Can foreign investors buy a house in Guyana?
The simple answer is yes!
Overseas investors, Guyanese citizen or not, can purchase property in Guyana. Foreignes can purchase land or house as required. If the buyer has cash, they can contact the seller of the property in Guyana, negoitate and agree a price and have a conveyancing lawyer take the transaction forward. It is as simple as that.
Whether through direct-purchase or via the Central Housing & Planning Authority of the Ministry of Housing & Water, acquiring a house in Guyana facilitated through mortgage financing.
While there may be variations, commercial banks in Guyana generally they all have the same requirements when applying for a loan. So if you are asking yourself How to buy a house in Guyana the guide below may be helpful.
Below is a guide:
- 10% equity (this is separate from legal fees and credit bureau fees)
- Banking with the specific lending-institution for facilitate mortgage repayments
- Opening of life and fire insurance policies
List of documents (include but may not be limited to):
- Identification (ID) card, driver’s license/passport
- Job letter (proof of employment)
- Proof of income (pay slips)
- Proof of address
- TIN (Taxpayer Identification Number) certificate
- Academic certificate (not mandatory)
- Passport sized photographs
Once the loan application would have been approved, the process would then move ahead with the signing of the agreement-of-sale.
It should be noted that the application process may differ for persons who are self-employed, to the extent that they would be required to submit their statement of earnings or income and expenditures.
This allows the bank to assess remaining disposal income after monthly expenditures, to then be able to determine mortgage-repayment capability.
