Publicado por Edwin Genao Brito
Important facts to consider:
Most of the Dominican banks give access to credit regardless of which foreign country you reside in. (The most common are USA, Canada, Spain and France).
The most important thing is that you have a good credit history. The payment facilities offered by the construction companies for the initial payment, help you create a good record in the country, in addition to receiving better financing conditions and interest rates.
Financing is offered between 70% and 80% of the value of the property, with low rates for the life of the contracted loan, which can be from six months to 30 years.
In the event that you require access to a mortgage loan to complete the balance of your unit on delivery, my recommendation is that you try to finance a maximum period of 10 years, so that you receive the best rates at the time of financing.
Banks have requirements with similar rules to other countries to grant a mortgage loan. This means that you must meet the normal requirements for a mortgage loan and, in addition, submit the requested documents, related to the country where you are residing, these documents are:
Some banks may also ask you:
If you buy a ready-made property, to finance the Dominican financial institutions also require:
As a reference, below the Scotiabank (bank) rates:
Important note: these rates are constantly updated and may vary in different banks.
Rates in dollars:
The rates will depend a lot on the duration of the loan and the amount to be financed.