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.