Financing your home
Mortgages from Dominican banks, payment plans and what to prepare.
Mortgages from Dominican banks
Dominican banks lend in pesos and in US dollars, usually for up to 20 or 30 years. Residents can often borrow a larger part of the value than non-residents, who may need a bigger down payment. Interest rates are usually higher than in North America or Europe and are often reviewed during the loan. The bank has the home valued by its own appraiser (tasación) and usually requires life and property insurance.
What to prepare
- Passport, and residency or a cédula if you have one.
- Proof of income: payslips, tax returns or company statements.
- Bank statements and a reference from your own bank.
- The promise of sale and the title documents from your lawyer.
Payment plans for new builds
Developers usually ask for a reservation, payments during construction and the rest at delivery. The last part can often be paid with a mortgage once the home is finished and has its own title.
Calculate before you visit
Every listing on Casariba shows an estimated monthly payment. Change the down payment, the interest rate and the term to see what fits your budget, and ask the agent which banks they work with.
General information, not legal or tax advice. Rules and amounts can change; always have your own lawyer check your purchase. Most prices are in US dollars; amounts in other currencies are indicative and depend on the exchange rate on the day you pay.