In order to obtain bank financing (a mortgage loan) for the purchase of real estate in the Dominican Republic, it is important that the property owns a property Title.
An application for mortgage loans in the Dominican Republic can be submitted not only by citizens of the Dominican Republic, but also by foreign citizens who have reached the age of 18.
Each bank in the Dominican Republic has its own conditions and a package of documents required to form an application.
The average amount of financing is 70-80% of the value of a property.
The time frame can vary from 3 to 20 years.
Interest rates for using the loan range from 9.5% to 13.5% per annum. Also, it is important to point out that the fixed rate is set for a certain period from 3 to 10 years, after which the bank can change the rate at its discretion.
In case of an early repayment of a mortgage loan, banks establish sanctions.
When registering a mortgage on a real estate object, the relevant information is entered into the property title, and the original property title is kept in the bank until the loan is fully repaid.
In case of need for mortgage lending, the buyer must independently contact a bank representative and request detailed information.
Links to the list of documents required when applying for mortgage lending in some banks in the Dominican Republic: