tax haven.
    Notes: Levied by municipalities at a maximum rate of 6% on the transfer of residential property, 5% on the transfer of rural property, 6.5% on the transfer of urban property and 10% if the purchaser is located in a listed tax haven.
    Notes: Market shares: CGD-23.7%, BPI- 19,7%, BCP-26%
    Notes: Market shares: CGD-25%, Santander Totta-23%, BCP-19%
    Notes: Maturity of new credit agreements maxes out at 40 for those 30 or younger
    Notes: Maximum loan term of 30 years
    Notes: Maximum loan term of 30 years
    Notes: Maximum loan term of 30 years
    Notes: Maximum loan term of 30 years
    Notes: Maximum loan term of 30 years
    Notes: Maximum loan term of 30 years
    Notes: Maximum loan term of 30 years
    Notes: Maximum loan term of 30 years
    Notes: Maximum loan term of 30 years
    Notes: Maximum loan term of 30 years
    Notes: Maximum loan term of 30 years
    Notes: Maximum loan term of 30 years
    Notes: Maximum loan term of 30 years
    Notes: Maximum loan term of 30 years
    Notes: Maximum loan term of 30 years
    Notes: Maximum loan term of 30 years
    Notes: Maximum loan term of 30 years
    Notes: Maximum loan term of 30 years
    Notes: Maximum loan term of 30 years
    Notes: Maximum loan term of 30 years
    Notes: Maximum loan term of 30 years
    Notes: Maximum loan term of 30 years
    Notes: Maximum loan term of 30 years
    Notes: Maximum LTV of 90%
    Notes: Maximum LTV of 90%
    Notes: Maximum LTV of 90%
    Notes: Maximum LTV of 90%
    Notes: Maximum LTV of 90%
    Notes: Maximum LTV of 90%
    Notes: Maximum LTV of 90%
    Notes: Maximum LTV of 90%
    Notes: Maximum LTV of 90%
    Notes: Maximum LTV of 90%
    Notes: Maximum LTV of 90%
    Notes: Maximum LTV of 90%
    Notes: Maximum LTV of 90%
    Notes: Maximum LTV of 90%
    Notes: Maximum LTV of 90%
    Notes: Maximum LTV of 90%
    Notes: Maximum LTV of 90%
    Notes: Maximum LTV of 90%
    Notes: Maximum LTV of 90%
    Notes: Maximum LTV of 90%
    Notes: Maximum LTV of 90%
    Notes: Maximum LTV of 90%
    Notes: Maximum LTV of 90%
    Notes: Maximum of LTV of 90%
    Notes: Mortgage stamp duty ranges between 0.4% to 0.8%
    Notes: Net of taxes and contributions to social security. Up to 50% with the following exceptions on the total amount of credit granted by each institution in each year: up to 20% of mortgage: ratio of up to 60%; up to 5% of mortgage: no ratio limit
    Notes: Net of taxes and contributions to social security. Up to 50% with the following exceptions on the total amount of credit granted by each institution in each year: up to 20% of mortgage: ratio of up to 60%; up to 5% of mortgage: no ratio limit  
    Notes: Net of taxes and contributions to social security. Up to 50% with the following exceptions on the total amount of credit granted by each institution in each year: up to 20% of mortgage: ratio of up to 60%; up to 5% of mortgage: no ratio limit  
    Notes: Non-performing loan defined as 30 days past due
    Notes: Ratio of non-performing loans: Households, house purchase
    Notes: Ratio of non-performing loans: Households, house purchase
    Notes: Ratio of non-performing loans: Households, house purchase
    Notes: Ratio of non-performing loans: Households, house purchase
    Notes: Ratio of non-performing loans: Households, house purchase
    Notes: Ratio of non-performing loans: Households, house purchase
    Notes: Ratio of non-performing loans: Households, house purchase
    Notes: Residential loans only
    Notes: Residential securitizations through funds only
    Notes: Residential securitizations through funds only
    Notes: Residential securitizations through funds only
    Notes: Residential securitizations through funds only
    Notes: Residential securitizations through funds only
    Notes: Residential securitizations through funds only
    Notes: Residential securitizations through funds only
    Notes: Residential securitizations through funds only
    Notes: Residential securitizations through funds only
    Notes: Residential securitizations through funds only
    Notes: Residential securitizations through funds only
    Notes: Residential securitizations through funds only
    Notes: Residential securitizations through funds only
    Notes: Residential securitizations through funds only
    Notes: See Term and LTV tab at the bottom of the screen
    Notes: See Term and LTV tab at the bottom of the screen
    Notes: Since September 30, 2012 it is not any more possible to issue mortgage loans with a subsidized system scheme
    Notes: Since September 30, 2012 it is not any more possible to issue mortgage loans with a subsidized system scheme
    Notes: Since September 30, 2012 it is not any more possible to issue mortgage loans with a subsidized system scheme
    Notes: Since September 30, 2012 it is not any more possible to issue mortgage loans with a subsidized system scheme
    Notes: Since September 30, 2012 it is not any more possible to issue mortgage loans with a subsidized system scheme
    Notes: Since September 30, 2012 it is not any more possible to issue mortgage loans with a subsidized system scheme
    Notes: Since September 30, 2012 it is not any more possible to issue mortgage loans with a subsidized system scheme
    Notes: Since September 30, 2012 it is not any more possible to issue mortgage loans with a subsidized system scheme
    Notes: Since September 30, 2012 it is not any more possible to issue mortgage loans with a subsidized system scheme
    Notes: Since September 30, 2012 it is not any more possible to issue mortgage loans with a subsidized system scheme
    Notes: The government provides a subsidized credit (65% of the European reference rate) rate for disabled people.
    Notes: The government provides a subsidized credit (65% of the European reference rate) rate for disabled people.
    Notes: The government provides a subsidized credit (65% of the European reference rate) rate for disabled people.
    Notes: The government provides a subsidized credit (65% of the European reference rate) rate for disabled people.
    Notes: The government provides a subsidized credit (65% of the European reference rate) rate for disabled people.
    Notes: The government provides a subsidized credit (65% of the European reference rate) rate for disabled people.
    Notes: The government provides a subsidized credit (65% of the European reference rate) rate for disabled people.
    Notes: The government provides a subsidized credit (65% of the European reference rate) rate for disabled people.
    Notes: The government provides a subsidized credit (65% of the European reference rate) rate for disabled people. This law was established 2014.
    Notes: Up to 90% for residential immovable property for the purchase of construction of own and permanent residence Up to 80% for the residential immovable property or credit secured a mortgage for other purposes than own and permanent residence
    Notes: Up to 90% for residential immovable property for the purchase of construction of own and permanent residence Up to 80% for the residential immovable property or credit secured a mortgage for other purposes than own and permanent residence
    Notes: Up to 90% for residential immovable property for the purchase of construction of own and permanent residence Up to 80% for the residential immovable property or credit secured a mortgage for other purposes than own and permanent residence
    Notes: Up to 90% for residential immovable property for the purchase of construction of own and permanent residence Up to 80% for the residential immovable property or credit secured a mortgage for other purposes than own and permanent residence
    Notes: Up to 90% for residential immovable property for the purchase of construction of own and permanent residence Up to 80% for the residential immovable property or credit secured a mortgage for other purposes than own and permanent residence
    Notes: You Q4 house price index change
    Notes: You Q4 house price index change
    Notes: You Q4 house price index change
    Notes: You Q4 house price index change
    Notes: You Q4 house price index change
    Notes: You Q4 house price index change
    Notes: You Q4 house price index change
    Notes: You Q4 house price index change