Cape Verde – Mortgages

Type
Medium/long term loan facility to finance final customers not resident in Cape Verde with a view to buying residential property

Purpose
Mortgage loan facility to buy residential property

Amount
Up to 70% of the value of property (resulting from formal evaluation)

Tenor
Up to 10 years, longer tenors may be analysed on a case by case basis

Utilisation
In tranches in line with the evolution of construction and the property sale agreement, to commence after full utilisation of the customer’s funds.
All disbursements shall be subject to a technical opinion on the construction issued by a reputable engineering firm

Repayment
Monthly in euros, the exchange rate being fixed at 1 EURO = ECV 110.265 during the tenor of the facility

Interest Rate
Indexed to EURIBOR

Upfront fee
1.25% of the amount of the facility or another fee to be negotiated

Security
First-ranking mortgage and fire insurance of the property

Prepayment
Permitted with a penalty of 2% of the amount prepaid

Eligibility
Comfort letter of a reputed bank , with an agreement to make transfers during the life of the facility

Documents required
- A letter applying for the loan, mentioning the amount requested
- Copy of the property sale agreement
- Copy of the Property Registry certificate (certidão do Registo Predial)
- Copy of the Tax Registry certificate (certidão matricial)
- Income tax return

Formalisation
Public deed

Advantages
Customer loyalty
Easy access to property in Cape Verde Property with competitive conditions

Account opening procedures for not residents
- Copy of passport
- Completion of BCA’s account opening form including information on residence, income, parents’ names, contacts), profession, etc.
- Minimum deposit of CVE 50.000.00 in the demand deposit account, made directly or by means of bank transfer

If you would like to find out more about securing a local mortgage for your property purchase, please contact:  MORTGAGE@CAPEVERDEPORTAL.COM