Obtaining a Home Loan in colombia

pedro says on Nov 20, 2009, 07:07:

Colombian banks tend to lend based on salary or wages and not on assets. If you can show a carta laboral with a few million a month in income and no major credit incidents, it should be OK.

If your income comes from outside Colombia, it may not be impossible but many banks will say no to you.

You can also do a person-to-person loan in Colombia, secured by a mortgage on your property. The going rate is 1.8% to 2% per month, 3% commission upfront to the broker and borrower pays all legal costs to establish the mortgage.

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Gator says on Nov 20, 2009, 07:18:

If you are new to Colombia with no established credit are banking relationships it will be tough,

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Corey3368 says on Nov 20, 2009, 07:18:

Thanks Pedro

My income would come from a pension, so from outside the Country.

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pedro says on Nov 20, 2009, 07:27:

Alternatively, you could maybe get a local or two to go guarantor on the loan?

"this may seem a strange post but it is not...when in colombia men need to be aware that colombia women may try to be seductive and entice a travelling gringo to have sex with them..to be forewarned is to be forearmed..." -- pow wow

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Corey3368 says on Nov 20, 2009, 07:36:

Right now my plan is to rent for at least a year first. Make sure I like living in Colombia and establish myself. I also want to look around at the different areas and make sure i get the best price for my purchase.

I could get a guarantor, that is a good suggestion.

Thanks.

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kenblanquito says on Nov 20, 2009, 07:38:

Impossible for newbies to Colombia unless your partner earns good money and has an immaculate credit record.
No vale la pena.

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gorgonabob says on Nov 20, 2009, 09:24:

you can get a mortgage as a foreigner but need an income in Colombia
but as said above it is difficult
i have a mortgage (been in colombia six years, four with business) at about 8-9% pa... floating rate pretty incredible rate for colombia,, also foreigners are allowed to take advantage of govt subsidies on mortgages.. ive got a 3% subsidy there...

you need 30-40% down.

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larryrn says on Nov 20, 2009, 11:50:

With great credit here the best rate is 18% APR for 20 years with 30% down.

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CakeDesigner-wannabe says on Nov 20, 2009, 13:21:

Corey ......... Take a long trip to Colombia and rent out your own mortgage in your country if you already have one

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chrispej says on Nov 20, 2009, 17:05:

I bought an apartment here in Medellin directly from the builder (new construction). I put a down payment of 10 million pesos and wired between 30 - 40 million pesos in three different timeframes we agreed upon over a year and a half time period. All this was done under a contract and I was only charged interest if I was late on the agreed payments. Now, he has a another apartment in Envigado twice the size of the one I currently own that he wants to sell to me at a good price.

You have options here in Colombia but it can be difficult unless you know people. You could possibly negotiate 50k down and 50k over several years with no interest if you can afford it.

I was looking at an older apartment in Poblado near Las Palmas last week. Nice area, quiet street. It was on the 3rd floor (top floor) , vaulted cielings, 150 sq. meters with garage parking for two cars. The owner was asking 160 million in a divorce sale.

A year ago, an elderly women was selling a really nice apartment in Poblado. It needed some work but it had a lot of potential. She was asking 160 million and I think it was about 160 sq. meters, maybe more. Here again, she had no problems working out a payment plan.

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Corey3368 says on Nov 21, 2009, 10:05:

Go info thanks everyone

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