Financing Your Purchase
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Fortunately, you have many options to choose from when it comes to financing your purchase. Below are links to banks here in Panama where you can see each one's policies and terms. When you are ready to commit to purchasing your unit, our finance staff will walk you through the qualification process and present your application to various banks. Since our highly experienced staff is compensated by us their priority is to keep the process simple and focused on producing the most successful outcome for you. We also work with you providing you with a comfortable payment strategy. It's our job to see that you are completely satisfied and help you make your dream a reality. These are a few of the banks here in Panama and links to their financing policies page. Click on a logo to review each banks general policies.
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Here are some general guidelines, provided by our friends at Semusa Century 21:
Common Mortgage Plans
- Financing Options
- Foreigners who do not live or work in Panama or have less than two years living in Panama up to 80% of the selling price or appraisal whichever is the lowest.
- Panamanians or Foreigners with at least two years minimum living in Panama up to 89.99% of the selling price or appraisal whichever is the lowest.
- Terms
- 30 years (the period will not exceed the age of 75 years of the borrower)
- Interest
- Approximately 5% - 6% for loans above USD150k
- Approximately 6% - 7% for loans below USD150k
- Plus 1% FECI tax for non first residence property
- Minimum monthly income
- USD800.00
- Insurance
- Life Insurance Policy for 100% of loan value
- Fire Insurance for 80% of the reconstruction value of the property
- Both Issued by a Panamanian Insurance Company
Necessary Document to Request Mortgage Loan
- Personal Information
- Original Job letter
- Copy of the Personal ID Card or Passport
- Copy of the Social Security Sheet
- Copy of the latest two payroll receipts
- Credit bureau information
- Bank Credit Reference letter
- Signed and Completed Application Form (provided by Bank)
- Financial Statement and/or Income Tax Declaration of past (2) Years certified by a CPA
- Necessary Documents for drawing up the Title Deed
- Survey of the Property
- Copy of the Purchase Contract of the property Title Deed
- Proof of payment of initial down payment
- Life and Fire Insurance Policy
- For new dwellings, occupancy and construction permits
- Where the owner of the property is a joint stock corporation, articles of incorporation, franchise fee payment receipt, and minutes of the buying corporation's shareholders meeting authorizing said transaction and designating the individual representing the corporation and signing on its behalf (attach the designated person's ID Card)
