If you are a foreigner in Chile and you need your own home, it is of great importance that you know that there is a mortgage loan for foreigners in Chile, which will allow you to access a home if you meet the requirements for it. It should be noted that, like mortgage loans for Chileans, foreigners must meet a series of requirements to access this product. Next, we will see what are the characteristics and the requirements to obtain mortgage credit for foreigners in Chile.
Mortgage credit for foreigners in Chile
Mortgage loans are par excellence the bank product for those who wish to have their own home and need financing for it. However, it is well known that the vast majority of these credits are granted to people with Chilean nationality, this being one of the first requirements. But there is also good news for foreigners residing in Chile.
Many of the foreigners who opt for mortgage loans to acquire their home in Chile prefer to buy them in areas near the center of Santiago and that do not exceed 2500 dollars. But in order to access this benefit, the foreigner residing in Chile must obtain his RUT.
In addition, for a foreigner to obtain a mortgage loan in Chile, he is subject to the type of visa he has:
- Visa or residence subject to Contract: This visa is granted to foreigners traveling to Chile for work contract reasons and ends when the contractual relationship that originated it ends. With this type of visa, the foreigner can aspire to obtain the definitive residence in a term of 2 and a half years (including the 6 months that the procedure takes). After this, the resident foreigner will be able to access a mortgage loan meeting the following requirements:
- A third party must document the checks in front of the real estate.
- Have savings capacity.
- Have an indefinite work contract.
- Apply for definitive residence to opt for a mortgage loan.
- Visa or temporary residence: For foreigners who have this type of visa they will be able to access a mortgage loan after obtaining the definitive residence in a term of one year and a half and it is renewable up to two years. After obtaining the definitive residence, the foreigner will be able to qualify for a mortgage loan provided that he has a current account in a commercial bank and has savings and payment capacity as established in the requirements of the bank.
Foreigner can access a mortgage loan
However, a foreigner can access a mortgage loan even without permanent residence, but it is mandatory to have a RUT and bank account. You can get the credit through the bank or a mortgage company, the process being faster.
Obtaining a mortgage loan being a foreigner in Chile is not a complicated process as long as the requirements are met. In addition, it is necessary that you have the advice indicated so that the process can flow without complications.