The first one (and probably the best option) is with a Dominican Bank. Two we work with in Las Terrenas is Banco Santa Cruz or Scotiabank. As a broker, I am in direct contact with the financing department. They work fast and are experienced in providing mortgages/financing.
Banco Santa Cruz or Scotiabank is offering loans in us dollars with absolutely the best conditions. To buy a property here in the Dominican Republic or to build a property.
The loans are perfect for US and Canadian citizens. European citizens it is not possible at the moment.
Of course, you need to provide proof of income documentation, give the authorization to do a credit check, and some more documents and appraisals from the property that you want to buy.
How long does this take:
- in general your pre approval goes fast, 1 till 2 weeks
- final approval takes 4 weeks more. So in fact in 6 weeks or less it is done.
Please contact us for more details.
Mortgages with Banco Santa Cruz – updated February 9, 2022.
- The rate for a mortgage now is from 7.00% to 7.75 % yearly in US dollars, it will depends of the income and credit history of the client. The interest rates is subject to change. This is an actual information.
- The terms are from 15 up to 20 years for mortgages, 15 for foreigner and 20 for Dominicans.
- We work with United States Citizens and Canadians.
- We give to the clients form 50% up to 70% of the appraisal of the house, with a maximum amount of US$200,000.00 in this moment. Based on the price and appraisal.
- We are not doing preconstruction loan for foreigner.
- Following there is a list with of requirements to get a mortgage with Banco Santa Cruz.
- Passport copy (if the client have 2 nationalities, we ask for the passport of both)
- Driver license Copy
- Last 6 month of bank statements personal and if you have business those bank statements too.
- Last 2 year of income tax report
- Job letter
- If you have access to your credit history we need the report in PDF.
- Copy of your social security card
- Copy of the property title of the house.
- The process will be quickly depends if the clients complete the information that we require. Maximum 20 days.
- We will need documents from the seller, like: Identification copy, after the loan is approve we will need original title, if the seller is married we will need the identification copy of the partner, if the seller is a company we need all documentation of the company updated.
We do a pre-evaluation to know if the client apply, then we submit the definitely request.
** The interest rate that I give you now is subject to change.
** The clients pay the appraisal (but we do a loan evaluation with the documents of them first)
** The approval possibilities depends of the income of the clients, their credits history and their payment capacity.
** If we consider continue the process the clients will pay a fee for we do a TransUnion consultation (credit history Consultation) (US$32)