MORTGAGES BECOME EASIER IN CAPE VERDE

MORTGAGES BECOME EASIER IN CAPE VERDE.

The basic mortgage conditions for mortgages in Cape Verde are listed below. This information has been passed to us by mortgage brokers who specialize in Cape Verde. Cape Verde Property Ltd are not licenced mortgage brokers and take no responsibilty for the accuracy of this information. Please call and we can forward your details to the mortgage brokers. Basic Mortgage conditions for non-residents in Cape Verde: Loan: Up to 75% of appraised value of the property by the bank or the purchased price, whichever is less Term: up to 25 years depending on apllicant’s age Currency of the loan: euros Interest rate: From 7% ( Euribor 6 months + 3%) variable Repayment: Monthly installments of principal and interest. Max. Age: 65 years Bank arrangement fee: 1%flat paid prior to the first disbursement Redemption fee: 2% of the prepaid capital (only applicable on full repayments) Collateral: Mortgage on the Cape Verde property Insurance: The property must be insured for the full loan loan value and the Bank named beneficiary until the repayment of the loan Other conditions prior to loan underwriting:Bank account in euros in the Cape Verde Bank Deposit of arrangement fees Copy of the purchase agreement Property documents Proof of downpayment Deposit of equivalent of 8% for tax, notary and property registration fees Power of attorney issue in benefit of the bank or a legal representative for procedural representation Completion: Funds are released after the public deed, mortgage contract and registration of the mortgage with the property Registration Office Observations: Stage loans available depending on development.

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