Mortgage Loans

Our quality of service and excellent mortgage conditions will make you feel right at home.

Home Mortgage Loans: Competitive rates Terms: up to 30 years Financing: up to 80% Fast approval process Quality service Personalized attention Forty-two branches in the country	Other products: Commercial investment Investment counseling Auto loans Time deposits Savings and checking accounts Insurance International credit cards (Visa and Mastercard)
Basic Documentation Required*: Signed application Income Evidence Credit history report Job letter Copies of passport and other valid ID Two original bank reference letters Credit Check Authorization Appraisal of Property (if applies) *other documents might be required.

How does the process work?

First and most important, you must find the property that you've always dreamed of.
Second, you work out a deal with the seller.
Third, once you've come to an agreement with the seller, you contact our representatives and send us the required documentation.
Fourth and final, if all the documentation is complete and approved, we sign the contract and process all the paperwork for the deed of your new home.

There are three important things to keep in mind:

• Unlike in the United States and other parts of the world, Panamanian banks require a life insurance for the total amount of the loan. In case of a death of a debtor the mortgage loan will be fully repaid. Conase, a Banistmo-owned company can provide this service and it is included in your monthly loan payment for your convenience. Life insurance is required and we accept all national insurance companies. If a medical exam is required, the insurance company will provide one free of cost, all medical exams must be done by the doctor assigned by the insurance company.
• We also require fire insurance for at least eighty percent the value of construction of the building. Again, Conase can provide this insurance and it is easily included in your monthly loan payment. We accept fire insurance from all national insurance companies. In a case of a fire the money will be used pay off the debt.

How can you send the documents to us?

You have several options at your disposal:

• E-mail it to us, you will find the Mortgage loan officers at the bottom of this page.
• Deliver it personally to out main offices in the Republic of Panama.
• Fax it to us at (507) 206-6248
• Send it via courier to:

  Jennifer Samaan
  Mortgage Department for Foreigners
  HSBC Tower, Samuel Lewis Galindo Avenue
  Panamá, Rep. de Panamá

So what happens after I am approved?

• Some legal expenses must be paid before the client signs the deed. The payment of the legal expenses will be used for the inscription of your deed into Panama's public records (Registro Publico), lawyers and the confection of all the notarized and legal papers. These legal expenditures are mainly proportionate to the sell price in the purchase sale agreement and the financed amount by the bank. A 1% commission fee is also charged, this fee is halved to 0.5% if the client is above the age of 55 for women, 60 for men or retired by its government or armed forces of their country.
• Depending on the agreed payment method, after being approved most clients open a savings account and their monthly payment is automatically deducted at the end of each month. They earn interests and they can relax knowing that as long as they keep some money in there their debt is being paid.
• Legally, deeds must be signed at the bank, so if it is the case that you will not be able to be present to sign the legal documents or the deed itself then you must assign someone by means of power of attorney to sign the required documents in your behalf.
  

For more information contact:
(in English or Spanish)