Home building situation/Financing

Jayshiznit

New member
Apr 5, 2007
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0
Hi all -

Let me explain my current situation..

Currently, my parents who own land in DR have legally passed over the property/land to me. In the early 90's they started building a home (mansion like) but never completed the project. I would love to start building and completing this home as a personal goal of mine but dont even know how to begin (dominican myself). Now, i would like to know if in the Dominican Republic one can obtain a building/construction/mortgage loan (bank) to cover 100% of this project and pay as one would here in the U.S. on a monthly- basis. If so, can some one provide some information of this process... On the internet there is valuable information but limited. NOTE: I already blue prints, titles etc..

Thanks in advance.
 

Chip

Platinum
Jul 25, 2007
16,772
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Santiago
I believe they will cover 70% of the estimated cost to finish the house. To get the best rates wait until they have a feria, or promotional rates for a short period of time. This will still be probably at least 13%. the balance you can cover with a pewrsonal credit card in the States as it's rate will be comparable or less. I have a good friend who is a maestro who can give you an estimate and do the work. He is doing work for another DR1'er as well so you can check his references.
 

Jayshiznit

New member
Apr 5, 2007
21
0
0
Thanks Chip !

Would it be difficult to get a loan being that I'm not a resident nor citizen of DR ? Also, my property is in Santiago Baitoa - not sure if you're maestro knows about that. When is the most common time a feria happens..? What banks or financial center's do you recommend..?
 

Chip

Platinum
Jul 25, 2007
16,772
429
0
Santiago
Thanks Chip !

Would it be difficult to get a loan being that I'm not a resident nor citizen of DR ? Also, my property is in Santiago Baitoa - not sure if you're maestro knows about that. When is the most common time a feria happens..? What banks or financial center's do you recommend..?

I got my home loan after being here only two months. There is no set date for the ferias, you just need to call or stop by every couple of weeks. Check with Banreservas, Bancopopular RD, Scotiabank.

The maestro I referenced travels all over the DR and Haiti as needed.
 

AK74

On Vacation!
Jun 18, 2007
842
36
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Check with banks in US. Some American banks give loans for Dominican properties. At least my bank (credit union) gives up to $150 000 without much problems. 7.5%.