No menu items!

COSTA RICA'S LEADING ENGLISH LANGUAGE NEWSPAPER

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

Costa Rica Issues Green Alert as Rincón de la Vieja Activity Increases

Costa Rica has placed five areas near Rincón de la Vieja Volcano under a preventive green alert after more than 100 eruptions were recorded...

A Night With Costa Rica Soccer Fans in Perez Zeledon

Perez Zeledon is home to a team in the first division of Costa Rica soccer. Known as Los Guerreros del Sur, the club has...

Costa Rica’s Drug Violence Draws Wall Street Journal Alarm as Homicides Fall

The Wall Street Journal published a report Thursday arguing that Costa Rica's rise in drug killings has fractured the political system, setting President Laura...

Parque La Libertad Layoffs Prompt Community Protest in Costa Rica

Communities surrounding Parque La Libertad are preparing a peaceful musical protest on Sunday after government budget cuts led to 15 layoffs and temporary salary...

Costa Rica Limits Car Imports to One Per Year and Taxes Them at Market Value

If you are planning to ship a vehicle into Costa Rica, two things have changed and both affect what you will pay. Under and...

The Lifeguards Who Transformed Playa Dominical in Costa Rica

Playa Dominical has a well earned reputation as one of Costa Rica’s premier surfing spots. Its powerful and consistent beach break draws riders from...

Wife of Extradited Trafficker Detained at Costa Rica Airport

Costa Rican authorities detained a woman sought in the largest organized-crime investigation this afternoon, moments after she stepped off a flight from Switzerland at...

Costa Rica’s Whale and Dolphin Festival Returns This Weekend

If you have been waiting for the right weekend to see humpback whales in Costa Rica, this is it. The 16th Whale and Dolphin...

Can Tourism Really Push Out Drug Trafficking in Costa Rica’s South Pacific?

Local officials and business leaders in Costa Rica's South Pacific are betting on tourism to change the image and economic trajectory of communities long...
Avatar
🌴 The Weekly Pura Vida

Costa Rica, Once a Week

The week's top stories, weather & insider tips — delivered every Sunday. One email, zero clutter.

🔒 Free. No spam. Unsubscribe anytime.

Loading…

Latest News from Costa Rica

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