Mortgages for non-residents have a special character, and it is that a second domicile in our country is very high, which is why many financial institutions have made available to those interested a residence for non-resident foreigners.
Undoubtedly, a financial market niche where banks are responsible for promoting mortgages for non-residents in order to boost the real estate boom. Since there are more and more foreigners who want to apply for a mortgage for a second home in our country.
It is true that this financing for non-resident foreigners is not very different from conventional ones; but it is important to know all the details before considering the purchase of a home in territory.
Therefore, today we will talk about mortgages for non-residents and how to apply.
Housing for foreigners non resident
This type of credit focused on non-residents in our country is characterized by having higher interest rates than normal. Likewise, the property acquired cannot be considered as habitual residence.
Mortgage conditions for non-residents
When a foreigner wants to acquire a home in another country, the conditions are usually stricter . For example, the banks that grant this type of loans require that the client contribute between 20% and 40% of the price of the property that he wishes to acquire.
Another important requirement that banks make today is that the loan fee cannot exceed 40% of the applicant’s monthly net income
In addition, Another fact to consider before applying for a non-resident mortgage is that the quota itself with our bank may not exceed 40% of our monthly net income.
In short, a series of characteristics that we should always consider before entering into these types of loans.
Mortgage documentation for non-residents
The documentation that every financial entity will request to obtain a non-resident mortgage is:
Documentation verifying that you are not a resident
Work contract in force
3 last payrolls
Contract and data of the property that you want to buy. That is, the contract of sale.
Tax Address Certificate
Declaration of patrimony of the country of origin
The sea places are the most requested areas by foreigners. Some entities consider mortgages for non-residents as a profitable business opportunity, so that they are creating specific projects for these products.
Although, not everyone is willing to take a risk because of the difficulty of seizing goods abroad in case of breach of contract. Therefore, houses for non-resident foreigners have more inflexible conditions than those for people with nationality.