All of us love to stay or work comfortably in our own sweet homes or offices. Many of us wish to shift abroad after retirement or for the sake of business and prefer to buy own properties. But all aspirants do not have sufficient money and have to depend upon overseas mortgages.
Those intending to buy properties across the borders through loans are advised to consider the following:
- Loan application– Such applications are necessary by the guys that want to purchase the overseas properties even if the lender is located in some other country. The applicants must meet the requisite qualifications. Legal description of the property is a must as it is asked by the lender. Valid passports are also necessary. Proof of income has also to be shown in the loan application form as it shows that you are able to make the down payment. Clear credit reports are necessary to show history of meeting the payments. Hiring of local lawyer or accountants may be needed if the loans are applied by the ones that do not know English. This is necessary for completion of the paperwork etc.
- Evaluation of property– Worth of the properties for loan purposes has to be got evaluated as the domestic and foreign lenders would like to know their exact value. Potential risks to the property like close proximity to water etc should be made known to the lenders that review the same with a careful eye. Better understanding of the acceptable properties can be enjoyed by the lenders that are located within the state borders while the out-of-country lenders may seek services of their agents or lawyers.
- Domestic loans– Focus should be emphasized on the stability and safety of the country where you intend to buy the property. Few domestic lenders are afraid of the fact that the concerned state governments may impose bans on the foreigners to buy properties. Better look for an in-country lender who knows the local situation and is ready to take the risk of property seizure by the state authorities. It is suggested to consult someone who is known to you in that country and is able to understand the whole situation in clear manners. He or she may contact the concerned officials in the state department and guide you accordingly.
- Overseas lending– Those intending to enjoy overseas mortgages for the purpose of raising loans for properties across the borders may open bank account in the concerned state. Banks are more lenient for overseas mortgage loans.
- Other considerations– Those intending to buy overseas properties with loan should review the foreign laws regarding land ownership, sales agreements and possession etc. Different states across the globe have different laws as regards purchase of land or houses in those countries. Assistance from the lawyers may be sought before going ahead with any property contract.
The above tips can be of great help in buying overseas properties by raising loans from money lenders or from the banks.