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The loan to the bank for home loans indexed to Euribor will increase in May, for both six-month and three-month rate contracts, after the increase in Euribor, according to the Deco / Dinheiro & Rights simulation.
In the case of a client with a loan of 150 thousand euros at 30 years, indexed to the Euribor at six months with a margin (bank profit margin) of 1%, the latter pays from May 469.34 euros, the lo which means another 13.55 euros compared to the last performance evaluation in October.
In the case of a loan under the same conditions, but indexed to Euribor for three months, the client will pay 465.16 euros in May, 9.46 euros more than the one paid since January.
Euribor rates are the main index in Portugal in bank contracts that finance home purchases. The six-month Euribor is the most widely used, followed by the three-month rate.
Euribor rates have been rising since mid-March, but remain negative.
In April, the average six-month Euribor rate was -0.192% and the three-month average rate was -0.254%.
Currently, due to the crisis caused by the covid-19 pandemic, there are thousands of clients with mortgage loans who are not paying the installment to the bank (they may not pay principal and interest or simply not pay principal), within the scope of the law This allows government moratoriums for families in situations that involve loss of income (unemployment, dismissal, being a worker in a closed establishment, etc.).
Major banks also allow mortgages on mortgage loans for clients with a 20% drop in their income, which the government law does not cover.
The suspension of the installments does not mean a cancellation of payments, and the amount that is not paid will be repaid in the rest of the loan.
