Financing is available from HSBC Bank, Scotiabank, and Banco Cuscatlán Panabank. All three are very competitive.
Terms and conditions for a Residential Mortgage Loan for a residence in Hacienda Los Molinos, Boquete, are the following:
Loan to Value: Up to 75% of the sales price or appraisal, whichever is lower.
Tenor: For residential purposes, up to thirty years; however, the tenor, including the age of the borrower, must not exceed 75.
Interest Rate: For loan amounts in excess of US$100,000.00, current interest rates range from 4.99% p.a. to 7.5% p.a. approximately.
Insurance: All loans must be insured; collective life and fire insurance policies are provided through our bank, or can be purchased independently from other local insurance companies and endorsed to the bank.
Documentation:
- Income Tax Returns filed for the last three years
- Complete photocopy of passport
- Photocopy of driver’s license or Personal ID card
- Photocopy of Social Security Card
- Bank references
Others: Customer must open a deposit account with the bank granting the loan, from which payments will be deducted on a monthly basis.
The mortgage will be extended in the name of both spouses.
Applicants must comply with all Bank credit requirements for approval. However, submitting all of the above-noted documents does not guarantee loan approval.
Financing available at HSBC Bank, Scotiabank, Banco Cuscatlán:
HSBC Bank: milagros.m.garcia@hsbc.com.pa, giniva.m.santamaria@hsbc.com.pa
Scotia Bank: telva.chang@scotiabank.com
Cuscatlán: ydcgonzalez@cuscatlanpanama.com