Are there any special financing deals available in Panama, for first time buyers?
Yes. There is a law called the “preferential interest law”, which offers special low interest rates, under the following conditions: (1) the buyer must be a first time buyer, (2) the property being purchased must be newly constructed, (3) the unit must be for residential purposes, (4) the amount being financed must be in the range of US$25,000 to US$62,500, after the down payment, (5) the financing cannot be more than 95% of the appraised value, (6) the property must be titled, and (7) the loan must not exceed a 15 year term. This is regulated under Law No. 50 (October 27, 1999), which partially amended Law No. 28 (June 20, 1995) and Cabinet Decree No. 44 (1990), stipulates that the benefits to the lending institutions are as follows: (a) 4% discount (also a tax credit to the financial institution) off the maximum fixed interest rate, which is established by the Superintendent of Banks, will be awarded if the loan value is for more than $25,000.00 but less than $62,500.00, (b) 5% disco
Yes. There is a law called the “preferential interest law”, which offers special low interest rates, under the following conditions; (1) the buyer must be a first time buyer, (2) the property being purchased must be newly constructed, (3) the unit must be for residential purposes, (4) the amount being financed must be in the range of US$25,000 to US$62,500, after the down payment, (5) the financing cannot be more than 95% of the appraised value, (6) the property must be titled, and (7) the loan must not exceed a 15 year term. This is regulated under Law No. 50 (October 27, 1999), which partially amended Law No. 28 (June 20, 1995) and Cabinet Decree No. 44 (1990), stipulates that the benefits to the lending institutions are as follows: (a) 4% discount (also a tax credit to the financial institution) off the maximum fixed interest rate, which is established by the Superintendent of Banks, will be awarded if the loan value is for more than $25,000.00 but less than $62,500.00, (b) 5% disco
Yes. There is a law called the “preferential interest law”, which offers special low interest rates, under the following conditions: · The buyer must be a first time buyer · The property being purchased must be newly constructed · The unit must be for residential purposes · The amount being financed must be in the range of $25,000 – $62,500, after the down payment · The financing cannot be more than 95% of the appraised value · The property must be titled · The loan must not exceed a 15 year term. This is regulated under Law No. 50 (October 27, 1999), which partially amended Law No. 28 (June 20, 1995) and Cabinet Decree No. 44 (1990). They outline the benefits to the lending institutions as follows: · 4% discount (also a tax credit to the financial institution) off the maximum fixed interest rate, which is established by the Superintendent of Banks, will be awarded if the loan value is for more than $25,000.00 but less than $62,500.00 · 5% discount (also a tax credit to the financial i
