HomeArchiveHome Loans for Foreigners: Not Always Easy, but Possible

Home Loans for Foreigners: Not Always Easy, but Possible

ALTHOUGH foreigners must bewilling to undergo a meticulous creditinvestigation, it is possible for them toobtain home loans ranging from $700-400,000 at the country’s main banks, forterms of four to 30 years, without a residencypermit.Banco Nacional, Banco de Costa Ricaand Banco Popular, with several branchesin downtown San José, the western suburbof Escazú, and San Pedro, east of the capital,among other locations, require residencypermits from all home-loan applicantsas a security measure.“Banco Nacional has always asked forresidency permits in the home-loan applicationprocedure, mainly because if a personlives outside the country, he or she maybe hard to reach,” said Isabel Carvallo,customer service agent in the bank’s creditdepartment.HOWEVER, numerous banks makeexceptions to this policy if applicants ownbusinesses in Costa Rica, have sources ofincome in the country or can prove theywill reside or work here after the loan isobtained.The Social Security System (Caja)offers loans ranging from approximately$2,000-100,000, payable in up to 20 years,to residents and non-residents on payroll atany Costa Rican institution, according toFernando Arias, director of pensions. Formore information, call 212-6465.Banco Cuscatlán, with headquarters inLa Uruca, an industrial district northwestof San José, and branches in San Pedro,Escazú and Rohrmoser, west of San José,does not necessarily require residency permitsfor home loans. Foreign applicantswho undergo a thorough credit investigationthrough Stuart Title, a home insurancecompany that works in conjunction withthe bank, may obtain loans if the creditchecks are successful. For details, call299-0192.BAC San José also makes exceptionsto its general policy requiring residencypermits from its debtors. Non-residentswho own businesses in the country, regularlymake transactions with Costa Ricanbanks or have lived here at least a year maybe eligible for a home loan, according to aBAC credit analyst. For more information,call 295-9064.Banex will make the exception ofgranting home loans to non-residents onlyif they have been hired to work for a companyin Costa Rica. Foreign loan applicantsmust submit a letter from the consulate oftheir country of origin, proof of good standingand letters of reference, which will beevaluated by a selection committee. Forinformation, call 296-5301.REQUIREMENTS for obtaininghome loans vary from bank to bank anddepending on whether the loan is for construction,a new home or a lot. Many stateand private banks will request proof ofsalary, recent phone and/or electric bills,photocopies of the debtor’s and spouse’sidentification, recent bank statements andproof of social security.Some banks, such as Banca Promérica,with branches in PriceSmart stores inEscazú, Curridabat, east of San José, andthe province of Heredia, require a resuméand certificate of taxes paid from themunicipality. Also, if the loan is for construction,most banks will ask for municipalpermits and a cadastre, or propertymap, a legal document prepared by anengineer and inscribed in the NationalProperty Registry.Banks such as Cuscatlán and BancoNacional require clients to purchase lifeor fire insurance in application for ahome loan.Mutual Alajuela, in the province ofAlajuela, and with branches in downtownSan José and La Sabana, among others,requires loan applicants to open an accountof at least $50.

Trending Now

Going to Iron Maiden at Estadio Nacional? What to Know Before Thursday

Gates open at 4 p.m. Thursday. Here's which entrance to use, what you can't bring in, and what tickets still cost.

Heavy Rains Threaten Costa Rica’s Cacao Harvest in the Caribbean

Heavy rains in Costa Rica’s Caribbean region are damaging cacao plantations and could reduce harvests for months to come, with some producers in Talamanca...

Bukele and Colombia’s President Expected at Costa Rica Prison Opening

Salvadoran President Nayib Bukele and Colombian President Abelardo de la Espriella are expected to attend the Oct. 14 inauguration of Costa Rica's new maximum-security...

El Niño Leaves Guanacaste Dry and My Family Rationing Water

El Niño has turned Guanacaste's rainy season brown. One expat on dry rivers, thirsty wildlife and water rationing at home.

Who Pays Tax on Rent in Costa Rica? The Numbers Don’t Add Up

Costa Rica counts 360,000 rented homes but only 32,373 registered rental income taxpayers, a figure that has barely moved since 2020.

Can environmentalism in Costa Rica learn lessons from the past?

Does the rise of populism in Costa Rica mean the end to the country’s green credentials? Perhaps, but it doesn’t have to be that...

Costa Rica Red Cross Considers Ending Overnight Shifts at 20 Branches

The Costa Rican Red Cross is considering eliminating overnight shifts at 20 local branches as financial pressure continues to affect its emergency-response network. The...

Costa Rica Authorities Find Dock Inside Protected Río Tárcoles Area

Environmental authorities are preparing legal action after inspectors found a long walkway, dock and floating platform extending into a protected area along the Río...

Liberation Party Will Vote Against Costa Rica Joining Trans-Pacific Trade Pact

The PLN’s 17 votes could decide whether Costa Rica joins the CPTPP if the accord needs a two-thirds majority, as President Laura Fernández weighs whether to sign.
Loading…

Latest News from Costa Rica

Costa Rica Coffee Maker Chorreador
Costa Rica Car Rentals
Costa Rica Travel Insurance
Costa Rica Travel