Real estate Dominican Republic - Astra Realty

Punta Cana Mortgage and Financing

Punta Cana Mortgage and FinancingBanco Popular

Punta Cana Mortgage and Financing
Punta Cana Mortgage requirements for foreigners or Dominicans living abroad:

  • Copy of passport and Social Security.
  • Sign the Authorization Form International Bureau review. (only if the client resides in the United States and Puerto Rico).
  • Last 3 statements of all your accounts (USD $, Euro and Pound Sterling).
  • Income Tax or tax return for the last 2 years.
  • Letter from your work.
  • Letter of Reference of your Bank, which will have one (1) month of validity.
  • Copy of temporary or permanent residence in the country.
Currently you can apply in Banreservas and Banco BHD Leon without the residence ID.
Note:
If the customer resides in another part of the world could apply for credit bureau to Banco Popular.
 

Any property with clear title can apply for financing, first requisite is to fill up the form in the bank (we use Banco Popular), give a copy of the passport, and to pay around 60 usd, for authorizing the bank to do the credit check. 

It takes about one month to finish it all. 

Bank will ask you, one by one, to deliver all the documents: Letter from your bank, letter from your work, statements from the bank for your accounts for last three months. 

When the bank approves your financing you will complete the payment of 30% to the seller.

Then you will sign Purchase contract in the bank and pay taxes. 

Property insurance will be included in your monthly quotes.

Bank will send the third party to do appraisal, then you will get 70% financing out of the appraisal price.  Then bank will pay the seller, and you will have obligation with the bank. 

  • --- Other type of financing is without bank, directly with developer, 50% down, and financing up to 5 years with defined % interest rate. 
  •  --- Other type of financing, is that you take credit line financing, or equity loan in your country, and pay here in cash. Foreign banks will not finance the property in other countries, that is why you need to take local financing, if you can not get cash financing back home. 

Foreigners

  • Letter requesting specifying loan amount, term or request duly completed.
  • Copy of Passport
  • Certification of income or employment letter.
  • Affidavit of Income Tax or the last two years.
  • Letters of reference of the banks with which it works.
  • Copy of statements of accounts of the last 6 months.
  • Updated Financial Statements.
  • Credit Bureaux updated.
  • Letter authorizing the BP to seek references abroad.
  • Medical Examination Form. If the client to be out of the country, will receive medical examinations of the country where he resides.



Dominican

  • Letter requesting specifying loan amount, term or request duly completed.
  • Copy of your identity card.
  • Certification of income, or letter of employment.
  • Copy of statements of account, bank, six months.
  • Updated Financial Statements.



Documents:

  • Certificate of Title.
  • Pricing by an approved valuer of the bank.
  • Property insurance policy and to ensure the applicant.
  • Letter of boundaries.
  • Certification of payment or nonpayment of tax luxury housing (IVSS)
  • Certification of no taxes

 

 

Punta Cana Mortgage and Financing

 

 

info@realestatepuntacana.com

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By Milos Korac

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