We walk you through the process of
getting a mortgage in Panama to make
your home buying process easier. We
work with different banks in Panama and
you can pick the one that you feel more
comfortable with.
In the past we have had very good
experiences with HSBC Bank Panama, Banco
General and Scotia Bank. Here we list
the requirements for each of these
institutions if you want to get a
mortgage with them.
NON-RESIDENTS
OUTLINE OF TERMS AND
CONDITIONS FOR RESIDENTIAL MORTGAGES
Vacation
Home – Owner Occupied
Financing
(Loan to
Value)
Up to 75%
*Amortization
Up to 25 years
Interest Rates
From 6.75%
Investment
Property
Financing
(Loan to
Value)
Up to 65%
*Amortization
Up to 20 years
Interest Rates
7.25%
*Note: The maximum
amortization period and the age of
the Borrower cannot exceed 75 years.
GENERAL
CONDITIONS:
1. Appraisal of the property
being financed. The Bank will
assume the cost of the appraisal.
The Bank’s percentage of financing
is based on the lower of the
appraised value or purchase price.
2. Opening of a saving or
checking account, through which, the
loan monthly payments will be
deducted, account should maintain a
minimum balance equal to three (3)
monthly installments.
3. Borrower(s) life insurance
for the amount of the loan endorsed
to The Bank of Nova Scotia.
4. Fire insurance policy
covering 80% of the improvements
made to the property given as
security.
5. Borrower(s) to cover legal
and registration expenses.
DOCUMENTATION REQUIRED:
1. Job letter, copy of two pay
slips and last W2 Form (for USA), or
Form T1 (for Canada) or Form P60
(for UK) - For borrowers currently
earning a salary
2. Copy of last two (2) years
income tax returns, audited
financial statements and Form 1040
(USA), 2 last years of Note of
Assessment (Canada), or Form SA100
(UK). - Self employed or additional
incomes)
3. Two (2) picture ID’s.
4. Asset verification (copy of
statements for investments, time
deposits, savings and checking
accounts, real estate titles,
retirement accounts, lease
agreements, bonds, common stock,
etc).
5. Copy of Purchase & Sale
Agreement y Receipt of Down Payment.
6. Two (2) copies of public
utility bills of your current
primary residence (water, phone,
electric).
7. Two (2) bank reference
letters from recognized bank(s),
addressed to Scotiabank Panama.
8. Copy of a Reference Credit
Report from your country of
residence (Equifax or Transunion for
U.S.A. or Canada residents).
Borrower(s) will be able to cancel
the total balance of the loan.
However, if the cancellation is made
during the first two (2) years the
bank will charge a penalty fee equal
to 2% of the loan amount, and if
cancelled during the subsequent
three (3) years, the penalty fee
will be equal to 1.5% of the loan
amount.
The terms, conditions and loan
pricing described herein are subject
to periodic review by the Bank and
at the Bank’s sole discretion. This
proposal is subject to the analysis
and final approval of the loan by
Scotiabank Panama’s credit
committee.
Let us help
you make your
dreams come true by getting advice
from the experts!
BANCO GENERAL
I. For presentation to the Credit Committee
INDIVIDUALS
Three copies of the ID or passport, if the
applicant is a foreigner.
Certification from job source of recent date
A photocopy of the last Social Security
monthly payment record. Government
employees may present a copy of their last
check stub.
Independent workers: Personal Income
Tax Return and payment receipt for the last
two
years. In the case of entrepreneurs,
present audited financial statements for the
past two
years.
Appraisal of the property
Budget (for home improvements)
Confirmation balance or receipt for last
payment made to the bank or credit
institution
Two bank reference letters from your country
of origin.
In
the case of a sale:
Photocopy
of the seller’s ID or passport (in case of
foreigners)
Photocopy
of the Promissory Contract for Sale and
Purchase.
CORPORATION
Minutes of
the meeting of the Board of Directors or
Shareholders authorizing the
Transaction and naming
the designated person to sign on behalf of
the corporation, with a copy of his/her ID.
Photocopy
of the Articles of Incorporation
Photocopy
of the Annual Incorporation Tax payment for
the company
II.
To be presented after the approval of
your loan
Certification of payment of monthly
condominium fees (applies for condominiums
only)
Sales
minutes signed by a lawyer.
Payment, or
exemption, receipt of the 2% real estate
transfer tax.
Photocopy
of the occupation permit
Photocopy
of the construction permit
III.
To be presented when signing the deed
Photocopy
of the Annual Incorporation Tax payment for
the seller (if it is a
company).
Photocopy
of payment of real estate annual tax.
Photocopy
of payment of water company (IDAAN) bill.
REQUEST YOUR
APPLICATION FILL IT IN AND SEND IT TO US VIA
E-MAIL WE WILL SUBMIT IT TO THE RIGHT
FINANCIAL INSTITUTION AND WE WILL ASSIST YOU
IN PUTTING TOGETHER ALL THE NECESSARY
DOCUMENTATION REQUIRED FOR YOU TO OBTAIN
YOUR MORTGAGE WITH A PANAMANIAN BANK
