The process of mortgage lending in the Dominican Republic is quite simple. There are several ways to obtain a mortgage for both an individual and a legal entity. First, you can apply for a loan from one of the Dominican Banks or directly to the developer of the residential project. Banks provide a loan of up to 60 on the value of the property, depending on the area and the level of the residential project. Loans are provided for land, villas, apartments and construction. There is no limit on the amount of loans issued. The bank needs property and life insurance for the borrower, as well as proof of income received, in any currency. The time it takes to get a loan is 3-4 weeks. The interest rate is from 5 to 12. It should be noted that the recipient independently pays the bank legal costs for the issuance of loan documents, including the appraiser. Another way: to use the services of a professional broker to get a loan, which we will tell you below.
Mortgage lending in the Dominican Republic
A professional credit broker will help you choose programs.
- Fixed interest rate from 5 to 12 without a guarantor;
- The term of lending up to 15 years;
- The maximum loan amount is 60 of the cost;
- The maximum loan amount depending on the price category of the residential project.
- Our company offers you a loan on terms that are negotiated individually.
- You need to choose one of the projects at home and we will calculate the amount of the first payment and the minimum amount of the monthly payment.
What do you need first?
The list of documents required to obtain a mortgage in the Dominican Republic:
- Confirmation of personal income for the last 2 years (income certificate, tax returns), all documents must be provided in Spanish;
- If you have your own business, you need to provide corporate financial statements for the last 2 years;
- Passport, and if you are not a citizen of the Dominican Republic, the residence permit.
- Your consent to receive reports of your credit transactions
- Confirm ingesset your income and its source;
- The bank will not provide a certificate of ownership of a residential project without tITA.
- To start the loan process, the application must be filled out by the buyer. This form includes basic information regarding your employment and financial situation, place of residence, date of birth, social security, etc. You can start this process even before you start buying property, thereby obtaining the bank’s prior consent. This will help determine your options and make it easier to find property.
- The bank needs: a certificate of income, information about taxation, statements from a bank personal account, etc.
- Get a positive lending decision, and your Dominican lawyer will receive instructions on lending from the bank.
- If the loan is issued by the developer, you must provide your passport, driver’s license and collateral from 10 to 30 percent.
Costs:
There is a one-time fee of 5-10 of the loan volume, which can be added to the credit balance. In addition, the property will be assessed, an approximate estimated value of $1,000 depending on the price category of the property. After repaying the loan, you must pay property tax 3.2 of the purchase amount to obtain a certificate of ownership (TIT).
