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It is usually not common for a national bank to grant mortgage loan to a foreigner, most of the banks do not offer this type of loan to foreigners. However, there are foreign national lending institutions who offer this type of loan to foreigners, although the terms of the loan are unique to each lending institutions. Most of these lenders often locate their offices in the major cities where there is a large population of foreign nationals.
This loan is often given to the foreign nationals after they have made a down payment of least 30% of the price of the estate. This percent may even increase if the amount of the loan the foreign seeks is high. Most of the lending institutions that offer the foreign national loan to foreigner generally charge a higher interest on the loan than the interest citizens who seek a mortgage loan.
Equally, these lending institutions do carry out a credit check on the borrower. Often time, the credit history they require from the borrower is that of his home country. However, some lending institutions only require at least three references from the borrower before the loan is granted. Furthermore, some lenders often conduct a detail reviewed of the business the borrower is involved in before they approve the loan. They want to be certain that the borrower is in a safe and secure business back home so as to increase the security of the loan.
The lending institutions also carry out a thorough review of both the income and the proof of assets of the borrower. The type of visa a foreigner possesses could also determine how much financing he could get from the lending institution for his mortgage. A foreigner with a work visa could receive up to 97% financing. A foreigner may have to go through difficult hurdle to get the mortgage loan he desires, but the process would worth it at the end if he got the loan approved.