Buying an apartment with Colombian credit is acquiring a property in Colombia using financing provided by local financial institutions, even for foreigners who do not possess a Colombian visa or ID. This method allows buyers to access the Colombian real estate market and acquire properties without a significant initial capital investment.

Accessing Colombian Credit:

Access the Colombian financial system by opening a local bank account and obtaining a tax identification number (RUT).

  • Open a Colombian bank account and obtain a tax identification number (RUT).
  • This process will grant you access to Colombian credit, even without a credit history.

Construction Project Financing:

Finance the purchase of an apartment under construction by making an initial payment during development.

  • Make a 30% down payment during the construction period of the real estate project.
  • These payments are reported to credit agencies, contributing to your credit history.

Mortgage Loan Application:

Apply for a mortgage loan through the allied construction entity after the project’s completion.

  • After project completion, apply for a mortgage loan through the allied construction entity.
  • The loan typically covers 70% of the purchase price, with flexible payment terms.

Legal and Financial Considerations:

Ensure legal compliance and understand additional costs associated with property purchase.

  • Consult a real estate attorney to ensure legal compliance and proper payment registration.
  • Consider additional costs, such as property taxes, administration fees, and closing costs.

Customization and Additional Expenses:

Consider customization preferences and calculate additional expenses related to property purchase.

  • Property prices vary based on customization preferences, from fully finished to unfinished units.
  • Calculate additional expenses, such as administration fees, property taxes, and closing costs.

Leveraging Colombian Credit for Investment:

Utilize Colombian credit to gain financial flexibility and seize investment opportunities.

  • Use Colombian credit to gain financial flexibility and capitalize on investment opportunities.
  • Consider accelerating payments and paying off the mortgage loan early to improve your credit history and unlock new investment opportunities.

Conclude the process and take steps to initiate the purchase process or learn more about available options.

  • This process provides buyers with an accessible option to enter the Colombian real estate market.
  • If you’re interested in learning more or starting the purchase process, please leave your comments and subscribe for more information!