Buying a house with a housing loan: What documents will the bank ask from me?

Buying a house with a housing loan: What documents will the bank ask from me?

In order to analyze the risk level for a home loan, the bank requires certain documents from the proposed holders. Let's see what documentation is necessary to submit to the bank for the home loan, and how to choose the appropriate bank.

10 Aug 20234 min

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Mortgage: What documents to submit to the bank?

Identification of the holders

First, it is necessary to identify the holders who will propose to contract the credit.

Identification can come from documents such as Citizen Card, Identity Card, and/or Passport.

Tax Identification Number (TIN/NIF)

Afterwards, you will need to provide your Tax Identification Number (NIF), also known as the taxpayer number.

If you do not have this number, you must provide a document proving it.

Last IRS statement

It is also necessary to submit to the bank the holders' latest IRS statement applying for credit, as well as the tax clearance certificate.

You can get both documents in your account on the Tax Authority's Finance Portal.

Three latest pay stubs

Regarding the applicants, the bank still needs the three pay stubs.

The objective is for the banking institution to verify the amount earned from the future credit holders' monthly net income.

Three latest monthly bank statements

Just like the payslips, the bank also asks for the three most recent monthly bank statements for current accounts.

This is to verify the solvency of the client, through their regular expenses debited to the account. For this, the bank analyzes spending on food, electricity, communications, insurance, and also movements that may seem suspicious (for example, if there is money withdrawn from casino ATMs, it may indicate gambling addiction, representing a risk).

Map of credit responsibilities

This is a document showing information about the current and previous years' credits of a client.

The objective is for the banking entity to assess whether the consumer has had financial issues: debts or default on loan installments.

Employer's statement on contract bond

Finally, it is necessary to submit a declaration from the employer stating the proposed credit holders work there, with the nature of the contract relationships.

In other words, the bank entity needs to know if the contracts are temporary or permanent. This is also a risk analysis factor, as if the contract is permanent, that is, effective, the bank considers there is lower risk.

In addition, it must be noted that, if there are guarantors, they must submit the same documents to the bank.

If you are now going through the process of buying a house through housing credit, know that you can have free assistance. With a credit intermediary like those from Poupança no Minuto, it is easier to gather all the bureaucracy, so that no document is missed.

How to choose the bank to apply for a home loan?

The secret to knowing which bank to choose, where to take out your housing loan, is to request proposals from several.

Only analyzing the different conditions presented in the market, will you know which proposal is most advantageous for you.

Therefore, when evaluating which banking entity to choose, refer to the European Standardised Information Sheet (ESIS) - a document provided by each bank listing all the credit conditions. With this sheet, you can compare which conditions are more favorable to you: consider savings, but also your preferences.

For example, it is probably possible to save with a cheaper life insurance, but analyze which coverages are most suitable for your family unit.

Another factor to consider is that, as a rule, banks suggest that you subscribe to the required insurance policies (life and multi-risk) with the associated insurer. But know that, by law, it is not mandatory, so you can contract the insurances with an external entity. Therefore, this is always a matter that can be negotiated with the banks at the time of proposals.

To choose the right banking institution and mortgage, you can always rely on the assistance of mediators. Credit intermediaries Poupança no Minuto are with you from start to finish, dealing with all the paperwork and being available to help you with any doubts.

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