So a customer with a 30-year loan worth 150 thousand euros, indexed to the six-month Euribor – the most commonly used in home loan contracts in Portugal – and with a spread of 1%, started from this month 739.40 euros to pay, which means an increase of 139.2 euros compared to the last revision in October.
With a loan under the same conditions (amount and repayment term), but indexed to the three-month Euribor, the customer now pays 708.45 euros, 70.8 euros more than in January.
These values were calculated taking into account the Euribor averages in March of 3.267% for six months and 2.911% for three months.
For the 12-month Euribor-indexed loans, the mortgage payment – for a loan under the above conditions – is EUR 773.19 as of this month, an increase of EUR 306.89 compared to what you have been paying since April 2022.
In this case, the value was calculated taking into account the average of the 12-month Euribor in March, which was 3.647%.
The evolution of Euribor interest rates is closely related to increases or decreases in ECB interest rates.
After several years in negative territory, the Euribor started to rise more sharply since February 4, after the European Central Bank (ECB) admitted that it may raise key interest rates due to the rise in inflation in the Eurozone.
Since then, the ECB has already raised its base rate five times, which means that the amount customers pay on loans, especially home loans, is rising, leaving many families in trouble.
Given the deteriorating cost of home loans, the government approved a diploma (in force until the end of 2023) that sets out the conditions under which banks must offer customers a credit renegotiation to avoid default situations. According to information from the major banks, thousands of customers are already renegotiating their loans.
Source: DN
