When you want to buy property in Costa Rica, it’s important to know that this is a great investment you’ll be making, since with it, you’ll be securing a future for yourself and your family.
It is important to understand that when you want to acquire properties in Costa Rica to protect your family, you are not only providing them with emotional stability, but also financial stability by guaranteeing them an asset that appreciates over time.
Requirements for buying a house
• People who are employed
People who work under an employment relationship and do not have the necessary money to directly purchase a house in Costa Rica may require a mortgage loan, which can be requested at any of the banks located in the country.
These types of mortgage loans typically cover up to 80% of the total amount, so you’ll need the remaining funds to complete the purchase. Similarly, the loan term usually ranges from 15 to 30 years. You’ll need to provide certain documentation to qualify.
- Credit application form.
- Photocopy of the identification document.
- Proof of employment.
- Employer’s order.
- Copy of the cadastral map.
- Municipal tax certification.
- Proof of premium for acquiring a house.
• Self-employed individuals
- Credit application form.
- Photocopy of identification document.
- Copy of the cadastral map.
- Current municipal tax certifications.
- Proof of premium for buying a house or any property.
- CPA from a Certified Public Accountant.
- Bank account statements, as well as proof of investments made in the last three months.
- Personal income tax return.
- Professional services contract with a third party.
Procedure to follow once you have the documents
Regardless of the type of person you are, that is, whether you are employed or not, once you have all your documents up to date, what you should do is go to the bank branch you have chosen to carry out the procedure.
You must take into account the cancellation of certain payments that are required for everything to flow normally; these are the payments related to the appraisal, registry studies, and others.
Starting a process that involves applying for a mortgage loan carries a great responsibility; therefore, it is considered essential to be able to demonstrate that you have sufficient financial capacity to pay the installments on time.
The bank will review all the documents submitted, all with the aim of verifying that you have sufficient capacity to respond adequately and within the indicated deadlines.
If your loan application is approved, you’ll need to go to the financial institution to sign the property purchase agreement. Now, all that’s left is to start your new life in your new home.
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