We here at Bala Beach understand that the obtaining a home mortgage in a foreign, non-English speaking country is a cause of nervousness for many people. Reckoning this anxiety, we have taken the progressive steps to streamline the mortgage process by working in-house with International banks such as HSBC and Scotia as well as many other banking institutions. Our clients will receive private, English, and informative consultations with qualified banking professionals to discuss their financing options.
Below is a standard list of materials required to obtain a mortgage in Panama ( Note individual banks might differ slightly but this list provides a general idea of the requirements):
PEOPLE EARNING A SALARY:
- Original Job letter
- Copy of your passport
- Copy of the latest two payroll receipts
- Last two payroll receipts
- Last two Income returns
- Signed and completed Application Form
- 2 bank reference letters
- Authorization to check credit references
SELF-EMPLOYED:
- Copy of Passport
- 2 Latest Income Returns
- Signed and completed Application Form
- 2 bank reference letters
- Authorization to check credit references
A life insurance policy must be taken out for the amount of the loan. This can be included in the mortgage payment if you are under the age of 65. A medical exam may be required to be taken in Panama depending on your age and the amount you borrow. If not taken with the bank, a life insurance policy must be endorsed to the bank by a Panamanian insurance company.
Beachfront Condos, Starting From the Ground, Up
Jul 22 2008
Posted by admin 
in Building Bala Beach, Panama Real Estate, Uncategorized
This past week marked another milestone for the Bala Beach Resort in Maria Chiquita, Panama as heavy equipment began operations to install primary infrastructure on site. Before any individual buildings can be constructed initial water and electric channels must be completed. The access road is already in place and fully functional since June, allowing for trucks and bulldozers to enter onto the beachfront and start with the new task at hand.
A new full time construction workforce will be a common sight alongside this small section of Panama’s Caribbean coast, joining the team who had already been regularly cleaning and maintaining the sandy beach. New changes are already evident as small sections of land are being cleared in order to prepare for the storage of the construction materials. The heavy machinery is beginning to open up pathways which will allow for the drilling of freshwater wells to provide clean drinking water for the resort. Other operators and equipment are starting to mark and dig out new spaces to put in electric and natural gas lines.
The dramatic change in the landscape of this small Caribbean fishing village is just now beginning to take form. After making many trips to the Bala Beach site without seeing any heavy work being done, it was hard to imagine how this raw piece of land would be transformed into the foundation for a large residential development composed of an orchestra of multiple concrete structures. But now with just a little bit of deisel powered action taking place, Bala Beach is taking its first steps toward its final goal.
It is an exciting time to be in Panama and especially exciting if you are in any way following or involved with the progress at Bala Beach. Development and opportunity are on the horizon, and the coming months will start this project on its way to becoming a reality. Almost all of the work still remains ahead of us, but from these first days forward, it will be easier and easier to imagine a new life in Maria Chiquita and at Bala Beach.
To see more visit www.balabeach.com
Subscribe to this Blog