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Finance for Nature Walk

Making your Costa Rican Dreams Reality :: Costa Rica Invest

We are delighted to offer Scotiabank, Canada's third largest bank as our finance provider for Nature Walk.

Scotia Bank have agreed to provide funding on the following basis:

The Scotiabank Mortgage Program is a flexible program designed for individuals who want to buy a house, build their personal or vacation home, make improvements on their house, refinance some personal debts or to buy a second home for rental purposes, as an investment. We also offer financing to purchase land for residential purposes.

Click here to download the application form

The package is design to offer the following benefits:

1. Access to mortgages in US Dollars and Colones

2. Up to 80% financing of total cost, for personal residence or vacation homes. Up to 65% for homes bought for rental purposes. This percentage is based on the selling price/construction cost or the appraised value, whichever is less.

****For non residents is between 60 and 75% personal residence or vacation homes, 60% rent.

****Land purchase only will be financed up to 50%

3. The rates are subject to change from time to time.

Current Offer

Rate: 8% fixed 5 years

Rest of the term: NYP + 6.75%

Commission: 2%

**Early Repayment Fee-Fixed rate: 90 days interest on amount of prepayment in excess of 15% annual of original loan balance during the fixed rate period.***** New York Prime Rate, 3.25%

4. Insurance: Assignment of all risks insurance policy over the property to be purchased and for amounts acceptable to the Bank. The policy thereafter to be endorsed to the Bank. It has to be renewed every year.

5. In addition Scotiabank ask for the Collective Creditor Life Insurance Policy issued by Instituto Nacional de Seguros, which provides additional protection for you and your family. The policy insures the full value of your loan with the bank, an in case of death an/or disability will repay the outstanding balance of your loan at the time of the event. Any excess of the insured amount over the actual loan balance will be payable to your named beneficiary or estate.

6. All legal documents are to be prepared by our lawyers and costs are to be assumed by the Borrower.

7. The appraisal is to be prepared by our engineer and costs are to be assumed by the borrower.<

8. Scotiabank makes the monthly payments automatically from your personal / commercial account with us.

REQUIREMENTS

Application form signed by the customer.
Applitcation fee $250.00 first.
Two copies of IDs (drivers license, passport). Social Security Number too.
Income verification as following:
Salaried borrower working for a company registered in the República de Costa Rica, must present income verification letter issued by company and addressed to Scotiabank de Costa Rica. Official letter must indicate the time the person has worked for the company, job position, and gross and net salary. To be included with "orden patronal"
Self-employed borrower, certified income by authorized CPA, addressed to Scotiabank de Costa Rica, must indicate activity of company, current job position, average gross and net income during last fiscal period and up- to - date average. Must include mention of all resources used to certify income such as account statements, receipts, etc.
Borrower with incoming foreign income, certified income by authorized CPA, addressed to Scotiabank de Costa Rica, must indicate activity of company, current job position, average gross and net income during last fiscal period and up- to - date average. Must include mention of all resources used to certify income such as account statements, receipts, etc.Income tax return.
A copy of bank statements of investment, retirement accounts, current and savings accounts (the last six months).
A copy of the last six months of the credit card statements.
Evidence of assets (deed of warranties, certificates of title) in the name of the customer or customer's corporation.
Register study of the properties and cars owned by the customer.
Tax certification of all municipal taxes paid over the property.
Copy of purchase option agreement.
Register study of the property. ****This matter is only for resident applicants.
Two copies of the certified charts of the property (by catastro nacional).

For construction only:

Approved constructive charts by Colegio de Ingenieros y Arquitectos and by Municipalidad.
Schedule of activities in the construction
Budget of the construction

For refinancing purposes:

Last receipt or a letter from the creditor.
If the property will be in the name of a corporation we need additional information, please inform us about this matter.
The customer must deposit $250.00 for mortgage application.