Mortgages In Dominican Republic

Below are some facts about raising finance for your property purchase in the Dominican Republic.

75% - 80% LTV mortgages are available to foreign buyers in the Dominican Republic.

If you are planning on raising mortgage finance for your property, you will typically need to supply:

  • Completed and signed borrower application including complete list of real estate owned
  • Authorisation form to allow them to check your credit
  • Completed and signed service agreement and disclosures
  • Proof of income—Salaried employee: complete 2 years of tax returns; last 2 pay slips; work contract, work telephone number
  • Proof of income—Self-employed: Complete 2 years of tax returns; reference letters, or other business documentation
  • Proof of other income, such as rental income or fixed income: Rental agreements or tax returns to support other income
  • Most recent monthly account statement from each mortgage account or asset account you own
  • Purchase Agreement

The terms of your mortgage can be repayment or interest only and could be raised in local currency, USD, GBP, Euro or CND. Loans are normally taken for periods from 15 to 20 years, or until age 65.

It is advisable to obtain mortgage approval in principle in order to be speed up the process when you find your dream property. It is also reassuring to know that your loan is achievable in principle, when it comes to making payments for new properties prior to formally applying for the mortgage.

Some developers of new build and off-plan developments offer installment plans over between 12 to 60 months. The charges applicable vary according to developer and repayments are usually index linked.

If you have property in your own country and would like to borrow against this in an equity release plan, we can introduce you to independent financial advisors who can help you raise the necessary finance.

Click here to get a free quote on a mortgage in the Dominican Republic

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When considering a buying property in Dominican Republic, you are well advised to get expert mortgage advice from a mortgage broker.

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