How to Pay your real estate property in Colombia .

Some bank are promoting credit loans for Colombians non-residents. The reason is because there are a lot of Colombians living abroad, that sends back what they earn to their relatives here. So banks want to take a piece of this cake.

This type of credit is starting to become so popular in the Colombian community overseas, and it also can be use for foreigners married with a colombian national under certain conditions.

So what about you, the Foreigner?.

In most developed countries, interest rates are at an all time low. Many people with limited funds are taking advantage of low interest rates by borrowing against the built up equity they may have in their homes. Home Equity Loans are being offered at rates of 7% and less.

So why complicate yourself. Do it simple. Get a loan in your home country .If you have the capacity to repay these loans, even if you loose your job, or have a major illness, this can be a great way to use your net worth by investing in bargain priced property in prime Colombian locations, right?

However foreigners can get a mortgage loan in Colombia, as long as they meet certain conditions.

2.- International Money Transfer

3.- Mortgage Loans

But how mortgage loans work in Colombia?
Currently the mortgage loan rate for real estate in Colombia is between 15-18% annually. This type of loans are short term, usually 5 to 15 years, and are made primarily given to Colombian nationals. In most of the cases there is no Seller financing.

What is the difference between a credit in UVR and Pesos?
How much a bank can lend and how much a mortgage loan can cost?
Find the answer to these and many other questions HERE

Don't forget always make it simple and legal.