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The Buying Process : Mortgages
Financing can often make the difference in getting the home of your dreams, or not. That's why it's important to talk to a mortgage loan professional before you start house hunting.
If you do not have a mortgage broker you can call upon, CENTURY 21 ® Cayman real estate professionals to provide you with the names of some highly respected local brokers.
They will take the time to explain the options available to you and recommend a loan program designed to meet both your short term and long-term objectives.
Interest rates for real estate in the Cayman Islands are based on prime plus one or two points as quoted by Citibank. Standard mortgage terms require a 10-35% down payment plus closing costs, at a rate of 1 or 2 percentages above the prevailing prime rate.
Mortgages are normally amortized over 10 to 15 years; some lenders offer 20-year terms. Most financial institutions do not charge pre-payment penalties.
The property you are purchasing will be your collateral, but your personal balance sheet must indicate that you can afford to make the repayments.
Non-residents may open bank accounts and obtain a mortgage. And, bank accounts may be in the name of the client or in a Corporation.
It is illegal under Cayman Law for any institution or individual to divulge any financial information unless it can be proven that the funds were obtained through illegal means such as drugs, fraud or theft.
Interest on money borrowed in Cayman is tax deductible in most countries.
A stamp duty of 1% of the sum less than CI0,000 (above CI0,000 is 1.5%) secured by the mortgage must be paid to the Cayman Islands Government. In nearly all cases the duty is paid by the borrower, particularly, in cases involving a lending institution.
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