Several local banks in the Dominican Republic, including Banco Popular Dominicano and Scotiabank, provide mortgage services to foreign investors. Mortgage loans for expatriates generally require a larger down payment than in the U.S., with down payments around 30%–40% of the property’s value.
- Interest Rates and Loan Terms: Mortgage rates for foreigners typically range between 6% and 9% depending on the bank, borrower’s financial profile, and loan structure. Loan terms can extend up to 20 years but are often shorter, providing flexibility for both long-term investors and short-term purchasers (source).
- Eligibility Requirements: Banks often request financial documentation, including proof of income, tax returns, and a credit report. Additionally, foreign buyers may need to open a Dominican bank account to facilitate transactions, which can expedite the approval process (source).
Advice for Expats: Approach banks with experience in handling foreign transactions, as these institutions tend to offer tailored support for expatriates.