Home Loans Offered To Foreigners

November 2, 2007

Banco Cuscatlán has announced it will be offering home and investment loans to foreigners in Costa Rica. A subsidiary of U.S. finance giant Citigroup, the bank is making the move because of the “great quantity of foreigners living in Costa Rica who, the same as any other person, have the dream of buying their own house,” said a statement.

The loan application process will be similar to the process in the United States, where applicants submit to a credit check based on a Social Security number and must have a co-signer in the United States, Canada, Puerto Rico or the Virgin Islands.

Pre-approval takes 24 hours, and applicants will have a final answer within 25 days, according to a statement.

“Now foreigners have the option of buying their own residence thanks to our financing program special for foreigners,” said Vanessa López, the bank’s marketing manager.

 

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