Mortgage Loans for Non-Residents
The following information pertains to the terms and criteria for Mortgage Loans for Non-Residents of Panama.
|Mortgage Purpose||Mortgage Amount||Financing (maximum)||*Term (maximum)|
|Purchase or construction of a second residence||< $500,000||75%||25 years|
|$500,000 to $1.5 million||70%||25 years|
|$1.5 million to $2.5 million||65%||25 years|
|Purchase of Lot||< $750,000||50%||15 years|
- Assessment of the pledged property
- Life Insurance Policy under the name of the debtors for the amount of the loan, with a mortgagee endorsement in favour of Scotiabank as the first beneficiary
- Fire Insurance Policy with catastrophic coverage extension for 100% of the value of the improvements on the pledged property, duly endorsed to the Bank
- Payment of the expenses for the notarization and registration of the deed at the Public Registry
- Work letter, copy of Social Security card, and proof of payment
- Two (2) last personal income statements. If you are self-employed, we require two (2) recent tax returns or the business' audited financial statements for the past two (2) fiscal years
- Two (2) banking reference letters written to Scotiabank
- Copy of passport and of a second form of ID
- Verification of personal assets (bank statements, property records, bonds, share certificates, etc.)
- Copy of the sales contract
- Credit report in your country of origin: Equifax, Trantunion, Experian, or Credit Data (non-residents)
We can help you achieve your dream of becoming a homeowner in Panama. We have a program in place to finance your second home or vacation property in Panama.
Note: The repayment term of the loan plus the client's age cannot exceed 75 years.