What is the difference between primary and secondary own housing in credit?
When you will apply for a home loan, the conditions proposed by the bank will be different depending on the purpose you give to the property: own permanent or secondary. Understand the difference between the two and the financing conditions for each.
If you are looking for a home loan for your new home, it's with Poupança no Minuto! Credit intermediaries will guide you so you can get the best market conditions. Contact us or first read about the conditions they can offer you.
What is the difference between a permanent and a secondary own housing?
The difference between the purpose of a permanent own home and a secondary home is that the first is intended for the owner's housing and respective household, being its tax address, and the second is intended for occasional periods of occupancy by the owner, such as a vacation home.
What is the impact of two purposes on home credit?
In the end, what differs the purposes are the taxes to be paid, as well as the conditions of access to financing proposed by the banks.
This is because a second home loan for the purchase of a secondary home, investment, or rental property will have worse conditions than for a primary home with a first loan, due to the debt-to-income ratio.
Having a mortgage loan already, the debt-to-income ratio will be higher and the conditions less favorable.
The biggest difference will be in the percentage of the loan that the bank is willing to provide, in other words, the loan-to-value ratio. The maximum amount banks lend for a secondary housing property is up to 80%, while for a primary permanent residence, it is up to 90% of the value.
Note that, in both cases, the amount borrowed from the bank is under the lowest value between the acquisition or evaluation one.
The remaining conditions will depend on the banking institution, but as a rule, the interest rates do not differ from the first home loan. However, the financing term in the secondary credit may be limited to 30 years, regardless of the age of the holders, with the limit of 75 years of age of the oldest holder at the end of the contract.
Taxes are also paid similarly to buying a permanent own home, as you must also pay Stamp Duty (IS) and Municipal Property Transfer Tax (IMT) at the deed.
However, the amount to be paid for IMT differs in secondary housing, having a separate table. There is the exception that in a second home it is not possible to be entitled to exemption from Municipal Property Tax (IMI), still having to declare the capital gains from the secondary housing in the IRS settlement.
Looking to get a home loan for one of these purposes? Credit intermediaries from Poupança no Minuto can ensure you access the best financing conditions in both cases! Contact us for a free support service throughout the process, processing all the paperwork and communicating with the entities.