- The client chooses the property
- We precede a bank pre-evaluation
- The client can proceed to the payment of his reservation if he has the pre-approval of the bank.
How to get a mortgage loan in the Dominican Republic
Perez Real Estate assists its clients free of charge in the process to acquire a mortgage loan in the Dominican Republic, as each case is particular, we advise you to contact us and we will gladly assist you in a personalized way.
Dominicans can take out a loan of normally 80% of the sale price. Some banks under certain conditions offer 90 %. Foreigners can acquire a loan of 50 to 60% of the sale price of the property.
Who can acquire a mortgage loan?
- Dominicans residing in the Dominican Republic
- Dominicans residing abroad
- Foreign
Budget and ability to pay
Before making a property reservation, we have to see with the client what his budget is and his ability to pay to guarantee that he has his mortgage loan. We proceed as follows:
Bank pre-evaluation
To proceed with the bank pre-evaluation, we need some requirements from the client.
Foreigners and Dominicans living abroad
- 2 last taxes paid
- 3 last account statements
- Income certification (such as job letter)
- Identity documents (ID or Passport)
Dominicans and residents in the Dominican Republic
- 3 last account statements
- Income certification (such as job letter)
- Identity documents (ID or Passport)
Once the client has the approval of the bank, he can proceed to reserve the property he wants to buy.
Bank pre-approval does NOT mean mortgage credit approval. It only means that the client has the capacity to have his mortgage loan for the purchase of the property.
That is why it is very important to keep your credit correct until you request the final loan.
