Mortgage from BHD

[Buffness]

The easiest bank that I found to open an account with was Banco Reservas, Just with my passport from U.S., in 3 days I had an account for U.S. dollars as well as a Dominican peso account.

Correct ! …BanResevas told us that US Dollars account was meant to be some type of security deposit or “savings “ account…. or something. We had US$500 in the account back in 2014 …not touched ….zero transactions…..expecting some savings interest over the years ….last statement…..less than $45 left on the account😲 …all bank charges and “fees” ..so much for “savings “ …ladrones !!😫

Now, on the other hand, the 10,000 pesos security deposit for CEPM ….has grown to almost 14,000 pesos last time we checked …at a rate of around 500 pesos a year ….mas o menos….. not much, but better than the thieving bank …but I digress …😬

Miesposa says CEPM are just paying you with your own money….another topic ..another time …

 

[bachata]

Correct ! …BanResevas told us that US Dollars account was meant to be some type of security deposit or “savings “ account…. or something. We had US$500 in the account back in 2014 …not touched ….zero transactions…..expecting some savings interest over the years ….last statement…..less than $45 left on the account😲 …all bank charges and “fees” ..so much for “savings “ …ladrones !!😫

Now, on the other hand, the 10,000 pesos security deposit for CEPM ….has grown to almost 14,000 pesos last time we checked …at a rate of around 500 pesos a year ….mas o menos….. not much, but better than the thieving bank …but I digress …😬

Miesposa says CEPM are just paying you with your own money….another topic ..another time …

Check your Dollars account balance again, now you have a negative balance.

JJ

 

[SKY]

BanReservas charges your account $10 per month after I believe 3 months of inactivity.

 

[melphis]

I have had good service and good luck with Banco Caribe. They are not the biggest bank in the DR but they get the job done. Things have really changed, when we set up our USD and peso accounts in 2007 we where in and out with bank books in less than an hour.

Progress is a wonderful thing. I think because we are Canadian and not subject to the nosyness of the US government things a move a bit quicker.

 

[AlterEgo]

BanReservas charges your account $10 per month after I believe 3 months of inactivity.

BHD locks your dollar account after 3 months of inactivity. We went in to make a deposit after arriving from USA, and couldn’t. We couldn’t deposit or withdraw, and we’d left close to $7,000 in it so we weren’t going to walk away. It took us untold hours over a weeks time to get it reopened. 🤬🤬🤬
Now Mr AE’s brother deposits $10 a month into our account, every month, so that never happens again.

 

[SKY]

BHD locks your dollar account after 3 months of inactivity. We went in to make a deposit after arriving from USA, and couldn’t. We couldn’t deposit or withdraw, and we’d left close to $7,000 in it so we weren’t going to walk away. It took us untold hours over a weeks time to get it reopened. 🤬🤬🤬
Now Mr AE’s brother deposits $10 a month into our account, every month, so that never happens again.

You probably know but I will mention this anyway. It is real easy to use the app to transfer money between your Dollar account and Peso account if you have one. That makes it easier than worrying about running to the bank to deposit. You can also pay bills that way.

 

[XTraveller]

BanReservas charges your account $10 per month after I believe 3 months of inactivity.

Banco Popular charges $10 USD per month at 6 month inactivity. Of course no one explains this you learn the hard way.

 

[XTraveller]

You probably know but I will mention this anyway. It is real easy to use the app to transfer money between your Dollar account and Peso account if you have one. That makes it easier than worrying about running to the bank to deposit. You can also pay bills that way.

Same with Banco Popular, good online service.

 

[bachata]

Oops I swiped my Dollars account debit card at the gas station by mistake thinking it was the Pesos, lower my secured deposit and got a $10. Dolars Charge my balance was below.

JJ

 

[AlterEgo]

You probably know but I will mention this anyway. It is real easy to use the app to transfer money between your Dollar account and Peso account if you have one. That makes it easier than worrying about running to the bank to deposit. You can also pay bills that way.

We don’t have a peso account, closed it years ago. We don’t have any bills except
Edesur, everyone else gets cash (household and finca employees). BIL uses same bank, so he’s there anyway, works for us, he pays our electric bill online for us too (we still have a fixed rate so we give him all the money a year in advance).

 

[Guayando@JD]

Hi, All

So, I read some of the past conversations about the difficultly in getting a mortgage in the Dominican Republic. I can only imagine since the process for me to get a bank account as a non-resident was painful at least from a state side perspective. So, Why get a mortgage since as many have already reported you need 30-40% down and they only finance for like 12 years. Well, One word, investment protection. I assume that the bank who knows all the tricks that many of the sellers play will always make sure to protect their investment. I don't mind spending some extra money to protect my investment. Any thoughts? I'd like to hear from someone that has actually gone through the mortgage process in the Dominican Republic.

Thanks

- Lion

that is the way to go,If you can get a mortgage with the bank your investment will be protected, like you said they know all the tricks people play in dr

 

[Liberator]

BanReservas charges your account $10 per month after I believe 3 months of inactivity.

BHD has a similar policy. In addition, a minimum of US $500 must remain in the account, otherwise a fine will also be charged.

 

[AlaPlaya]

It took me two trips to DR and around 45 days to complete the opening of my account. I had to show 3 years of income, W2, bank statements ...etc

Opened mine in one afternoon (~less than 2 hrs). Only needed to return to the bank three days later to pick up the debit card because I wanted my name on them. If I had wanted one without my name, I could have done that same day too.

 

[Liberator]

Opened mine in one afternoon (~less than 2 hrs). Only needed to return to the bank three days later to pick up the debit card because I wanted my name on them. If I had wanted one without my name, I could have done that same day too.

I have the same (positive) experience, serveral years ago with BHD. No income statement required. (Pesos, US$, EUR) A standard administrative application and indeed a blank debit card.

 

[bachata]

Government property appraisal are they accurate in DR? Any experience?

JJ

 

[King in the North]

Any update on banks that will loan on mortgages to foreigners (non-residents)? The only one I know of is Scotiabank.

 

[johne]

Any update on banks that will loan on mortgages to foreigners (non-residents)? The only one I know of is Scotiabank.

IMO the BROAD answer to this is Banco Lopez De Haro. There are dozens of "ifs" with that answer. I have no need for a mortgage loan and have not applied. However, I'v been told by reliable sources it's possible.

 

[King in the North]

Thank you. Never heard of them but worth a try.

 

[bob saunders]

PRÉSTAMOS – Banco Lopez de Haro

Mortgage loans​

We grant mortgage loans for the purchase or remodeling of your home in pesos, dollars or euros, paying in comfortable monthly installments.
We offer terms of up to 20 years and the option of paying extraordinary installments so that the monthly payment is tailored to your possibilities.

Requirements​

• Loan application form duly completed.
• Legible photostatic copy of the Identity and Electoral Card (for the loan of an individual) or of the valid Passport (in the case of a foreigner).
• Letter of income or work, in the case of wage earners or Affidavit of Income, in case of the self-employed.
• Movements of accounts and cards of other entities.
• Declaration of Assets or Statement of Income and Expenses in Spanish and national currency, signed by the debtor.
• In case of being a foreigner, documents that endorse or prove your income, such as: Tax Declaration of your country of origin, Statements of Accounts, Copies of Checks, transfers, etc.
• Life insurance.

Documents related to the Mortgage Guarantee:

• Appraisal carried out by a recent Bank authorized appraiser (must not exceed twenty-four (24) months). If the credit is new, the appraisal should not exceed 12 months and then update every twenty-four (24) months.
• Photostatic and legible copy of the Certificate of Title (Front and back)
• Certification of Real Estate Tax (IPI) or Certification of Payment of Tax on Sumptuary Homes and Unbuilt Urban Plots in force.
• Current Insurance Policy and Endorsement of Fire Insurance Policy and Allied Lines in favor of the Bank.

 

[Liberator]

I had once a very pleasant interview with this bank, although I did not use their services.

Banca Personal

Nació en Santiago de los Caballeros la Asociación Cibao de Ahorros y Préstamos como una respuesta a los requerimientos que en materia habitacional y bancaria que fueron surgiendo en el país en su proceso de desarrollo económico y social.

www.acap.com.do